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It’s rare to see a company in the public markets that caters to the tech needs of churches and nonprofits. Gloo, a faith-based technology company led by former Intel CEO Pat Gelsinger, is aiming to do just that—and, of course, turn a profit.
With its strategy of signing up bigger clients and belt-tightening (including cutting staff and using AI to improve efficiency), the company expects to turn its first adjusted profit by its fiscal fourth quarter, Kristin Broughton reports for today's newsletter.
Key quote: “It’s probably our most important metric for the company,” said Paul Seamon, Gloo’s finance chief, referring to its profitability goal. The company, which went public last November, hasn’t set a target for generating a profit under generally accepted accounting principles.
One other thing going for the company is that it doesn’t have many rivals, and it has users who believe in the faith-based mission, says Yun Kim, managing director at Loop Capital Markets. The company has few direct competitors, mostly niche service providers, he said.
Plus, Gloo’s appeal to customers stems, in part, from the company’s focus on faith, Kim said. “The number one thing is trust. They trust somebody who’s dedicated to the ecosystem,” he said.
Read on here for the full story.
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