Vista has chartered the Accero executive team with an aggressive plan for growth
Portland, OR (PRWEB) January 29, 2009
Tom Malone, former CEO of Portland-based SRC Software, is the new CEO of Accero Software (formerly Cyborg Software), a leading HR and Payroll solutions provider with blue chip clients in the United States, Canada and United Kingdom. The company was formed in January of 2008 after Vista Equity Partners, a San Francisco-based private equity firm with over $2 billion in committed capital, acquired the Cyborg Software assets from Hewitt Associates and changed the company name to Accero Software.
Malone, a seasoned software industry executive who has spent the last 12 years of his career holding "C" level positions, was previously the CEO of another Vista Equity company, SRC Software, a budgeting and planning software company that enjoyed significant growth rates and profitability during his tenure. SRC was acquired by Business Objects in 2005, and Business Objects was acquired by SAP in 2007.
"I am delighted to be part of the Vista portfolio again. I am even prouder to be associated with a great product and with employees who have such a fine record of success and customer satisfaction," said Malone.
Prior to joining SRC Software, Malone served as CEO of a mid-sized telephone and internet services company with more than 1,300 employees. Earlier in his career, Malone was president of Cable & Wireless USA, a $1.6 billion multi-national telecommunications division.
"Vista has chartered the Accero executive team with an aggressive plan for growth," added Malone. "In order to help achieve this growth, we will be making significant investments in infrastructure and will be ramping up our R&D efforts. Our goal is to retain the status of the Accero/Cyborg product line as a leader in the marketplace."
Accero is a leading provider of flexible, cost-effective Human Resources and Payroll software solutions that streamline and improve internal processes, human capital management and business intelligence, resulting in a rapid ROI. The company has been providing business software to clients for more than 30 years, including Fortune 500 companies, local governments, healthcare, retail, manufacturing and service providers with complex financial and personnel needs, such as compliance with local and federal regulations and tax laws. For more information on Malone and Accero, please visit http://www.accero.com.
About Accero Software
Accero is a trusted Human Resources Management and Payroll Service vendor with over 30 years of success in the industry. The company provides solutions that seamlessly integrate and streamline human resources and payroll processes with a customizable suite of products designed to empower users to efficiently and securely manage mission-critical HR and payroll functions. With operations in the United States, Canada and the United Kingdom, Accero serves over 200 customers across multiple verticals. For more information about the company and its products, please visit http://www.accero.com.
About Vista Equity Partners
Vista Equity Partners currently invests over $2 billion in capital committed to dynamic, successful technology-based organizations led by world-class management teams with long-term perspective. Vista is a value-added investor, contributing professional expertise and multi-level support toward companies realizing their full potential. Vista's investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity in private equity investing.
For more information, visit http://www.vistaequitypartners.com.
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