Frenchtown, NJ CFO
39 Years of Experience
Mr. Vogel has over 30 years of experience, 20 as CFO, three years as CEO, two years as Chairman, and also often serving as general counsel and corporate secretary. He has been the financial lead in five major successes including four liquidating events. His business acumen comes through accounting skills; a CPA, CMA and CGMA, finance skills; a Wharton MBA and legal skills; a Juris Doctor cum laude from Arizona State University furthered by a New York University Masters in Corporations Law. He improved CRM software - Chordiant's (NASDAQ: CHRD) performance growing the market cap by over $100M and brought high speed switch manufacturer - OnPath (private) to profitability; selling it to a public company yielding a 100% 1 Yr. return to investors with a $41M valuation. Mr. Vogel resides in Frenchtown, NJ and serves the PA, NJ and NY area from Philadelphia to NYC. He competes in Olympic lifting and with his two sons earned seven USA titles.
Recently Mr. Vogel has consulted to raise $10M of PE funding, completed strategic planning offering a path to growth for a network performance tool manufacturer, written an ASC 606 internal policy for a multi-billion dollar software and cloud services provider, written revenue recognition and leasing policies for a prospective Canadian IPO, written SaaS, privacy and GDPR policies for PLM SaaS provider, and previously lead finance in five very successful companies resulting in four liquidity events discussed below:
SIMPAREL (EXENTA) ('13-'16) Senior management turnover, a capital raise and strategic planning were required to relaunch an ERP enterprise software provider to fashion manufacturers in NYC.
"The lead investor of OnPath (and EXENTA) recruited me to assist their portfolio company and appointed me Chairman. A turnover of senior management was contemplated. Drafting a strategic plan in tandem with a capital raise, we relaunched the company. I recruited a CTO, a Controller, and an SVP of Marketing and Sales and brought an Agile based approach to software development. As CEO and CFO, I created, and oversaw the implementation of the plan. The result was the company's return to profitability, an EBITDA improvement of $2 Million and the beginning of double digit revenue growth. I exited as Vice Chairman, CFO and General Counsel months after promoting the VP of Professional Services to CEO."
ONPATH ('11-'12) Network Monitoring Industry Leading Product Development and Capital Raise lead to Strategic Buyer
"The CEO recruited me as the first full-time CFO to grow and prepare the company for an IPO or strategic sale. I accurately projected revenues and expenses, designed a redistribution of manpower and reduction plan which moved the company to breakeven, motivating investors. $1 Million was raised at a $17 Million valuation. Implementing the plan we reduced total headcount while tripling new product development resulting in the creation of a high speed switch attractive to Cisco, Ericsson and Jupiter. A strategic buyer, NetScout, acquired OnPath based upon the potential of this new product. The buyers expecting full GAAP compliancy required a guarantee of revenue and contracts to be backed by an $8 Million dollar escrow of the purchase price. By managing attorneys and accountants, calculating distributions and assuring contract and GAAP compliance we achieved a $24 Million value increase and a full release of escrow to sellers."
PALADYNE ('07-'10): Four Year old Rapid growth SaaS company achieves profitability and meets Big 4 Audit Approval of Revenue Policy.
"As the first full-time finance employee I assumed the role of CFO and General Counsel with instructions to determine revenues and expenses and have a Big 4 Audit the results. QuickBooks was routinely updated by a clerk and financials were generated by outside bookkeepers. Using newly promulgated GAAP revenue recognition for SaaS companies, I restated revenue and expenses for the first and second years of the business and received a clean opinion from Deloitte & Touche. We stayed lean; regularly researching new benefit plans, automating where possible and employed early VMware partitioning of our servers to reduce hosting costs. Paladyne became one of the quickest and earliest SaaS companies to become cash flow and EBITDA positive. Thirteen quarters of accurate projections were achieved and a strategic buyer was identified purchasing the Company for $76.5 Million."
CHORDIANT ('01-'03) Public CRM Software Company used Benchmarking to identify Profitable Growth Opportunities Creating large shareholder value.
"In 2001 when investors changed their focus from revenue growth to profitable growth the Company selected a CFO with an operations background. Benchmarking the Company to rivals revealed misaligned spending, failures to bill, some unproductive personnel, and spending out of line with revenues. Showing management what and where to cut allowed us to take small steps proving my plan's efficacy. We continued benchmarking and making adjustments until profits grew by $20 Million, resulting in investor optimism and an increase in market cap by over $100 Million. This generated liquidity for original VC investors and current shareholders."(Original VCs represented on the board included the MD of General Atlantic Partners and the Senior Partner of Foundation Capital.)
MICROBANK ('94-'99) Security Software to the Largest US Banks grew rapidly by simplifying contracts and the sales and installation model to clarify deliverables and improve service.
"As the Company's first CFO, finding receivables nearly triple the 30 day stated terms we began a vigilant collections effort uncovering misunderstandings among Company Sales Reps, the Customers and our Professional Services team. Investigation proved contracts needed to be simplified and shortened; reducing legalese while clarifying deliverables. Revenues were restated, accounts receivable shrunk by 50% and customer relationships improved. The Company grew from $8 Million to $28 Million in four years and we sold to SunGard for 3.5X revenue."
Steve has a B.A. in Psychology from Lehigh University and also completed an MBA from Lehigh University. Mr. Vogel received a Juris Doctor, cum laude, from Arizona State University, an LLM Masters of Law from New York University and a Master of Business Administration from University of Pennsylvania's Wharton School. He has resided in New Jersey and New York City for the most of the past three decades but leaving to spend four years 2000 through 2003 in Silicon Valley, California. He currently resides in Frenchtown, NJ with his two sons; one soon entering high school and the other in a B.S. - Electrical Engineering and Computer Science program of the Rutgers Honors College.
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About Steve Vogel
Arizona State University School of Law
University of Pennsylvania's Wharton School of Business
New York University School of Law
Certificates & Licenses:
MBA, JD, LLM
Member New York Bar
Certified Public Accountant (CPA) exp. 12/2018
Chartered Global Management Accountant (CGMA)
Certified Management Accountant (CMA)
Certified Agile Professional (PMI-ACP)
Certified Information Technology Infrastructure Library (ITIL v3)
Certified Project Management Professional (PMP)
Certified Mergers & Acquisitions Advisor (CM&AA)
Financial Executives Network Group (FENG)
Of Counsel Group of NYC
Alliance of Mergers & Executive Advisors Group