Shazam, the company best known for its eponymous music discovery app, has hired a new CEO and plans to go public in the near future.
Rich Riley, the former EVP Americas for Yahoo, has joined Shazam as CEO. Shazam's previous CEO, Andrew Fisher, will now become executive chairman, a newly created position. Fisher had led Shazam since 2005.
In a press release announcing the move, Fisher noted that in his new role he will be prepping the company for an IPO: "Whilst Rich will run our business I will now spend more time focusing on our corporate development and future strategy including our ambitions to deliver a successful IPO for our shareholders as we look to become an increasingly important part of people’s everyday lives, helping them engage with content and brands in the most efficient way possible."
Shazam claims 300 million users in more than 200 countries. Though initially focused on music, in 2011, the company launched its Shazam for TV, which gave viewers access to show-specific mobile-optimized content and social features.