Magna5 Appoints Veteran Technology Executive Robert Farina as CEO
FRISCO, Texas, Nov. 19, 2019 /PRNewswire/ -- Magna5, a national provider of managed IT, voice and connectivity services and NewSpring Holdings' company, is pleased to announce that it has appointed Robert Farina to serve as the firm's CEO, effective immediately. Farina succeeds Rick Lottie who will continue to remain on the Board of Directors (the "Board") in the role of Vice Chairman. Under Lottie's leadership, Magna5 added talent to its executive team, improved operations, and expanded its business, particularly in managed services. On the heels of these impressive accomplishments, the Board and Lottie believed that now is the opportune time to transition to new leadership for the next leg of Magna5's journey.
Robert Farina is an experienced technology CEO of private equity backed companies with over 30 years of experience leading successful, high growth enterprises in the managed services, software-as-a-service and business process outsourcing segments. He was most recently the CEO for Kim Technologies, which provided a platform-as-a service offering that leverages artificial intelligence capabilities to automate business processes, documents and workflows. Previously he was the CEO of Cybershift, a NewSpring Growth investment that was sold to a Vista Equity Partners' portfolio company.
"I am very excited to be joining the Magna5 team and to once again be working with NewSpring. Magna5 is well positioned to deliver a comprehensive set of solutions to our customers that are vital to their growth and profitability. We plan to build on Magna5's success in the dynamic markets where we compete," said Farina.
"We're thrilled to have Bob join Magna5 in a leadership role in the NewSpring family," said Jim Ashton, NewSpring Holdings General Partner and Magna5 Board Member. "His proven track record with building successful technology-based companies is ideally suited to lead Magna5's growth in the communications and IT managed services markets."
About Magna5
Magna5 is at the forefront of the convergence of telecommunications and information technology, providing integrated services essential to its mid-market and enterprise clients across multiple industries throughout North America. Within the managed services offerings, Magna5 provides security services, data backup, recovery management, hosting services, and IT Consulting from their 24/7/365 fully staffed operations center. The company also provides voice and data services, as well as a host of "above the net" cloud services, and operates a proprietary, secure network designed to leverage diversified carriers and infrastructure in targeted points-of-presence (PoPs). Headquartered in Dallas, Magna5 is a platform company of NewSpring Holdings, NewSpring Capital's dedicated buy and build strategy. For more information, visit www.magna5global.com.
About NewSpring Holdings
NewSpring Holdings, the dedicated, diversified holding company within NewSpring, with a strategy focused on control buyouts and platform builds, brings a wealth of knowledge, experience, and resources to take profitable, growing companies to the next level through acquisitions and proven organic methodologies. Founded in 1999, NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages approximately $2 billion across four distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. Visit NewSpring at www.newspringcapital.com.
SOURCE Magna5
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