Private equity, Channel investors, MSP

ConnectWise Names IPO-Savvy CFO

Red man comes out of structure of people. Integrity violation, non-conformist. Dismissal. Dismissal from the company. Expulsion from society. Different from others. Overflow. Exit, leave, renounce.

ConnectWise has a new chief financial officer who the company says has experience with IPO readiness.

As of today, Rik Thorbecke takes the CFO seat ConnectWise. Thorbecke will report directly to the company’s CEO Jason Magee and be pivotal in shaping the company’s financial strategy moving forward, ConnectWise said in a prepared statement.

Does this executive change signal that ConnectWise will pursue an IPO? That's a path the company has eyed more than once, but the markets were never right. Most recently, CEO Jason Magee said that an IPO is among the possible paths for ConnectWise.

It's been five years since private equity (PE) firm Thoma Bravo acquired the MSP-focused software company -- a window when many PE firms would seek an exit. However, the market conditions have not been favorable for exits, Magee noted in November at IT Nation Connect. He said then that PE firms are looking for 3x to 5x return on investment when they sell. In 2019, ChannelE2E reported that the Thoma Bravo acquisition of ConnectWise valued the company at $1.5 billion.

Thorbecke's Background and Experience

Thorbecke’s experience ranges from strategic finance, mergers and acquisitions, IPO readiness, business planning, investor relations, and enterprise software. 

“Rik's exceptional track record in driving financial stability and growth will play a pivotal role in propelling ConnectWise forward, further strengthening our already remarkable financial health,” Magee said. “We look forward to working closely with Rik as we continue to expand and achieve even greater success serving our MSP partners."

Brad Surminsky previously held the CFO position. Surminsky took the position in 2019 amid a leadership changeup at the company and just nine months after Thoma Bravo acquired ConnectWise. There is no word on whether he will remain with the company in another role.

Thorbecke’s Previous Roles

In his previous role as CFO at Virgin Pulse, Thorbecke managed finance strategy and operations, contributing to that company's growth through strategic acquisitions and improvements in business processes. 

Thorbecke began his career at PricewaterhouseCoopers, where he became a partner in the technology practice. His experience includes roles as CFO and head of operations at various technology companies and executive positions at Levi Strauss & Co. and Electronic Arts.