B2B e-commerce provider Insite Software has tapped a tech software industry veteran as its new CEO and moved its former CEO to another executive position.
Insite named Tony Abena, 25-year industry veteran and former chief operating officer of Deloitte Investments, an internal start-up division within Deloitte LLP, its new chief executive. Former Insite Software CEO Steve Shaffer remains with the company and will serve as president and chief financial officer.
Abena is hardly unfamiliar to the Minneapolis, Minn.-based provider. He was a member of its board of directors since last June. According to his LinkedIn profile, he has been CEO at Insite since last October, but today's announcement appears to the formal public news.
At Deloitte, Abena focused on acquiring, building and growing an information and SaaS portfolio of businesses in specific vertical market segments.
He comes to Insite at a good time. According to officials, Insite Software has nearly doubled employment and expanded its customer roster of manufacturers and distributors in the past 12 months.
Abena's also served as president of the Business of Law Division at Thomson Reuters. He was also a senior executive at Gartner Research.
“Since becoming a member of our board earlier this year, Tony has been instrumental in driving market and customer strategy to help us determine the best growth ‘roadmap’ for the company,” Shaffer said in a statement. “Tony has a stellar track record of creating new businesses and growing existing businesses and is well-positioned to lead Insite into its next wave of growth as it expands its footprint in the B2B e-commerce market.”
Abena called this an "exciting time in the B2B e-commerce market as manufacturers and distributors continue to invest in new technology to adjust or disrupt their business models for the Digital Age."
Insite Software, he added, is gaining "exceptional ‘street credibility’ in helping our manufacturing and distribution customers make this transition and transformation, and we’re just getting started.”
Insite Software today also announced a new round of growth capital funding of $15 million from Volition Capital, a Boston-based growth equity firm. Roger Hurwitz, managing partner of Volition Capital, will join Insite’s Board of Directors.