Tervela, the leading provider of open, intelligent, hardware-accelerated messaging systems, today named Eric R. Schnadig as chief executive officer, succeeding J. Barry Thompson, Tervela's founder, who takes over as chief technology officer.
Mr. Schnadig joins Tervela from Unica Corporation (NASDAQ: UNCA), a worldwide provider of enterprise software, where he served as SVP of Worldwide Sales and Business Development and grew revenue from $3 million annually to over $120 million in 2008 with significant profitability. At Unica, he was responsible for sales execution, channel and distribution strategy and business process establishment, all of which helped lead to a successful IPO of the company in 2005.
"As the financial markets reawaken and IT budgets are restored, firms will be forced to revisit their overworked, inefficient legacy infrastructures," said Eric Schnadig, CEO, Tervela. "The company's powerful enterprise-class messaging platform is the best way for data-intensive organizations to gain competitive advantage in the face of new market requirements. My goal is to accelerate the broader adoption of Tervela by giving our customers the most effective means to achieve this benefit."
"Eric has a proven track record in high growth technology businesses," said Peter Perrone, managing director, Goldman Sachs and a Tervela board member. "Tervela's messaging products are helping some of the world's leading financial services firms improve the performance of their trading platforms. The company will benefit from having Eric at the helm as it seeks to repeat this formula in broader market segments and geographies."
Prior to Unica, Mr. Schnadig was a senior sales and marketing executive at Kenan Systems Corporation, a technology provider to global communications companies. While there, he helped grow revenue from $10 million annually to more than $300 million, leading to a $1.5 billion acquisition by Lucent Technologies in 1999.
"With customers in production both domestically and internationally, business partnerships with financial market leaders and the recent introduction of the Tervela TMX-500 Message Switch, we have proven the efficacy of hardware-accelerated messagiaging and delivered a new framework for how the enterprise deals with data," said J. Barry Thompson, chief technology officer. "In Eric, we found a leader with an unparalleled track record in enterprise software and a rock-solid reputation with customers."