CFM, a leading provider of connectivity, workflow, and analytics software for banking, today announced that Stephen Baker has been named Chief Executive Officer, effective May 1, 2023. After a brief transition, current CEO John W. Smith will remain actively involved as vice chairman of CFM’s board of directors.
This appointment follows a series of recent M&A transactions that unify CFM, NXTsoft, and IMM, three complementary financial technology companies that together provide banks and credit unions with API connectivity, workflow automation, and data analytics software. The combined platform delivers the most comprehensive, open, and connected ecosystem to over 2,500 financial institutions in North America and is backed by OceanSound Partners, a growth-oriented private equity firm.
Baker has over two decades of experience scaling enterprise software companies. He was most recently President and General Manager of Zego, a leading provider of real estate software and payments solutions, following its acquisition by Global Payments. He joined Zego in 2019 as Chief Product and Technology Officer, leading engineering, product management, and strategy. Previously, he held key leadership roles at two multi-billion-dollar companies, insightsoftware and MRI Software. Earlier in his career, Baker co-founded ShortTrack, a startup that develops connectivity software for the title and escrow industry.
“I am honored to lead CFM during this exciting time of fintech innovation,” said Stephen Baker. “CFM uniquely helps financial institutions connect to banking’s open future. With our suite of connectivity, workflow, and analytics products, banks and credit unions can accelerate adoption best-of-breed fintech solutions, reduce operating costs, and delight their clients. I look forward to building upon CFM’s solid foundation of mission-critical products, extraordinary service, key partnerships, and increasing growth.”
Baker succeeds John W. Smith, who has been CEO since 2011. Under Smith’s tenure, CFM rapidly expanded to 300 team members and thousands of customers after many years of sustained organic growth and the strategic acquisitions of NXTsoft and IMM. Over the past few months, Baker and Smith have worked closely on the leadership transition.
“It has been a privilege to lead CFM for the past 12 years through multiple phases of growth,” said John W. Smith. “I am so proud of what our team has built over this time, including award-winning products, a passionate customer base, and impressive financial strength. With the integration of CFM, NXTsoft, and IMM, we are now the clear choice for financial institutions seeking to modernize their branch workflows by developing a comprehensive fintech ecosystem.”
Smith added: “Since partnering with OceanSound, we have tripled revenues and outperformed our growth objectives, making this the right time for my planned transition. We are fortunate to have Stephen join CFM to build upon our momentum. With his arrival, we have the right leadership team in place to uphold our cultural values of empathy, action, and opportunity. I look forward to supporting him as vice chairman.”
Ted Coons, Partner at OceanSound, commented: “Since our investment in December 2021, CFM has delivered significant value to customers and surpassed our growth expectations. Under John’s leadership, we have successfully integrated three established software companies and made substantial investments in our people to support our expanded scale. We are incredibly grateful for John’s contributions and the immense transformation that CFM has made in such a short time. We look forward to his continued partnership.”
“As CFM begins its new chapter as part of a combined platform with NXTsoft and IMM, we believe Stephen is the right choice as CEO,” said Parin Shah, Principal at OceanSound. “He has a proven track record of driving profitable growth, operational excellence, and compelling business results at world-class software companies. We are excited to support Stephen as CFM embarks on its next phase of growth and product innovation and creates enduring value for customers, partners, employees, and shareholders.”
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