IAC Applications Hires GM, CFO

IAC Applications, the consumer app group within IAC, announced two new hires this week that will join its leadership team. Lyle Underkoffler will become the new general manager of IAC Applications’ mobile division, while Alex Mandel will become the CFO for the company.

Both will report to co-CEOs Tim Allen and Eric Esterlis.

Prior to joining IAC Applications, Underkoffler served as VP and GM of Digital for The Walt Disney Company.

Mandel is the former CFO of LendingTree. He previously worked with boutique investment banking firms and did a 12-year stint at Bear, Stearns and Co. He will oversee all general financial management across IAC Applications’ mobile, browser and desktop divisions, as well as accounting, finance and analytics.

The company’s portfolio is currently focused on building utility apps, a space which is expected to quadruple in size within the next four years, per App Annie.

Lyle will be focusing on that space with an emphasis on Android apps, which IAC Applications has already seen success with, and new platforms like wearables.

Utility apps see less of the retention problems other verticals now face. “With utility apps, there are less concerns about retention because we integrate directly into people’s lives and daily routines,” says Underkoffler. “When you solve for a consumer need and focus on becoming indispensable, retention follows.”

Underkoffler adds that one key piece of their marketing strategy is localization. “Many developers think localization is just about language translation, but that’s only one aspect. There’s icon design, date representations, language direction, currency formats and more,” he says.

A marketplace flooded with low-quality alternatives works in their favor as well.

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