Fundtech COO Sgroe and CMO Ravich leave

04 January 2013 | 3908 views | 1 two business men silhouette sitting 3

Fundtech president and chief operating officer Michael Sgroe and chief marketing officer George Ravich are set to leave the transaction banking vendor.

Fundtech revealed that the two veterans - who have both been with the firm for more than a decade - are on their way out at a town hall meeting yesterday.

Sgroe joined the company in 2000 after 16 years at Chase Manhattan and Chemical Bank. Previously, he was CIO and vice president of technology and operations for the e-procurement systems provider Intelisys.

Ravich arrived in 2002 to lead Fundtech's global marketing after working as SVP of corporate development at Financial Fusion and a stint at AT&T.

Fundtech was acquired in a deal worth around $360 million by GTCR in late 2011 after the private equity firm gazumped S1 Corporation, which had already agreed a $700 million merger with its fellow vendor.

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A Finextra member | 07 January, 2013, 09:10

FT is owned by private equite. is this good or bad ? PE would generally be intreasted in profits, so what would be the strategy. hold the portfolio company, increase value and then sell ? wouldn't this create uncertanity and attrition consequently impacting the bottom line ?

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