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Industry veteran Richard S. Garnick named CEO of Avotus
Move brings proven track record of global growth to the Company
TORONTO and BOSTON – July 23, 2007 – Avotus Corporation, the leading provider of Telecom Expense Management (TEM) and eProcurement solutions, today announced that Richard S. Garnick, Executive Chairman of the Board of Avotus, has been appointed Chief Executive Officer in addition to his role as Chairman. Fred Lizza, President and CEO of Avotus leaves his operating role but will join the company’s Advisory Board.
“We are grateful to Fred for his dedication to Avotus and his contribution to the company during the past five years as we built a leadership position in the rapidly growing telecom expense management industry,” said David Folk, Vice Chairman of Avotus and Managing Partner of Jefferson Partners. ”We are delighted that he will become a member of our Advisory Board so that we will continue to benefit from his experience and insight.”
“The Board believes the market for TEM solutions is poised for dramatic growth and continued consolidation, and that Avotus will continue to take a leadership role in the industry. The appointment of Richard Garnick to the role of CEO underscores the Board’s and Management’s belief that there is an even greater opportunity to combine TEM with other scalable, business processes to provide unparalleled value for the enterprise,” added Mr. Folk. “Rich’s strong track record of success in this area is very exciting.”
Mr. Garnick is a proven global executive with more than 25 years experience and demonstrated achievements in high-tech, IT/software services, business process outsourcing (BPO), global service delivery models, e-commerce and telecommunications industries. He was most recently President N. America & Global Business Lines for Keane, Inc., and a member of the Office of the President. Prior to Keane, Mr. Garnick Served as Chief Executive Americas & EAS for Wipro Technologies. As a member of the Management Board, he played a leading role in transforming Wipro into one of the leading global IT/BPO businesses in the world. In this role, he led a team that grew the business from a run rate of approximately $150 million to a rapidly expanding, highly profitable run rate of $2 Billion during his four year tenure.
In addition to his role as Avotus’ CEO, Mr. Garnick has entered into a broad partnership with Jefferson EquiCorp an affiliate of Avotus’s lead investor Jefferson Partners. The partnership will pursue an aggressive strategy to create the next generation “Integrated Global Delivery Model Organization”. The partnership with Jefferson EquiCorp leverages the expertise of Jefferson’s 25 year history as a leader in the innovative application of capital formation & Mr. Garnick’s operating leadership in the exploding global IT/BPO industry. Mr. Garnick will also be joining Jefferson EquiCorp, as a Founding Member & Managing Director of Jefferson EquiCorp’s Global Services Group.
“Avotus is a company at the intersection of the IT and BPO industries,” said Mr. Garnick. “Both of these industries will require a company with scale to help enterprises mine efficiencies in “procure to pay” and other processes that have not yet been realized. The groundwork that Avotus has built through its 20 year history and its industry leading TEM solution uniquely positions the company to take full advantage of the exploding trend of value-added globalization well beyond telecommunications.”
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