HomeAway, the massive vacation home rental service rollup, is ramping towards an IPO, likely in 2011, say sources close to the company. And that shouldn’t be any surprise, given the two key executive hires the company announced today – new chief product officer Tom Hale (previously CPO at Linden Labs) and chief operating officer Brett Bellm (previously PayPal, and in need of a vowel for his last name).
A year and a half ago the company was valued at $1.4 billion after a $250 million round of financing. Revenue at the time was around $150 million, we heard. Now revenue is more like $200 million/year, with $70 million or so in pure profit. This thing, in short, is throwing off cash, and lots of it.