MOUNTAIN VIEW, Calif., Jan. 19, 2015 /PRNewswire/ -- Vendavo, the leading provider of margin and profit optimization solutions, announced today that Patrick D. Quirk joins the company as President and Chief Executive Officer. David Mitchell, Vendavo's interim CEO and an operating partner at Francisco Partners, will remain on Vendavo's Board of Directors. The appointment comes as Vendavo closes 2014 with the highest bookings in company history, with a 23-percent increase year over year.
"For the last 20 years, companies have focused on expense management as their primary means to improve margins," Quirk said. "In recent years, the introduction of margin and profit optimization solutions has led to larger returns for companies, but only about 10 percent have taken advantage of the new technology. Vendavo is enabling this transformation for Global 2000 firms and I am thrilled to join the company at this exciting time."
Vendavo, which delivers more than $2.5 billion in annual profit improvement to its customers, also saw a 40-percent increase in bookings for the fourth quarter of 2014 year over year.
"In my time at Vendavo, I am honored to have worked closely with a dedicated team that believes in the efficacy of the company's products and the proof is in the record-setting 2014 results," Mitchell said. "It is time to pass the baton and I am confident Patrick's experience leading companies to impressive growth will translate well to Vendavo's mission and maintain its upward trajectory."
Quirk brings more than 25 years experience in enterprise software to Vendavo, including extensive experience in yield management and profit optimization. Most recently, he served as President and CEO of employee rewards and recognition software firm Achievers, leading the company to double-digit growth and global expansion. Before Achievers, Quirk served as CEO of Emptoris, where he strengthened the company's foothold in strategic supply management and enterprise contract management solutions with the successful acquisitions of Rivermine and Xcitec, and more than doubled revenue in the process.
"Vendavo has built a strong foundation and we are excited to have Patrick take the company to the next level," said Petri Oksanen, a member of Vendavo's Board of Directors and a partner at Francisco Partners. "Patrick is a visionary business leader with substantial experience in building and expanding companies through a combination of organic growth and strategic acquisitions. I'm impressed with his proven abilities in delivering the best value for customers and look forward to a new era of unprecedented growth for Vendavo."
Francisco Partners acquired Vendavo in October 2014.
Quirk will address Vendavo's customers and partners in a keynote presentation at Profit Summit, the world's largest margin and profit optimization event. The annual customer conference takes place at the Renaissance Hotel in Dallas from Feb. 10-12, 2015.
Register for Profit Summit 2015 here: http://profitsummit.vendavo.com.
Vendavo harnesses the power of Big Data to generate actionable insights that enable businesses to sell more profitably. Our margin and profit optimization solutions help global customers make better data-driven decisions for pricing and sales effectiveness. Using cutting-edge analytics and deep industry expertise, Vendavo boasts the largest number of implementations for B2B enterprises in the industry, having helped more than 300 company divisions dramatically increase revenue, improve profit margins and maximize shareholder value. Located across the globe, Vendavo is the solution of choice for Fortune 500 companies in industries such as chemicals, consumer packaged goods, wholesale distribution, energy and utilities, technology, industrial manufacturing, and medical devices and consumables. Learn more at http://www.vendavo.com.
About Profit Summit
Profit Summit is the largest margin and profit optimization conference in the world, with presentations and workshops featuring some of the top innovators and thinkers in business and technology. Profit Summit gives attendees the chance to experiment with new technologies, discover best practices and connect with new partners in multiple industries. To learn more about Profit Summit, visit http://profitsummit.vendavo.com.
About Francisco Partners
Francisco Partners is a global private equity firm that specializes in investments in technology companies. Since its launch over a decade ago, FP has raised approximately $7 billion and invested in more than 100 technology companies, making it one of the most active investors in the industry. The firm invests in transaction values ranging from $50 million to over $2 billion, where the firm's deep sub-sector knowledge and operational expertise can help a company realize its full potential. For more information, visit http://www.franciscopartners.com.