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Holmes confirmed that the company explored the possibility of a sale in 2018, but said nothing came of it.

“The board is beholden to its shareholders and there was some inbound interest,” he said “We felt it prudent and our responsibility as a board to investigate that inbound interest and so we started the process with Goldman Sachs to have a broader market check.”

As for the financial health of the company, Holmes said the restructuring allowed Hootsuite to achieve profitability and refocus the business, but he downplayed the possibility of an IPO in the near future.

Photo by Lyle Stafford for National Post

“We look at a lot of companies that are IPOing and in the last little while, and I’m sure you’re following some of these names that are burning cash at a very high rate, and we decided that we wanted to be a company that was growing but also profitable,” Holmes said. “Because of that we can decide if and when we want to go public. And if we do so, it’ll be because we want to, not because we’re forced to in order to make our next payment.”

Holmes said he is stepping back now because he wants to spend more time with his family, something that has become a bigger priority since the birth of his daughter.

“It’s not a snap decision,” he said. “I’m down to Mexico right now with my family and spending a bit of time with them. And, you know, I want to really enjoy this chapter.”