International private equity firm Cinven today announced that portfolio company JAGGAER, a global Enterprise Commerce SaaS provider and a leader in Autonomous Commerce, has appointed Andy Hovancik as Chief Executive Officer and a member of the company’s Board of Directors. Mr. Hovancik is a seasoned executive with proven success leading international, rapid-growth SaaS solutions providers across the financial, manufacturing and services sectors. He will now lead JAGGAER into its next phase of growth, advance its vision and leadership position, and equip the company to continue to deliver exceptional customer success.
Mr. Hovancik joins JAGGAER after more than 10 years as CEO of Sovos Compliance, a provider of international tax compliance and business-to-government reporting software that serves thousands of organisations worldwide. During this time, through a comprehensive organic expansion strategy, augmented by the organisational integration of 30 acquisitions, Sovos grew to be a category leader. The company experienced compounded revenue growth of over 25%, over 30% EBITDA year-over-year and a 9x increase in staffing to 2,700 worldwide employees.
Andy Hovancik commented:
“JAGGAER’s Autonomous Commerce revolution is occurring at precisely the right time. Today’s well-known global supply chain and talent challenges, economic uncertainty and companies’ needs for ESG-guided efficiencies make enterprise commerce ripe for transformation. JAGGAER is well-positioned to deliver on its vision to help procurement teams do things they never could before across the end-to-end source-to-pay process. I’m thrilled to join the team and help lead this industry transformation for JAGGAER’s thousands of global customers and partners.”
John Burton, Chairman of the Board at JAGGAER, commented:
“We see limitless potential for JAGGAER’s future. JAGGAER is already a global leader in solving complex supply chain and source-to-pay issues with over 1,750 customers worldwide, including some of the largest global firms. We firmly believe it’s the right time to assert our vision and deliver our transformative capabilities to our market. We’re confident that Andy will help us bring our Autonomous Commerce vision to life, further enhance our best-in-class offering for our customers and provide a fulfilling environment for our team.”
Julia Kahr, Partner at Cinven, added:
“Since Cinven’s investment in JAGGAER in 2019, the company’s solutions and unique offerings have only grown in importance for new and existing customers alike. Andy’s deep SaaS expertise and experience leading global organisations, driving growth and prioritising innovation makes him the right person to lead the business forward as JAGGAER continues to build on its leading position. We look forward to working closely together to build on the significant momentum across the business.”