The Irish head of tech company Chargify has stepped down as the company combines with SaaS Optics following April's $150 million investment in the two companies by Battery Ventures.
In a post on LinkedIn, Dubliner Paul Lynch said he had handed over management to an SaasOptics management team. He took over the role of chief executive in 2019.
“It’s with an enormous measure of pride that I announce that I have stepped down as CEO of Chargify and handed the baton over to a new management team consisting of Tim McCormick and Chris Weber of SaaSOptics,” he wrote. “The previous two years have been a rollercoaster of emotions as we drove growth, innovation and quality across the business, a journey that ultimately resulted in Battery Ventures entering the equation and becoming a key investment partner.”
Mr Lynch’s move comes following the appointment of a new chief revenue officer to combine the two companies.
Established in 2009, Chargify developed a popular billing and subscription management solution. The company, which is based in San Antonio, Texas, was acquired in 2016 by Scaleworks, a $150 million venture equity fund co-founded by former Hosting 365 general manager Ed Byrne and Rackspace founder Lew Moorman, with Battery Ventures investing in the company in April.
The US tech company opened its EMEA headquarters in Dublin in October 2020, creating 30 jobs. The region now accounts for 30 per cent of Chargify’s revenue.
Matt Downs has joined Chargify as chief revenue officer following a decade at WorldPay, where he was involved in the development of the software partnership business to reach $1 billion in revenue. He also spent eight years with First Data (Fiserv).
Mr Downs will help bring Chargify and SaaSOptics together into what the company says will be an industry-leading SaaS subscription billing and revenue platform. The cloud-based platforms together manage more than $10 billion in customer annual recurring revenue.
“I’m very excited to join the organisation as we work to bring their two complementary platforms together,” said Mr Downs. “Both companies are full of bright people who are dedicated to helping SaaS companies be successful by focusing on developing and delivering innovative solutions for clients.”