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I am a CFO with domain experience in accounting, finance, M&A, HR, Business Operations, Legal, and Recruiting in maturing organizations. I have done several M&A transactions, both on the buy side and sell side. From a strategic finance perspective, all programs I recommend and implement are designed to support and strengthen business organizations, from the executive team, to management, to line staff, to customers. I have been a CFO at privately owned, VC backed, and PE backed companies.From a technical standpoint, my expertise is in building finance and accounting operations that fortify corporate value. Fundamentally, companies select me to build and direct finance and accounting teams and to evaluate and institute stabilizing systems in support of growth. My reputation is for incisive finance strategy and an ability to communicate our plans with all levels.I am currently CFO with Thrive. Thrive provides subscription based IT, cloud, cyber-security, and other next generation managed services to over 2,500 customers.Prior to Thrive, I served in a variety of CFO positions, including CFO of The Aberdeen Group, CFO of Atlantic Data Services, CFO of Permabit and CFO of Bowstreet. Notably, I also served as CFO for Kenan Systems, for which I matured our finance systems, as the company transformed from a service to software sales model. Our growth was rapid, so our finance and accounting systems needed to grow at the same rate. Ultimately, I directed the due diligence process for the sale of the company - a deal valued at $1.5B.
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CfoThrive Dec 2016 - PresentFoxborough, Massachusetts, UsHIRED AS CFO INTO THIS PRIVATE EQUITY BACKED FIRM. THRIVE IS A $350M+ RAPIDLY GROWING TECHNOLOGY SOLUTIONS PROVIDER WITH 95% MONTHLY RECURRING REVENUE (MRR) FOCUSING UPON CLOUD, CYBER SECURITY, NETWORKING, DISASTER RECOVERY AND OTHER NEXT GENERATION MANAGED SERVICES. * Merged two companies at the outset to form Thrive, and subsequently acquired 20 more companies through private equity and EBITDA based bank debt financing.* To date, have grown gross margins from 35% to >50%. This was done through sophisticated financial modeling, increased utilization rates, reduced time to resolve (TTR) tickets, and consolidation of tools and data centers through growth and acquisitions. As a result, we recapped the company with a larger PE Firm, producing a 5.2x return to its investors in just four years.* Acquisition Integration - Integrated 22 companies for purchase accounting, opening balance sheet audit, valuation of intangibles and deferred revenue, and purchase price allocation. * Built monthly financial and metrics package all based around Monthly Recurring Revenue (MRR) and Customer Retention (Reducing Churn).* Built a team of traditional Finance, HR, Legal, and Recruiting functions, as well as FP&A and M&A.* Helped build a platform that will facilitate a roll-up strategy, including moving all acquired companies to Great Plains Dynamics for ERP and ServiceNow for ITSM/Ticketing System.* Manage all covenants around a bank loan and A/R Line of Credit. -
CfoAberdeen Group May 2015 - Jan 2017Waltham, Ma, UsHIRED AS CFO TO SPIN OUT THREE COMPANIES (2 U.S. and 1 EUROPEAN) INTO A NEWLY FORMED, $20M PRIVATE EQUITY BACKED FIRM* As there was no G&A function in the new company and 300+ customers, I was hired to lead all post acquisition activities, including: selecting and implementing new accounting software, building a finance and HR team, implementing payroll and benefits, helping build outsourced IT function, implementing cloud based T&E system (Concur), and securing new office space. This all had to be done within 90 days before the transition services agreement with the old company expired.* Led the effort integrating three companies for purchase accounting, opening balance sheet audit, valuation of intangibles and deferred revenue, and purchase price allocation. * Built extremely detailed monthly financial and metrics package in conjunction with the private equity firm.* Continue to help transform the business from uneven and unpredictable to ~50% SaaS based – providing content as a subscription, and lists that could include contacts or technology installed base, a subscription.* Closed $4M in A/R Line and helped raise $2m in additional capital -
