Insig AI taps Colm McVeigh as new chief commercial officer

Data science and machine learning technology company Insig AI announced on Wednesday that Colm McVeigh had joined as its new chief commercial officer.

The AIM-traded firm said that, following standard due diligence and related checks, it was expecting McVeigh to join the board as an executive director.

It said he had held senior commercial roles in the software and telecoms sectors, with a “strong track record” of driving growth and business transformation.

From 2016 until September 2021, McVeigh was the chief commercial officer of BT One Phone, a mobile cloud software-as-a-service joint venture in which he led the commercial turnaround, resulting in a high multiple EBITDA minority interest sale valued at £320m.

He spent more than ten years at BT, having previously been part of its core business due diligence team for its acquisition of EE, and then led the commercial Integration of EE into BT Business.

Prior to BT Group, McVeigh spent seven years at Vodafone, initially as enterprise director and later as global director of ‘M2M’, or mobile-to-mobile, smart services, where he established internet-of-things (IoT) as a global business model.

Before then, he held senior commercial roles at Oracle Corporation.

“I'm delighted that someone of Colm's calibre and experience has joined us to help spearhead our commercial strategy,” said chief executive officer Steve Cracknell.

“Colm will take responsibility for setting the direction of our aggressive growth plan, brand positioning, proposition development and differentiation, and sales channel execution.”

Through the company's existing share option scheme, McVeigh would be granted options over two million shares.

In addition, he would be awarded warrants over 1.5 million shares at 100p each, 1.5 million shares at 150p each, 1.5 million shares at 200p each, and 1.5 million shares at 250p each.

“Having spent the last month with the team, I'm pleased to be part of such an exciting business with enormous growth potential,” said Colm McVeigh.

At 1210 GMT, shares in Insig AI were up 7.96% at 52.9p.