FinancialForce, a cloud ERP solution built on the Salesforce platform, announced today that Tod Nielsen, an experienced executive from a Who’s Who of tech companies, will become the company’s new CEO.
Nielsen replaces Jeremy Roche, who founded the company and has run it since its inception in 2009. Roche will remain on the board of directors, and have a yet-to-be-defined role in Europe where he is based. Nielsen takes over a company that has raised over $193 million, including its most recent round, $110 million in March, 2015.
While Roche was widely liked and the transition should be smooth, investors may have been looking for a change, according to analyst Michael Krigsman, who also hosts the executive interview show CXOTalk.
“FinancialForce faces a crowded market that has reached an inflection point where mass enterprise migrations to the cloud are likely in the next 1-2 years. FinancialForce has raised almost $200M and investors may have decided it was time for a change,” he said…
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