CfoAtlantic Data Services, Inc. Apr 2007 - May 2015Braintree, Ma, UsENSURED FINANCIAL VIABILITY IN SHIFTING MARKETPLACE* As company shifted focus from middle-tier consulting projects, devised pricing and revenue strategies that drove profit on short-term engagements; deployed resources to guarantee cash flow and margins.* Evaluated P&L to cut excessive expenses; restructured SG&A to eliminate $1M in nonessential expenses.* Equipped sales team with pricing model that cost out projects easily and required sales team to earn CFO approval on each proposed project, ensuring adequate profitability for each engagement.IMPROVED INFORMATION TECHNOLOGY SYSTEMS FOR GREATER EFFICIENCY* Revamped, consolidated, and updated IT hardware and software systems for technical and cost efficiency, saving $200K annually.* Integrated SaaS-based programs, including QuickBooks and Replicon. -
CfoPermabit Sep 2005 - Apr 2007Hired as venture capital-owned startup’s first CFO to mature finance organization, including reporting and recording. Established disciplined financial reporting process, internally and for investors.* As first professional finance leader in startup environment, streamlined internal controls and reporting package for board of directors and investors. * Provided first disciplined accounting system, forecasts, and budget projections.* Partnered with fellow executive team to transform company from product licensing to subscription model, including revenue recognition model.* Worked with attorneys and development team on patent issuance. Managed process with patent attorneys. Coordinated process related to resolving issues with patents.
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Cfo/Vp-FinanceBowstreet Nov 2000 - Jun 2005UsRecruited by CEO (former colleague at Kenan) as vice president of finance. Earned promotion to CFO within two years, overseeing finance strategy for company in high-tech software, venture-capital backed startup in web services space with peak revenues of $30M. Directed all daily business of finance processes.* Recapitalized company; worked with lawyers and investment bankers to provide fairness opinion on valuation. * Reported to venture capital investors on issues related to $140M backing.* Reduced receivables DSO significantly with aggressive, organized approach. -
Cfo/Assistant ControllerKenan Systems/Lucent Technologies May 1992 - Nov 2000UsHired to grow accounting team and to impose strict financial management; subsequently promoted to CFO. Key win: Guided due diligence and related processes for exit strategy / sale to Lucent Technologies. Oversaw rapid, organic growth from 100 to 650 staff in United States, Singapore, Australia, Paris, and London. Continued with Lucent for nearly two years subsequent to sale. Directed team of 10 accounting and finance professionals.MATURED FINANCE SYSTEMS WITH TRANSFORMATION FROM SERVICES TO SOFTWARE SALES MODEL* Oversaw finance operations as company grew from $10M to $200M telecom billing software company.* Developed global infrastructure for finance department.* Built reporting system for new revenue streams, budgets, and forecasts in international environment.LED DUE DILIGENCE FOR $1.5B SALE TO LUCENT TECHNOLOGIES* Hand-selected to privately lead due diligence process for $1.5B sale to Lucent, representing owner’s interests and collaborating with legal counsel on both sides of deal.* Collaborated on integrating smaller company into Lucent. Mapped people, systems, and enterprise into bigger organization and recommended strategies for integration of core software business plus consulting business. * Acquisition became basis for Harvard Business School Case Study. -
Senior AccountantAlfred W. Siegrist, Cpa Mar 1989 - May 1992
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Staff AuditorErnst & Whinney Sep 1987 - Mar 1989London, Gb
Jay Adams Skills
Jay Adams Education Details
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Boston CollegeAccounting
Frequently Asked Questions about Jay Adams
What company does Jay Adams work for?
Jay Adams works for Thrive
What is Jay Adams's role at the current company?
Jay Adams's current role is CFO at Thrive.
What is Jay Adams's email address?
Jay Adams's email address is ja****@****rks.com
What is Jay Adams's direct phone number?
Jay Adams's direct phone number is +161751*****
What schools did Jay Adams attend?
Jay Adams attended Boston College.
What are some of Jay Adams's interests?
Jay Adams has interest in Science And Technology, Children, Health.
What skills is Jay Adams known for?
Jay Adams has skills like Leadership, Start Ups, Executive Management, Due Diligence, Forecasting, Mergers, Business Strategy, Venture Capital, Strategic Planning, Business Development, Contract Negotiation, Revenue Recognition.
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