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Pendo Systems appoints Kaj Pedersen COO

02 May 2007  |  1086 views  |  0 Source: Pendo Systems

Pendo Systems, Inc. (Pendo) – the provider of the enterprise class portfolio accounting Solution, announced today that it has expanded its team.

Pamela Pecs Cytron, Pendo's CEO, said, "The goal of starting Pendo was not only to provide the market with the long overdue next generation global investment accounting solution, but also to create a team that embodies the highest level of excellence and will drive our commitment to client satisfaction and quality development on all levels. Mr. Pedersen is a proven financial services business leader who will enhance our team and growth strategy. Mr. Pedersen not only has a solid background in developing and growing organizations, but is an innovator and strategist. At Pendo, Mr. Pedersen will be responsible for operations management, which includes overseeing Technology, Services, and Product Management. As such, Mr. Pedersen will be a member of the executive Management team and will lead the internal management team."

Pendo emerged last year after acquiring BasisPoint™ from EF Solutions. At that point, the need for next generation accounting solutions was clear. There are many unmet software needs in the area of investment accounting. In a recent report published by Carbon 360, investment accounting tied for second place for spending within the asset management arena. Pendo, BasisPoint and Pendo's extraordinary management team are competitively well positioned to capture a large percentage of this market.

Ms. Cytron added, "We are delighted to have Mr. Pedersen as COO as a member of our executive management team. Kaj has vast experience within the industry both from the vendor and the practitioner side. This combination makes him a tremendous asset for our team."

Kaj Pedersen, Pendo Systems' COO, said, "I am pleased to be joining a company with the leading technology and innovative vision in a virtually untapped market. Pendo's management team's reputation for delivery and client satisfaction, coupled with the best product I have seen in the market globally makes me confident that we are going to have a significant impact in the area of addressing longstanding business challenges."

Mr. Pedersen joins Pendo from Cascade Investment where he headed up Information Technology and Security. Mr. Pedersen has over 15 years experience in financial services and has held senior management roles at Urbana Software, Lycos and Quote.com.

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