Intelex CEO Appointment Points To A New Phase Of Growth For Intelex And The EHSQ Market
Intelex’s long-standing CEO, Mark Jaine has handed over operational management of the business to new CEO Craig Halliday, according to an announcement by the firm. Mark Jaine remains fully committed to the Intelex business as Executive Chairman. In this role he will focus on setting long-term strategy and shaping the vision for Intelex as it – and other EHSQ software providers – enter a new phase of growth and strategic development. Craig Halliday brings a wide range of international business experience in technology firms to Intelex as well as experience managing trade sales and exits to financial investors as both COO and CEO. His career has been primarily with medium-sized and large business software vendors such as PeopleSoft, eServGlobal and EMS Software.
The appointment of Craig Halliday as the new Intelex CEO is aligned with earlier strategic decisions made by the Intelex Board and executive team and indicates a continued commitment to existing plans. Verdantix does not anticipate any radical departures from the current product strategy or growth plans. In tandem with the appointment of Craig Halliday as CEO, Intelex has also recently hired Roula Vrsic as the new Senior Vice President for Marketing and promoted Mike Hicks to Chief Product Officer, an 18-year Intelex stalwart. As software firms in the EHSQ market have exceeded the $50 million revenue level they have been bought by financial investors or trade buyers. Whilst some have retained their executive team, most have not. This is a reflection of the new growth phase – and different challenges – facing these firms. None have changed their long-term strategies.
Working together, Mark Jaine and Craig Halliday will accelerate growth outside the core North American market, develop new functionality for the full range of EHSQ usage scenarios and exploit emerging opportunities to differentiate the Intelex value proposition by supporting the use of IoT and connected worker capabilities. As a veteran of several transactions, new Intelex CEO Craig Halliday will likely focus on enhancing a wide range of valuation metrics. Why? It is now three and a half years since JMI Equity and HarbourVest spent CAD$160 million (USD$123 million) to buy out some early Intelex investors and pump growth capital into the firm. Typical holding periods for growth equity funds are 4-5 years and whilst there is no indication of an immediate change of control from Intelex, it would be logical for a transaction to take place in the next 18 months. The main barrier to change? Successful EHSQ vendors with a SaaS strategy like Intelex command astronomically high multiples.
To learn more about the future growth of the EHS software market why don’t you come to the next Verdantix webinar? “Maximizing Growth In The EHS Software Market” on Thursday March 21.