Cloudflare, Inc. (NYSE:NET) shares are trading higher On Thursday. The company disclosed the appointment of a new president of product & engineering.

In particular, the company appointed Chirantan “CJ” Desai as President of Product & Engineering to further accelerate its next phase of growth towards $5 billion in annual recurring revenue.

Desai most recently served as President and Chief Operating Officer at ServiceNow, where he managed the company's products, platform, design, AI research, engineering, customer support, cloud infrastructure operations, and customer success.

Matthew Prince, co-founder & CEO at Cloudflare, said, “CJ’s track record of driving innovation, operational excellence, and customer-centric growth speaks for itself and makes him an ideal fit for Cloudflare as we continue to scale our company and push the boundaries of what’s possible,”

“Just this year, we’ve brought on some of the best and brightest executives in the world. They could go just about anywhere, but they believe Cloudflare is the next iconic technology company. They’re betting their careers on Cloudflare and joining us to further accelerate our growth.”

This week, the company disclosed the acquisition of Kivera, a cloud security, data protection, and compliance platform, for an undisclosed amount.

By integrating Kivera with the Cloudflare One platform, the company aims to enhance cloud security by embedding preventive controls directly into the cloud deployment process, reducing risks before they occur.

The company will announce third-quarter results on November 7, 2024.

Investors can gain exposure to the stock via Spear Alpha ETF (NASDAQ:SPRX) and TrueShares Technology, AI & Deep Learning ETF (NYSE:LRNZ).

Price Action: NET shares are up 9.21% at $92.77 at the last check Thursday.

Photo via T. Schneider/Shutterstock.com

Read Next:

Delta’s Turbulent Q3: Mixed Results And Tech Troubles Cloud Holiday Outlook

Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market.

Get the latest stock analysis from Benzinga?

This article Cloudflare Taps ServiceNow Executive To Drive $5B Growth Ambition - What's Going On? originally appeared on Benzinga.com

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.