Dive Brief:
- IT infrastructure provider Presidio hired Manny Korakis as its new CFO, the company announced Monday. Coming from health information company IQVIA, Korakis brings years of experience in technology services.
- Korakis succeeds Christine T. Komola who has been at the company since December 2020 where she held the roles of CFO and executive vice president.
- Presidio acquired ROVE, a systems integrator that serves clients across the Southeastern U.S. in June, in a bid to expand its market, according to a company statement.
Dive Insight:
Korakis is joining Presidio as its future ownership may be in play. BC Partners, its controlling shareholder, is considering the sale of the company which could value Presidio at over $4 billion, according to a July 11 Reuters report. A Presidio spokesperson in an emailed response to a request for comment on the possible sale characterized the report as "just another market rumor."
Korakis plans on hitting the ground running and is focused on driving profitable growth through a data-driven approach, he said. “We are living through challenging times with rising interest rates, supply chain disruptions, a shift to new work styles and the COVID pandemic,” Korakis said in an emailed response to questions. “While we’re cautiously optimistic, proactively addressing these challenges is high on my list of priorities.”
New York-based Presidio, which provides cloud-based technologies to companies like Amazon, Dell Technologies and Intel Corp, has benefited from increased demand for IT services during the pandemic as companies invested more in cybersecurity, according to Reuters. The ROVE acquisition was also part of a surge of cyber-security related mergers and acquisitions in the first half of June, according to a SecurityWeek report.
Korakis previously held the roles of chief accounting officer, corporate controller and treasurer at IQVIA, where he was responsible for global accounting, external financial reporting and internal control, according to his LinkedIn account.
”I intend to look at (automation and AI) technology opportunities to improve processes, leverage technology and drive efficiencies to free up capacity to focus on more impactful financial matters,” Korakis said. “This should provide tremendous growth opportunities for members of my team to expand on their skills and grow professionally.”
Before IQVIA, Korakis held managerial roles at American Express Global Business Travel, S&P Global, Symbol Technologies and KPMG.
Early on in his career, Korakis wrote that he realized he enjoyed helping companies drive shareholder value and he started looking for opportunities to focus on that. “I joined The McGraw-Hill Companies, which became S&P Global, where I spent my last 2 years serving as CFO. I then continued my career as chief accounting officer at American Express Global Business Travel and then at IQVIA where I began focusing more on commercial matters.”
Editor’s note: This story has been updated to include comments from Manny Korakis.
