Company: Verivo Software, Waltham, MA
Entry Submitted By: Cognito
Company Description: A leading provider of enterprise mobility software, Verivo Software helps companies accelerate their business results. Its unique technology empowers teams to centrally build, deploy, manage and update their mobile apps – rapidly, securely and across multiple devices. Hundreds of companies in numerous industries around the world rely on Verivo’s platform to drive their mobility initiatives.
Nomination Category: Information Technology Categories
Nomination Sub Category: Information Technology Executive of the Year
Nomination Title: Steve Levy, CEO
Tell the story about what this nominee achieved since January 1 2011 (up to 500 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:
Steve Levy took on the role of CEO at Verivo Software less than a year and a half ago. Since then, he has successfully transformed the company’s business model, expanding into new global markets, and achieving unprecedented business success. When Levy first joined the company, it was called Pyxis Mobile and its primary focus was providing financial services customers with mobile apps that were built on the company’s proprietary development platform. Being the innovator and visionary that he is, Levy quickly recognized the value the platform could provide if put directly into the hands of customers across all industries.
Fast forward 16 months, and today, Verivo Software is a leading enterprise mobility software provider that helps companies accelerate their business results. Leveraging Pyxis Mobile’s technology, the company now offers an enterprise mobility platform for building, deploying and managing apps - quickly, easily, and securely.
One of Levy’s first initiatives was to surround himself with the right leadership team who could execute on his new strategy. Levy quickly built out his management team with additional industry leaders, with software expertise and business growth experience that were needed to take the company to the next level. In 2011, the talent pool grew by 50 percent and the company is continuing to hire aggressively across all business functions – in North America and Europe.
Enhanced Product Offering:
Under Levy’s direction, the company strengthened and expanded its offering. Verivo’s enterprise mobility platform allows customers to build apps five times faster, deploy apps across all devices simultaneously and make changes across all devices in seconds. Only Verivo allows customers to own their mobile initiates vs. having to rely on third parties, saving them hundreds of thousands of dollars.
New Business Model:
In addition to expanding the company’s offering from packaged apps for financial services to an enterprise mobility platform serving all industries, Levy also implemented an innovative central processing unit (CPU)-based pricing model that allows users to build, deploy, and manage their apps with no limitations on the number of users, applications or mobile device types.
With the new strategy in place, Verivo experienced unprecedented demand for its product, resulting in record-breaking business numbers. In 2011, the company reported an increase in license bookings of 220%, revenue run rate of 50% and customer base increase of 170%. In competitive bids, more than 50% of new customers chose Verivo over other mobile enterprise application platform (MEAP) providers.
Building on Verivo’s remarkable success in 2011, Levy secured $17 million in growth capital to further boost sales, fuel marketing programs and accelerate its product development roadmap as it expands its global presence.
Market acceptance and Expansion: One month after announcing his global expansion plans, Verivo opened its first European office in London, with several more soon to follow. In addition, for the first time the product was demonstrated in Europe at Mobile World Congress and the feedback from reporters, analysts and prospects have been extremely positive.
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Provide a brief (up to 100 words) biography about the nominee:
Prior to joining Verivo in 2010, Steve Levy was an active member of the company’s Board of Directors. As CEO, he extended the company’s business offerings, added extensive software expertise to the company’s management team, and led the company in dramatic growth. Levy’s ability to create new revenue models and identify new market expansion opportunities allowed Verivo to thrive.
Before joining the company, Levy co-founded and served as CEO of Macgregor Group Inc., an order management system provider, for 15 years. He eventually led the sale of the software firm to ITG for approximately $250 million.