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Craig Scroggie, the CEO of data centre operator NEXTDC (ASX: NXT), has joined the board of online workplace Freelancer (ASX: FLN) in a move the company says will help bolster its growth prospects.
Scroggie’s appointment comes a day after Freelancer announced a 9 per cent fall in revenue to $20.4 million over the first half of 2024, despite growing its platform by 1.74 million new users and 203,000 new projects during the period.
Freelancer is the world’s largest freelancing and crowdsourcing marketplace by total number of users and jobs posted which currently stand at 3.21 million and 409,000 respectively.
However, the company’s market capitalisation is wallowing at $85 million after a challenging period for the company in recent years.
Freelancer is a relative minnow compared to NEXTDC, a $10 billion company that has grown rapidly during Scroggie’s tenure.
Freelancer notes Scroggie’s record as CEO of “Asia's most innovative data centre-as-a-service provider” with more than 30 years’ experience in the ICT field that brings “a wealth of knowledge and expertise to Freelancer's board”.
"We are thrilled to welcome Craig Scroggie to the Freelancer Limited board,” says Freelancer’s chairman Matt Barrie.
“Craig is the man of the hour. His profound understanding of the technology landscape, combined with his strategic acumen and proven leadership in building critical digital infrastructure, will be instrumental as we continue to innovate and expand our global presence.”
Scroggie’s appointment follows the enlistment of tech entrepreneur Patrick Grove, the CEO of dynamic media, e-commerce and internet company Catcha Group, to the Freelancer board in June this year.
Freelancer yesterday posted a net loss after tax of $1 million for the six months to the end of June, although operating cash flow of $2.2 million was up 57.1 per cent from a year earlier.
“During the interim period, the company continued to navigate a dynamic and challenging operating environment, characterised by both opportunities and risks,” says Barrie in notes accompanying Freelancer’s financial statement.
“Key risks include fluctuations in economic conditions, technological disruptions, ongoing regulatory changes and foreign exchange volatility, which may impact the company's ability to achieve its strategic objectives.
“To mitigate these risks, the company has robust operational and financial controls in place, which include continuous monitoring mechanisms, and adaptive strategies to respond swiftly to market changes.”
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