Milestone hires new CFO

Former Carlsberg Breweries VP of finance Lars Larsen joins IP video management firm


COPENHAGEN - November 4th, 2010. Milestone Systems, the open platform company in IP video management software, announces the hiring of a new Chief Financial Officer, Lars Larsen. He will be responsible for the finance and human resource operations of the international organization.

"Lars Larsen has a very strong profile that is clearly reflected in his previous positions at Carlsberg and Novo Nordisk, but maybe even more relevant for us from his time with such IT companies as Microsoft and Olicom. At Milestone we are very focused on aggressively continuing our hyper growth - and I'm convinced that Lars can help us with this," states Lars Thinggaard, CEO & President of Milestone Systems.

As Vice President of Group Finance at Carlsberg Breweries, Lars Larsen was responsible for internal management reporting to the Board of Directors and external reporting to the Copenhagen Stock Exchange. Prior to that Larsen was Business Manager for Microsoft Business Solutions EMEA after the acquisition of Navision, where he was Executive VP, Chief Financial Officer, responsible for financial management and the legal department, also providing support for M&A activities. Larsen held similar financial management positions at Olicom, an IT network component provider listed on NASDAQ and the Copenhagen Stock Exchange, and at Novo Nordisk. He holds an Executive MBA and a Bachelor of Science
in Business Economics from the Copenhagen Business School.

At Milestone Systems, Lars Larsen's role as CFO will include managing the company's global financial operations including accounting, controlling, risk management, treasury, tax and audits, legal and regulatory affairs, as well as potential mergers and acquisitions. With responsibility for also overseeing human resources and administration, he will ensure deeper internationalization and professionalization of the company together with the executive management team. Larsen will also focus on a close relationship with the Chairman of the Board and Index Ventures, who invested $27.5 million in Milestone Systems in July 2008.

"I am very excited about this opportunity to work for Milestone Systems, the leader in its sector worldwide. Milestone has huge potential for continuing to progress, and with the number of dedicated employees expanding all the time, I look forward to strengthening the synergies between finance and the organization even more," says CFO Lars Larsen.