Alludo is a global technology company that helps people work better and live better, and the company is behind several award-winning and globally recognizable brands. Pulse 2.0 interviewed Alludo chief financial officer Jeff Byal to learn more.
Jeff Byal’s Background
Byal has been working for more than three decades in the software, technology, retail, and fintech industries with a focus on driving organic and inorganic profitable growth. And Byal said:
“Most recently, I was CFO for Avetta, where I led the integration of recent acquisitions, strengthening and streamlining global treasury, finance, and accounting operations, and built out an in-house legal team.”
“I’ve been a CFO for more than 25 years, working with companies that have ranged from early-stage operations to $1 billion global organizations, both public and PE-backed. My track record includes raising over $3 billion in debt and equity financing, leading more than $1 billion in M&A transactions, and managing multiple platform exit transactions.”
“I attended Iowa State University for my undergraduate degree in Accounting, and I am also a Certified Public Accountant and Certified Global Management Accountant.”
“The CFO partner influences value creation and impacts all areas across the entire organization. I’m responsible for overseeing the company’s accounting, finance, treasury, and tax operations, but also pricing strategies, corporate development, and modeling our culture. I work closely with the entire executive team, defining our strategy, optimizing our investments, ensuring we are building a strong, durable, and sustainable business model, serving as a key contact with the Board / Investors, and leading our M&A initiatives and related processes.”
Joining Alludo
What brought you to Alludo? Byal replied:
“I’ve been with Alludo for four months now, and there are so many things that attracted me to the role and the opportunities I see ahead. From a company perspective, I am very excited to be working with such an amazing team to unlock so many possibilities to grow our business.”
“I was immediately attracted to this role when I met our CEO, Christa Quarles, and the rest of the leadership team. I realized quite quickly that I’d found a group of people who share my beliefs in empowering teams with trust and ensuring everyone around the table has a voice. I believe we should always be striving for that ideal mix of freedom and accountability, and I see that philosophy is right at home here, too.”
“I’m excited to have joined a company whose mission and values align so tightly with my own— creating a culture that’s committed to driving durable and sustainable growth while putting people at the center of everything they do. I am proud to work with the entire global Alludo team on our journey to deliver the innovations customers need to reimagine the way people work.”
Favorite Memory
What has been your favorite memory working for Alludo so far? Byal reflected
“I have been so impressed by the quality of folks and teams here at Alludo. There’s so much passion for supporting each other, both within our teams and across our global organization. When a company gets the personal accountability right – which includes speaking up and being honest about a situation we need to solve for a customer – then anything can be accomplished.”
Core Products
What are Alludo’s core products and features? Byal explained:
“Alludo is a global technology company helping people work better and live better. Our globally recognizable brands include Parallels, Corel, MindManager, and WinZip.”
“Our teams offer professional-caliber graphics, virtualization, and productivity solutions that are finely tuned for the digital remote workforce. We have a passion for empowering people with the freedom to work when, where, and how they want. With more than three decades of innovation behind us, we help more than 2.5 million paying customers to enable, ideate, create, and share on any device, anywhere.”
Challenges With The Economy
Has the current macroeconomic climate affected your company? Byal acknowledged:
“When leading through an economic storm, we need to be laser-focused on exactly where we’re going and how to get there. No wasted time. No distractions. This means you can’t chase every opportunity and take on every task. Do what needs to be done to get you where you want to go.”
“So, when a new opportunity comes our way at Alludo, we ask ourselves: Does it fit within our framework? If not, we move on. It’s just as important and valuable to say no as it is to say yes. Constraints are often the key to great creative outcomes, with some of the most transformative companies stemming from difficult times.”
Evolution Of Alludo’s Technology
How has Alludo’s technology evolved since launching? Byal noted:
“Our company has been delivering innovative applications for more than thirty-five years. We’re the people behind well-known products, including Parallels, CorelDRAW, MindManager, and WinZip. Our company recently rebranded from Corel to Alludo in 2022.”
“We believe that, for knowledge workers, the days of working 9-5 in an office are numbered. Frankly, when people have true freedom at work, they’re more excited about working. They’re more productive, less frustrated, and they can work smarter instead of harder.”
“Alludo is a play on the concept of empowering all you do. We’re committed to offering people the freedom and flexibility to work how, when, and where they want with a portfolio of trusted brands that are all about helping you ideate, create, and share on any device, anywhere.”
Significant Milestones
What have been some of Alludo’s most significant milestones? Byal pointed out:
“Over the past twelve months, our company has undergone a monumental—and award-winning—transformation. For one thing, a year ago, we weren’t called Alludo at all. We were Corel. We still have our amazing legacy and history, but now we have a whole new name, visual identity, and brand voice.”
“Last summer, the company added Awingu, a provider of secure remote access technology, to our Parallels portfolio. The combination of Parallels Awingu and the Parallels RAS (Remote Application Server) gives end users the added flexibility and freedom they need to securely work from anywhere, at any time, on any device or OS. We enable businesses to cater to the flexibility employees want in their workplaces while also ensuring secure and efficient access.”
“While many tech companies reversed their COVID-era remote work policies, Alludo doubled down and has become a vocal advocate for workplace flexibility and freedom. I was impressed by how the company is reimagining the future of work by turning the limiting notions of 9-5 office work on their head. It is immediately clear that the company has driven employee engagement by embracing a remote-first working environment for our people.”
Total Addressable Market
What total addressable market (TAM) size is Alludo pursuing? Byal assessed:
“I admit, I was drawn to Alludo by the business’s potential and many exciting opportunities before us, some of which are the company’s TAM of $41 billion with industry CAGR rates that range between +6% to +20%.”
Future Goals
What are some of Alludo’s future company goals? Byal concluded:
“In terms of our long-range plans, we’re committed to profitable growth—both organically and through M&A. Profitable growth ensures we continue to invest in a great customer experience with our lines of software.”
“We are focused on driving organic growth across all our key portfolio products – companies thrive on repeat customers. Maximizing your customer-lifetime value is vital for long-term revenue. And you can only achieve this by putting your customer at the center of everything you do.”
“Subscription models are one way we’re making this happen. For example, when customers are on to a good thing, they stick with it – and subscription services are a good thing. First, your users benefit from lower upfront costs that reduce the barriers to purchase. But more importantly, to succeed as a subscription business, the onus is on us to deliver ongoing value and exceptional experiences at every touchpoint – which require that we continually invest in our products that align with what users require and find compelling compared to other similar solutions.”
“That’s why customer retention drives our decision-making. The constant quest to deliver true and meaningful value is key to our organic growth strategy.”
“Beyond this, Alludo (and Corel before it), has a long-term proven track record as a platform for acquisition, most recently with the addition of Awingu last year, AdRemover in 2021, Parallels in 2018, and MindManager in 2016. This has not changed, and we continue to focus on M&A as a priority for the business.”
