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Jack Sweeney quits as Bain Capital Ventures MD to become SevOne CEO

25 Jul 2013

sweeneyBain Capital Ventures managing director Jack Sweeney has reportedly stepped down to become CEO of its portfolio company SevOne after only four months with the firm.

Sweeney, pictured, will now become chief executive of the IT infrastructure management specialist which it plans to develop into a mid-market business, said the Wall Street Journal.

This is Sweeney’s seventh CEO job in the IT sector including his previous roles as head of Axeda Corporation, AppNeta and Network Intelligence Corporation.

His other posts includes the role sof vice president of mergers and acquisitions at EMC and a venture capitalist at Prism Venture Patrners.

Sweeney will be replacing outgoing CEO Michael Phelan, who has stepped down due to health reasons.

“I’ve done the CEO job—this is my seventh company—and I can’t get out of it. I love it. This is by far and away in my world the most exciting job, the Super Bowl of opportunities,” Sweeney told the publication.

When asked about whether he plans to take the company public, Sweeney said that he’s “going to do whatever is in the best interest of the investors, but we’ve had 50 to 70 per cent year-over- year growth and we’ll be continuing that trend and the high expectations that Bain has for this investment.”

Sweeney was focused on the software sector at Bain, which invested $150m in SevOne in January this year.

SevOne’s technology offers real-time IT infrastructure monitoring, troubleshooting and performance reporting.

The company posted its sixth consecutive year of record financial results in 2012 and was named the 75th fastest growing company in North America by Deloitte that year.

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