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Avangate Acquires 2Checkout to Expand Payment Flexibility and Broaden Market Reach
Combined company will bring a unique combination of eCommerce and subscription management solutions to market through various payment models across the globe.
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New CEO: Carl Theobald
Avangate Names Carl Theobald as CEO
eCommerce provider for software sales set for growth with North American leadership
Amsterdam, The Netherlands – July 12, 2011 – Avangate, the leading eCommerce and partner management solutions provider for Software and Software-as-a-Service companies, today has announced that Carl Theobald has been named President and Chief Executive Officer.
Carmen Sebe, who has led the company since 2005, will assume the role of Chief Operating Officer. Sebe will focus on scaling operations to meet Avangate’s international expansion, taking on responsibility for world-wide development and production operations.
With the recently announced first round of investment from the 3TS Cisco Growth Fund (see press release for additional details), Avangate is poised for growth under Theobald’s leadership as software companies increasingly leverage eCommerce solutions to manage and optimize their multi-channel sales.
“We are incredibly excited to announce Carl has joined Avangate as our new president and CEO,” said Radu Georgescu, founder and Chairman of Avangate. “As pressure mounts for Software vendors to rapidly adapt to online commerce and evolving channel needs – a huge opportunity exists for Avangate. Carl brings deep experience in the Software and Software-as-a-Service industry, product innovation and sales development to help lead us through what we anticipate will be an explosive period of growth for Avangate.”
Theobald, with over twenty years of software industry experience, will lead Avangate as the company invests to accelerate its growth within the rapidly evolving eCommerce and Partner Management space. Theobald has held senior executive roles at both large enterprise and venture-backed software companies, including being a VP at Oracle, founder at RubiconSoft, and SVP at Serena Software. At Oracle, Theobald helped establish the CRM division, delivering sales, marketing and eCommerce products that generated in excess of 10X revenue growth over two years. Most recently, as Senior Vice President of Products and Customer Service, he launched the first SaaS-based solution at Serena Software, which was taken private by Silver Lake Partners for $1.2 billion.
“Avangate is at a very exciting stage of growth in this dynamic industry where companies are shifting their business online,” said Theobald, Avangate’s newly appointed CEO.
“The company has a strong track record of success, especially in EMEA. We are going to build on that success and increase our global presence by expanding the company’s operations in North America. In addition, Avangate’s vision to provide an integrated solution for multi-channel software sales places us in a unique position to help our customers fundamentally grow their online, international and reseller channel sales,” added Theobald.
An overview of Avangate’s management team is available at avangate.com/company/team
Carl Theobald is also a member of the Avangate Advisory Board.