The chief executive of one of Orange County’s best-funded startups stepped down Tuesday.
Kevin Daly, chief executive of Irvine-based Avamar Technologies Inc., said he was stepping aside from the maker of data storage software and devices.
The company appointed Edward Walsh, former senior vice president at Plymouth, Minn.-based Computer Network Technology Corp., as its new chief executive.
Daly came to Avamar in 2002. He used to head Quantum Storage Solutions Group, part of Milpitas-based Quantum Corp. He came to Quantum by way of its buy of ATL Products Inc., which spun off from what’s now Anaheim-based Iteris Inc. in a 1997 blockbuster stock offering.
The white-haired executive has been a big factor in Avamar’s fund raising.
“Daly has connections,” said one local venture capitalist.
The 5-year-old software company sports $51 million in funding from big names such as Goldman Sachs, Morgan Stanley and CMGI Inc.
Avamar’s software eliminates redundant data, saving disk space on storage networks used by banks, corporations, Internet companies and others.
When a data entry is created, an archiving system often saves a version of it. But sometimes, data are lost or don’t make it to a central storage point. Avamar’s software makes sure there aren’t two exact copies of data on a storage network.
“I believe that we have accomplished a great deal during the past three years at Avamar and that the company is in an excellent position for growth in the disk-based data protection space,” Daly said in an e-mail. “As it transitions from a development stage company to one with more traditional sales and marketing challenges, the board chose to move forward with a CEO who they believe has more directly relevant experience in these areas. I will continue to provide strategic advice to the company, but will not be involved in the day-to-day operations.”
