It’s big news for ConnectWise. The company announced today that has appointed Manny Rivelo, former CEO of Forecepoint, to replace Jason Magee (pictured above) as CEO. The leadership change comes just two weeks after the company’s acquisition of Axcient and Skykick, and a little more than a month away from their big user conference, IT Nation Connect in Orlando November 6-8.
Magee became CEO in 2019, succeeding CEO Arnie Bellini after he sold the company to Thoma Bravo. Last year, there was speculation in the industry that ConnectWise was up for sale again, but that did not come to pass as of yet. MSP Success in March asked Bellini to weigh in on the speculation, and he said, “The reality is, is every company that is owned by private equity is for sale every single second of every day. Any investor [during] that time frame would have been very possibly scared by the economic terms and the wars that started to ensue. Investors, when they’re making a big purchase, whoever that might be, they’re always going to pull back when geopolitical situations are dicey. The other thing that has changed over that course of time is interest rates went from half a percent to 5.5%. I can’t speak to ConnectWise, but I’d say a whole lot of deals that were on the table at that time got wiped off the table because of interest rate change.”
In May, ConnectWise named Rik Thorbecke as its new CFO. Previously, Thorbecke has served as CFO, COO, and Advisory Board Member for various companies and is highly skilled in strategic finance, mergers and acquisitions, IPO readiness, business planning, investor relations, and enterprise software. Asked at the time if the appointment of Thorbecke was a signal the company was preparing to go public, ConnectWise provided this statement: “Rik joined to lead the financial strategy for ConnectWise, working with the rest of the management team to bring more value and support to the MSP community.”
During his tenure, Magee spearheaded the company’s expansion into new markets and 300% revenue growth, according to the company. Industry market analysis firm Canalys identified ConnectWise as the RMM market share leader as of Q1 2024, with 24.6% of the market, with Kaseya close on its heels with 23.1% of the market, followed by N-able (10.9%) and NinjaOne (9.7%).
In a press statement, Jason Magee commented, “It has been an incredible honor to lead ConnectWise during this transformative period. I am proud of what our team has accomplished—scaling the business, expanding our product portfolio, and deepening our commitment to our partners. With a solid foundation now in place, I believe this is the right time for me to step down and hand over the reins to a leader who can guide ConnectWise through its next phase of growth. I look forward to connecting with our MSP partners at IT Nation Connect in November, where we will celebrate our collective achievements.”
Early Reaction
Asked to comment, Canalys chief analyst Jay McBain told MSP Success, “Jason is a highly respected leader in the MSP space, and like a high performing middle-relief pitcher, took the ball from the founder and hands it off to the closer a few runs ahead. ConnectWise is 3X larger and more profitable over the past 5 years and is well positioned to compete for a (highly valued) platform spot in the industry.”
“I was seriously saddened to hear about Jason Magee’s departure from ConnectWise,” says Ed Correia, president and CEO of Sagacent Technologies, an MSP in Santa Clara, California. “To me, Jason was always more than just the CEO of a vendor; he was a partner in our business. It’s not often that you see, let alone communicate with, the leaders of many vendors in our industry. But ConnectWise was different. Jason was frequently present at various ConnectWise events and was always very approachable. He showed genuine interest in our concerns and ideas for ConnectWise.”
Leading ConnectWise’s Next Phase
Manny Rivelo brings with him over 30 years of leadership experience in the technology industry. As CEO of Forcepoint, he navigated the cybersecurity company through strategic growth initiatives and product innovation. Prior to Forcepoint, Rivelo held senior leadership roles at industry giants including F5 Networks, Arista, and Cisco Systems, where he was instrumental in driving key business transformations.
“I am thrilled to join ConnectWise at such an exciting time in its journey,” said Rivelo. “Jason has done a phenomenal job positioning ConnectWise as a market leader, and I am eager to build on that success,” said Rivelo in a press statement. “The rise of AI presents a game-changing opportunity for MSPs and their SMB clients. Through our purpose-built platform and industry-leading community, ConnectWise is equipping MSPs with the tools they need to thrive in an evolving market.”
The company said Magee will work closely with Rivelo over the coming months to ensure a smooth handover and will continue to provide strategic guidance to the ConnectWise leadership team. The company is committed to maintaining its partner-first focus and accelerating innovation to serve its global network of technology solution providers.
This is a developing story, check back for updates.
