Model N announces strong Q2 results
Charles Robel assumes
Chairman of the Board
Zack Rinat to ensure smooth transition
as strategic advisor
SAN MATEO, Calif.--(BUSINESS WIRE)--
Model N, Inc. (NYSE: MODN), the leading provider of revenue management
cloud solutions for the pharmaceutical, medical device, high tech,
manufacturing and semiconductor industries, today announced that Jason
Blessing will assume the role of Chief Executive Officer and will join
the company’s Board of Directors, succeeding Founder and interim CEO
Zack Rinat.
Charles Robel, who has served on the Board of Directors for over 10
years, will assume the position of Chairman. Both appointments are
effective May 10, 2018.
In a separate release, the company also announced strong results for the
second quarter of fiscal year 2018 which ended March 31, 2018 and a
refinancing of its debt. The company will host a conference call at 2pm
Pacific Time today to discuss the financial results and the appointment
of Blessing.
“Model N has delivered strong results over the last six quarters, and
built momentum in its transition to the SaaS business model. Therefore,
Model N is well-positioned for a smooth transition to a permanent CEO
for its next chapter,” said Baljit Dail, member of the Model N Board of
Directors, who led the search. “We are thrilled that Jason Blessing is
joining Model N as our new CEO. Jason is an experienced CEO with strong
leadership skills, deep cloud experience, and the proven track record
needed to take Model N to the next level.”
Jason Blessing was most recently the CEO of Plex Systems, an
industry-leading ERP and manufacturing automation solution provider to
nearly 600 companies. Plex pioneered cloud solutions for the shop floor,
connecting suppliers, machines, people, systems and customers with
capabilities that are easy to configure, deliver continuous innovation
and reduce IT costs. During his five-year tenure with Plex, the company
went through a transformation to a pure cloud company, while delivering
strong growth.
Prior to Plex, Blessing held a number of executive positions at Taleo,
an HR cloud company, during a period of rapid growth, which culminated
in a $2.1 billion acquisition by Oracle. Jason also held several
executive positions at PeopleSoft after starting his career with PWC’s
management consulting practice. Jason holds a Bachelor of Arts from the
University of Michigan and currently sits on the School of Information’s
External Advisory Board.
In relinquishing his role as interim CEO, Founder Zack Rinat has also
resigned from the board, and will become a strategic advisor, dedicated
to ensuring an effective transition.
“As a Founder of Model N, I deeply care about the long-term success of
our customers, employees, partners, shareholders and ultimately Model N.
I am personally gratified to have attracted an executive of Jason’s
caliber to be our CEO,” said Rinat. “I am 100% committed to supporting
Jason in his transition, and I look forward to working closely with him
to ensure continuity.”
“I am excited to succeed Zack as CEO because of the tremendous market
opportunity in front of Model N,” said Blessing. “Zack has created a
company with strong core values, a differentiated product offering and a
blue-chip customer base. These assets are vitally important as we
continue to focus on profitable growth and scaling the company.”
“The board would like to thank Zack for his exemplary leadership over
the past 18 years, and in particular during the last 18 months as
interim CEO,” said Charles Robel, Model N’s new Chairman. “He
established a strong vision for Revenue Management, established a
culture that will serve the company as it continues to grow, and
attracted great employees who have demonstrated passion and commitment
to the company’s customers and partners.”
About Model N
Model N is the leader in revenue management solutions. Driving mission
critical business processes such as configure, price and quote (CPQ),
contract and rebate management, business intelligence, and regulatory
compliance. Model N solutions transform the revenue lifecycle from a
series of disjointed operations into a strategic end-to-end process.
With deep industry expertise, Model N supports the complex business
needs of the world’s leading brands in pharmaceutical, medical device,
high tech, manufacturing and semiconductors across more than 120
countries, including Pfizer, AstraZeneca, Sanofi, Gilead, Abbott,
Stryker, AMD, Micron, Seagate, STMicroelectronics, NXP, Sesotec, and
Southern States. For more information, visit www.modeln.com
Model N® is the registered trademark of Model N, Inc. Any other company
names mentioned are the property of their respective owners and are
mentioned for identification purposes only.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180508006577/en/
Investor Relations Contact:
ICR for Model N
Staci
Mortenson, 650-610-4998
investorrelations@modeln.com
or
Media
Contact:
pr@modeln.com
Source: Model N, Inc.