Continues to focus on future growth
RELEASE: September 19, 2003
CINCINNATI — September 19, 2003 - Cadence Network, Inc. today announced it has promoted two of its officers as it continues to focus on future growth.
Madeleine Ludlow will retain the title of Chief Executive Officer and take on the responsibilities of Board Chairman. Jeffrey Hart will retain the title of Chief Operating Officer and assume the title of President.
"Over the last year, Cadence has driven to profitability, while at the same time the Company has been able to grow its top line and offer an ever expanding solution to its customer base" said Jeffrey Lieberman, Principal at Insight Venture Partners. "We remain excited about our investment in Cadence and the new leadership alignment will allow us to continue to drive new customer acquisition, extend our current solution in the customer base, and solidify our leadership position in the market. Madeleine’s past experience as CFO of Cinergy and a Wall Street investment banker will allow to us execute against our partnership and acquisition plans, as evident by the Donahue Consulting deal closed earlier this year. This, coupled with Jeff's sales, marketing, product management, client relations, operations and general management experience at Reynolds & Reynolds, will allow us to execute seamlessly against our current growth plans."
“With the Company financially and operationally thriving, this reorganization will provide me with the opportunity to proactively shape our strategic future and to increase our focus on targeted growth,” said Madeleine Ludlow. “By successfully acquiring and integrating Donahue Consulting, the leading Lease Audit solution, we have provided our clients with additional value. We intend to continue to aggressively expand our capabilities and the new organizational alignment will allow us to achieve these goals and drive additional value to our clients. With Jeff’s focus on all daily operations for the company and my increased focus on targeted growth, Cadence is well positioned for the future.”
“This is an exciting time for Cadence, with significant growth coming from our core utility and telecom businesses, our newly acquired landlord lease audit business, and our partnership with Viterra,” said Jeff Hart, President and COO. “Cadence has a fantastic customizable Multi-Site Expense Management Solution suite that delivers significant value to our clients. And I’m looking forward to continuing to drive the evolution of our products and services, increasing the development of new products and services, and driving meaningful growth across all aspects of our company.”
Janice Case, former Chairman of the board of Cadence, will continue to serve on the Board.
About Cadence:
Cadence Network, Inc. helps companies with multiple sites monitor and manage the third largest costs of doing business - multi-site operating expenses including electric, gas, water, sewer, trash, lease and telecommunications.
The comprehensive Cadence Expense Management Solution suite is specifically customized to address the unique business requirements of companies with many sites and many departments managing many vendors across many geographically dispersed locations. The Cadence suite provides accounts payable outsourcing solutions web-based software applications and professional services; including utility invoice auditing, telecom invoice auditing, rate analysis, energy procurement, benchmarking, budget forecasting, lease auditing, etc.
CONTACTS
Cadence Network Contact: Ben Dolan, Cadence Network, Inc. 866-CADENCE (866.223.3623) bdolan@cadencenetwork.com