Still not sure how private equity is influencing the MSP technology market -- and the executive talent working within it? Take a close look at Mark Banfield's jump from Datto and the former Autotask to LogicMonitor.
Indeed, Banfield has joined LogicMonitor as chief revenue officer (CRO), the company confirmed today. Students of the market will note that both Datto and LogicMonitor are owned by private equity firm Vista Equity Partners.
- Vista invested in LogicMonitor in mid-2018.
- Vista invested in Datto and tucked in Autotask in December 2017.
- Banfield is now jumping from Datto to LogicMonitor.
I don't know for sure if Vista influenced Banfield's move. My guess is Vista certainly played a role. (We'll ask Banfield next time we connect with him.)
And such career moves -- from one private equity portfolio company to the next -- are very common in the PE world. We'll certainly see more in the MSP technology space, where numerous PE firms have multiple MSP tech companies in their respective portfolios.
In a prepared statement, Banfield said:
"Enterprises are facing a challenge as technology continues to evolve and become more complex. LogicMonitor has emerged as a leading monitoring solution by delivering granular visibility across distributed infrastructure from on-premises to cloud and beyond. I look forward leading LogicMonitor’s global revenue expansion efforts and building on my experience scaling world-class organizations."
In another career move, Mark Kelly, former CTO and CIO at Curvature, is now SVP of Customer Experience at LogicMonitor.
In a prepared statement, LogicMonitor CEO Kevin McGibben said:
"The addition of Banfield and Kelly to our executive team provides the business with invaluable experience as we continue to scale internationally and provide remarkable customer experience. Banfield and Kelly are proven, strategic leaders and I expect they will make a large and positive impact here at LogicMonitor.”
In an interview with ChannelE2E earlier this week, Datto CEO Austin McChord touched on talent retention. He noted that not a single member of Datto's C-suite has left the company in the past year.
