Model N Strengthens Board of Directors With Addition Of Charles J. Robel
Highly Regarded Member of the Technology Community Assumes Role of Chairman of Audit Committee as Model N Embarks on Next Growth Phase
Redwood Shores, California (PRWEB) March 5, 2007 -- Model N, Inc. (www.modeln.com), the leader in Revenue Management solutions, today announced the appointment of Charles J. Robel to Model N's board of directors as Chairman of the Audit Committee. Mr. Robel brings Model N broad strategic insight and expertise in finance, accounting, and corporate governance.
On September 30, 2006, Model N completed a breakthrough FY'06, achieving over 70% growth in top line bookings while expanding the organization to 240 people, maintaining positive cash flow for 8 consecutive quarters, and completing the cash acquisition of Azerity, a price management vendor. As Model N embarks on an equally ambitious FY'07, Mr. Robel will provide critical expertise and insight.
A veteran of several boards of leading public and private companies, including current roles as Chairman of the Board of McAfee, Inc. and as member of the Informatica, Inc. and Adaptec boards, Charles (Chuck) Robel enhances Model N's already highly-qualified Board of Directors to help guide its next phase of growth. Mr. Robel joins a board that includes Jim Breyer, Managing Partner of Accel Partners, Mark Leslie, former Chairman & CEO of Veritas Software, and Zack Rinat, Founder & CEO of Model N. Mr. Rinat and Mr. Robel have worked together previously on the boards of successful start-ups NetDynamics and TradingDynamics.
"I am very pleased to welcome Chuck Robel to the Model N Board of Directors. Chuck has over 30 years of experience in the high technology industry, with a proven track record of managing complex business, regulatory issues, and corporate governance," said Zack Rinat, Founder and CEO of Model N. "His experience on the boards of many successful software companies will be a key enabler in continuing Model N's growth trajectory."
"In addition to his operational skills, Chuck brings a unique combination of experience in mergers and acquisitions and in guiding the successful public offerings of such companies as Yahoo, Arbor Software and Documentum," added Jim Breyer, Managing Director of Accel Partners. "This expertise is aligned with Model N's growth strategy, and I am looking forward to working with Mr. Robel."
Mr. Robel served over 25 years at Price Waterhouse (now PricewaterhouseCoopers), ultimately as a Partner leading the High Technology Transaction Services Group in Silicon Valley advising on strategy, valuation, and structuring for mergers and acquisitions, and he was partner-in-charge of the Software Industry Group. Subsequently Mr. Robel was a general partner, managing member, and chief of operations at Hummer Winblad Venture Partners. His experience with high tech mergers and acquisitions includes Yahoo, Hewlett Packard, and Microsoft.
"This is an exciting time to be joining Model N's board. The company has proven its enterprise software business model and has established a leadership position in Revenue Management in both life sciences and high tech. It has a unique technology platform advantage with proven, integrated applications that provide the company and its customer's strong value and clearly differentiated positioning," said Mr. Robel. "Model N's execution places it in an elite group of successful enterprise software companies, and I see significant growth opportunities for the company both short and long term."
About Model N
Model N is the leader in Revenue Management solutions, offering an integrated suite of applications for pricing, contracts, compliance, rebates, fees and chargebacks optimized for the industry practices of life sciences and high tech semiconductor companies. Enabling the creation of a seamless, end-to-end process from pricing through settlements payment, Model N's uniquely integrated approach eliminates revenue leakage and delivers the visibility and controls needed to avoid the risks of non-compliance to government regulations such as Sarbanes-Oxley and government pricing requirements. Customers include: Actelion Biopharmaceuticals, Axcan Pharma, Boston Scientific; Bristol-Myers Squibb; CoTherix, Inc.; Cypress Semiconductor; Gilead Sciences; Intersil Corporation; Linear Technology Corporation; MedImmune, Inc.; Medtronic, Inc.; Microchip Technology, Inc.; Micron Technology Inc.; Novo Nordisk, Inc.; Ortho-Clinical Diagnostics, a Johnson & Johnson company; ON Semiconductor, Inc. and Pfizer, Inc. Model N is located in Redwood Shores, California. For additional information, visit www.modeln.com.
Model N is a mark of Model N, Inc. All other company names mentioned are the property of their respective owners and are mentioned for identification purposes only.
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