Australian based start-up Renewtrak has appointed Mathew Cagney to the role of CEO. The appointment follows the elevation of investor and BridgeClimb founder, Paul Cave, to its board.
Renewtrak is an automated and intelligent platform that allows technology companies to take control of their recurring revenue streams, automate renewals, upsell and cross sell for all forms of support, maintenance licensing, or annuity contracts in a single pane of glass.
Cagney joins Renewtrak most recently from Afterpay, where he was a member of the Executive Management Team. Cagney brings nearly three decades of experience and leadership to the role and will be responsible for leading the business and continuing to grow its client bases in key overseas markets.
“Mathew has broad executive experience in delivering technology-based solutions to customers and the Renewtrak Executive team are delighted to have attracted someone of his calibre to the company,” said Jonathan Cohen, Executive Chairman, Renewtrak.
“We are growing fast and have a clear ambition to be the tech industry’s global go-to provider for renewals, and we believe Mathew is the man to lead us there.”
“It’s a great time to join Renewtrak, a company which is on the rise and one I am excited to guide on its upward trajectory,” said Cagney.
“Renewtrak’s platform is proven, with significant clients already onboard.”
At Afterpay, Cagney also served as the head of Healthcare and Pay Now. Originally a group executive with Touchcorp, Cagney joined the Afterpay Executive team following the merger between the two firms, and launched Afterpay Health in 2019 prior to joining Renewtrak.
Renewtrak allows technology companies to take control of their recurring revenue streams, such as customer support, maintenance, licensing and subscriptions. The company plans to expand its operations into key overseas markets, particularly the US, the UK and Asia.
Cagney believes the renewals process from a Software-as-a-Service (SaaS) perspective has previously offered a lot of promise but often failed to deliver, leading to significant client churn for businesses.
“What we’re seeing is that the customer experience is not considered, and that’s why renewal rates fluctuate,” he said.
“We provide value for the clients by evenly prioritising every step of the process, to deliver prized customer outcomes.”
The company is set to make a significant push into the United States in the coming months, with the appointment of Cagney to the CEO role the next step in continuing the company’s growth this year.
“Software and hardware vendors alike are at an inflection point in a crowded market, with securing annual recurring revenue a dramatic shift away from the previous one-off sale of hardware or licensed software,” said Cagney.
He said organisations who have done it successfully one way are faced with a new sales paradigm and for many it is a process they are learning from the ground up.
“Our platform can help maintain predictability and increase profitability in the customer bases and bottom lines of our clients through an end-to-end, balanced and multi-channel approach to the renewals experience. The frictionless payment platform we enable also significantly minimises churn.”