SaaS Firm MX Names Interim CEO as Founder Transitions to Executive Chair

Software-as-a-service (SaaS) firm MX tapped Shane Evans to take on the role of interim CEO and member of the board of directors as founder Ryan Caldwell transitions from CEO to executive chair.

The move comes as MX weighs an initial public offering (IPO) or possible sale, CNBC reported, citing unnamed sources. The company had a valuation of $1.9 billion following a funding round last year, and is getting ready for an IPO or sale topping $5 billion.

Caldwell is changing roles to spend more time with family and focus on his daughter’s health and recovery, according to a Tuesday (Jan. 11) press release. He will still serve as an advisor to the executive team and board of directors concerning growth and new products.

Caldwell’s daughter Chloe received a Berlin Heart VAD implant in 2018. The artificial heart pump was necessary for the two-year-old due to acutely life-threatening heart muscle inflammation, according to reports. Caldwell and his wife Treasure have spoken openly about the procedure and created the virtual community Bridge to Your Heart to support other parents facing similar challenges.

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Launched in 2010 and headquartered in Lehi, Utah, MX powers more than 2,000 banks, credit unions and FinTechs, with a combined reach of over 200 million consumers. The company is a financial data platform and leader in modern connectivity and strives to help companies turn raw, unstructured data into a valuable asset.

Evans joined MX in 2019 as the company’s first chief revenue officer (CRO) and was promoted to president last year. During his tenure with the firm, he helped position it as the market leader, grew the sales and go-to-market teams and increased revenue by more than double.

Before MX, Evans was with Qualtrics for five years, where he helped expand the global sales team, which led to the company’s $8 billion acquisition by SAP and its $27 billion IPO two years later.

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“As President, Shane has worked extensively with the board and executive team to increase revenue, scale the business and position MX as the leading financial data platform for organizations everywhere,” said Caldwell.

Caldwell added that he’s sure Evans is the right person to steer MX during this “next phase of growth” and he will “work closely” with Evans as “we continue to build the business, help organizations connect to and harness the power of financial data to grow their business, and transform the way people engage with their money.”

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As executive chair, Caldwell will continue providing strategic counsel to MX and assist in escalating long-term growth and profitability. Over the past decade, he led the company alongside co-founder and chief technology officer Brandon Dewitt, who passed away in November 2021.

Caldwell helped expand the business to a workforce totaling over 700 employees and in January 2021, closed one of the largest funding deals in Utah’s history.

“The MX Founders — Ryan Caldwell and Brandon Dewitt — have built an incredible culture and team despite unprecedented health challenges for themselves and their families,” Evans said, adding that he’s looking forward to helping lead the company in its next period of expansion.