Contractor Management Services announced today that it has named Drake Pruitt as its Chief Executive Officer. Mr. Pruitt has been running the Company as Executive Chairman, as well as serving as a member of the Board of Directors since the beginning of the year. As CEO, Mr. Pruitt will continue to oversee the Company’s day-to-day operations while leading efforts to further accelerate growth in existing and new markets, expand development of new products, and maintain the Company’s high level of customer service.
Prior to joining CMS, Mr. Pruitt was Chief Executive Officer of Lionsolver, Inc., a machine learning software company. Prior to that, Mr. Pruitt ran Bocada, Inc., a data risk management software and services company, as President and Chief Executive Officer. He also served in executive leadership roles at Ascent Media and Nextel.
“On behalf of the CMS Board of Directors, we are delighted to have Drake as the Chief Executive Officer,” said Steven F. Kaplan, Chairman of the Board and a General Partner at Riverside Partners, LLC. “Drake is a tremendously experienced, growth-oriented executive with a successful track-record of leading technology-enabled businesses.”
Michelle C. Noon, a Board member and Partner at Riverside Partners, added, “We have already seen Drake in action as a thoughtful, results-oriented leader whose positive impact at the Company has been immediately apparent. Drake possesses the experience, judgment and instincts to take the Company to the next level of success.”
Dennis Roccaforte, founder of CMS and a continuing member of the Board, added, “As a significant shareholder of CMS, I am thrilled to have Drake at the helm and to work with him to continue to grow the value of CMS for its customers, shareholders, and other stakeholders.”
Mr. Pruitt said, “I am honored to serve the customers, partners, and employees of CMS and to have the confidence of Riverside Partners, Dennis, and the Board. As I have come to know CMS, I’m tremendously impressed by the caliber of the team and their commitment as leaders in outsourced services for independent contractors and contracting companies. I am excited about the significant growth opportunities we are pursuing together.”
The Company also thanks Patrick LaVoie for his service to CMS over the past several years as he departs the Company. Mr. Roccaforte added, “Patrick’s contributions to CMS as CTO and President under my leadership were significant in helping CMS succeed.”
Contractor Management Services is the leading provider of services and technology that eliminates the burdens of payment processing, back-office administration, and managing compliance workflows for companies using independent contractors. CMS’ ICM Power® platform combines SaaS technology and workflow expertise to help our clients meet the requirements of their independent contractors amidst complex state and federal regulations. Our cloud–based service offering has managed billions of dollars in processed transactions and reduces the cost and eliminates the errors inherent in documentation, settlement administration, and insurance servicing for contracting companies while proving valuable “back-office” solutions for independent contractors to manage their businesses. CMS is a portfolio company of Riverside Partners, aBoston-based private equity investment firm. For more information, please visit www.ictherightway.com.
About Riverside Partners LLC
Founded in 1989, Riverside Partners is a middle market private equity firm currently investing Riverside Fund V, L.P. The fund focuses on growth-oriented companies in the technology and healthcare sectors. Riverside Partners is particularly experienced at partnering with founders, owners, and management teams and brings substantial domain expertise and operating experience to its portfolio companies. Today, Riverside Partners manages $850 million of equity capital and seeks to make investments in companies with revenues between $30 and $250 million and with $10-$30 million of EBITDA. For more information, please visit www.riversidepartners.com.