Magnit, an Integrated Workforce Management Platform Provider, Welcomes Doug Barnett as Chief Financial Officer
San Francisco, CA — December 6, 2022 Renovata & Company is pleased to announce the placement of Doug Barnett as chief financial officer of Magnit (previously PRO Unlimited), a modern workforce management provider with an industry-leading platform that employs more than 3,000 individuals globally and manages labor spend in 40 countries.
The company has had 30 years of organic, double-digit, profitable growth. Backed by EQT Partners, Magnit differentiates itself with a focus on high-skill labor, a vendor-neutral approach, and a unique platform of solutions including software as-a-service (SaaS), desktop as-a-service (DaaS), professional services and the industry’s largest data repository. Magnit’s full suite of offerings will be supported by organic and non-organic growth via its partnership with EQT.
The Magnit platform enables business leaders to think more strategically when managing contingent workers, which can reduce program spending by up to 40%. It eliminates the complexity of deploying disparate point products while giving companies the most flexibility. Another important strength in today’s marketplace is Magnit’s commitment to diversity, equity and inclusion, and vendor neutrality.
“Doug is an experienced business builder and finance executive for private equity-backed software and technology companies,” says Joanna Chang, Renovata & Company partner. “His global experience, plus his depth in M&A, will be an asset to Magnit as the business continues to grow.”
Prior to joining Magnit, Barnett was executive vice president and chief financial officer for Sabre Corporation, a public software and technology company in the global travel industry. Before that, he was chief financial officer at Informatica, formerly backed by Permira, a $5B leader in enterprise cloud data management. Barnett has also served as chief financial officer for TriZetto Corporation (formerly backed by Apax) and UGS Corporation (formerly backed by Bain Capital).
About Renovata & Company
Renovata & Company is an executive search and private equity advisory platform, trusted by boards, financial sponsors and their portfolio companies. Our global platform delivers transformational leaders, high-performing teams, and valuable insights that drive superior business and investment outcomes. Renovata’s executive search activities are focused on high-impact, board-level mandates, including CEOs, CFOs, other C-suite executives and board directors. Zeren delivers broader talent solutions, supporting businesses as they build teams throughout the organization. With relationships across 60 leading private equity firms, we also provide specialized diligence and advisory services, including executive/operating advisors, diligence support, sector development and deal origination. We also make equity co-investments alongside our private equity clients through our investment affiliate, L Capital. With a heritage in software and technology-enabled services, Renovata & Company now serves digital-first companies in multiple industries across North America and Europe. www.renovata.com