Model N Announces Strong Q2 Results
Charles Robel Assumes Chairman of the Board
Zack Rinat to Ensure Smooth Transition as Strategic Advisor
San Mateo, California – May 8, 2018 – Model N, Inc. (NYSE: MODN), the leading provider of revenue management cloud solutions for the pharmaceutical, medical device, high tech, manufacturing and semiconductor industries, today announced that Jason Blessing will assume the role of Chief Executive Officer and will join the company’s Board of Directors, succeeding Founder and interim CEO Zack Rinat.
Charles Robel, who has served on the Board of Directors for over 10 years, will assume the position of Chairman. Both appointments are effective May 10, 2018.
In a separate release, the company also announced strong results for the second quarter of fiscal year 2018 which ended March 31, 2018 and a refinancing of its debt. The company will host a conference call at 2pm Pacific Time today to discuss the financial results and the appointment of Blessing.
“Model N has delivered strong results over the last six quarters, and built momentum in its transition to the SaaS business model. Therefore, Model N is well-positioned for a smooth transition to a permanent CEO for its next chapter,” said Baljit Dail, member of the Model N Board of Directors, who led the search. “We are thrilled that Jason Blessing is joining Model N as our new CEO. Jason is an experienced CEO with strong leadership skills, deep cloud experience, and the proven track record needed to take Model N to the next level.”
Jason Blessing was most recently the CEO of Plex Systems, an industry-leading ERP and manufacturing automation solution provider to nearly 600 companies. Plex pioneered cloud solutions for the shop floor, connecting suppliers, machines, people, systems and customers with capabilities that are easy to configure, deliver continuous innovation and reduce IT costs. During his five-year tenure with Plex, the company went through a transformation to a pure cloud company, while delivering strong growth.
Prior to Plex, Blessing held a number of executive positions at Taleo, an HR cloud company, during a period of rapid growth, which culminated in a $2.1 billion acquisition by Oracle. Jason also held several executive positions at PeopleSoft after starting his career with PWC’s management consulting practice. Jason holds a Bachelor of Arts from the University of Michigan and currently sits on the School of Information’s External Advisory Board.
In relinquishing his role as interim CEO, Founder Zack Rinat has also resigned from the board, and will become a strategic advisor, dedicated to ensuring an effective transition.
“As a Founder of Model N, I deeply care about the long-term success of our customers, employees, partners, shareholders and ultimately Model N. I am personally gratified to have attracted an executive of Jason’s caliber to be our CEO,” said Rinat. “I am 100% committed to supporting Jason in his transition, and I look forward to working closely with him to ensure continuity.”
“I am excited to succeed Zack as CEO because of the tremendous market opportunity in front of Model N,” said Blessing. “Zack has created a company with strong core values, a differentiated product offering and a blue-chip customer base. These assets are vitally important as we continue to focus on profitable growth and scaling the company.”
“The board would like to thank Zack for his exemplary leadership over the past 18 years, and in particular during the last 18 months as interim CEO” said Charles Robel, Model N’s new Chairman. “He established a strong vision for Revenue Management, established a culture that will serve the company as it continues to grow, and attracted great employees who have demonstrated passion and commitment to the company’s customers and partners.”
About Model N
Model N is a leading provider of cloud revenue management solutions for life sciences and high tech companies. Driving mission-critical business processes such as pricing, quoting, contracting, regulatory compliance, rebates and incentives, our software helps companies know and grow their true top line and maximize every revenue moment at speed and scale. With deep industry expertise, Model N supports the complex business needs of the world’s leading brands in pharmaceutical, medical technology, semiconductor, and high-tech manufacturing across more than 100 countries, including Johnson & Johnson, AstraZeneca, Novartis, Microchip Technology and ON Semiconductor. For more information, visit www.modeln.com.
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