ezRez Software, Inc. Names Daniel F. Farrar Chief Executive Officer Seasoned Executive Brings More Than 25 Years of Corporate Management and Strategic Development Expertise to Fast-Growing Provider of Travel and Loyalty Solutions
SAN FRANCISCO, April 5, 2011 /PRNewswire/ -- ezRez Software, Inc., a San Francisco-based Software-as-a-Service (SaaS) provider of travel and loyalty solutions, today announced the appointment of Daniel F. Farrar as Chief Executive Officer. Farrar was previously Chief Executive Officer of Openlane, Inc., an online auction company that uses a proprietary software and registration system of wholesalers and dealers to buy and remarket vehicles. Prior to Openlane, Farrar held various positions with private equity firm Morgenthaler and GE Capital.
"Daniel has a diverse professional background that includes everything from venture capital to international corporate management," said Karen Vergura, Chief Financial Officer at ezRez Software. "As ezRez looks to scale globally, the company will benefit from his expertise in operations, strategic development and value creation." With Farrar's appointment to CEO, Vergura will relinquish her duties as Interim CEO and return to her role as head of the company's finance division.
In the past year, ezRez processed over 850,000 transactions. Its platform is live in 20 languages and 50 currencies, booking travel for over one million people each year. Several new clients have recently joined the ezRez roster, including Emirates Airline and Lufthansa's Miles & More loyalty program, and the company is on course to exceed US $1 billion in gross bookings in 2011.
"ezRez has emerged as a true leader in the travel and loyalty space. Their entrepreneurial team and cutting edge product portfolio have resulted in impressive industry partnerships and 70% annual growth rates," said Farrar. "As SaaS technologies and loyalty strategies continue to evolve, ezRez is well-positioned to be a key player in the travel market for years to come, and I am excited to be a part of the organization."
Prior to joining Openlane, Farrar served as a General Partner of Morgenthaler in the Leveraged Buyout Group. He was responsible for sourcing, screening and deal valuation, driving operating results, board representation and executing value creation plans for a $3 billion fund. Prior to Morgenthaler, Farrar spent 16 years with GE Capital Company, where he held a number of executive positions including President and Chief Executive Officer of GE Fleet Services and GE Capital Fleet Services Europe. He also served as Senior Vice President of North American operations of GE Capital Fleet Services USA, and Managing Director and Group General Manager of GE Capital Fleet Services UK.
Farrar formerly served as chairman of the boards of Comm-Works Holdings, LLC and GreenRoad Technologies, Inc. He was also previously a director of the boards of Precision Parts International and Formed Fiber Technologies. He also served as non-executive director of Aegis Group plc. Farrar earned his bachelor's degree in mechanical engineering from Worcester Polytechnic Institute and his MBA from Harvard University.
About ezRez Software, Inc.
ezRez Software, Inc. enables its partners to sell any combination of travel products including air, car, hotel, trip activities, packaging and travel insurance to anyone, anywhere in the world. Its Software-as-a-Service (SaaS) platform allows clients to easily launch online travel agency functionality with the look and feel of a customized implementation at a fraction of the cost. ezRez provides access to more than 200,000 travel suppliers and its clients include some of the world's largest airlines, hotels, travel agencies and banking loyalty programs, such as AirAsia, American Airlines, American Express, Emirates Airline, Intercontinental Hotels, JetBlue, LAN Airlines, Starwood Hotels & Resorts, and United Airlines. Based in San Francisco, ezRez was founded in 2003 and has secured $17 million in venture funding led by Canaan Partners with participation from Azure Capital Partners. For more information, visit www.ezrez.com.
SOURCE ezRez Software, Inc.