Pricefx, the global leader in cloud-native pricing software, announced that Ronak Sheth has been promoted to Chief Executive Officer, effective immediately. Sheth was previously President and Chief Revenue Officer and held that position since May 2021.
With more than two decades of experience in executive leadership and board management roles at early-stage and high-growth technology companies, Sheth has been responsible for more than a year of outstanding growth. In the first half of 2022, Pricefx closed more than 25 deals and recorded 66% annual recurring revenue (ARR) growth versus the same period last year, delivering record quarters for company revenue and sales.
Sheth has served as a board director for a number of technology focused companies, in addition to serving several non-profit organizations including St. Louis Arch Grants, and the St. Louis Equity in Entrepreneurship Collective. Most recently, he served as CEO of Label Insight, a B2B SaaS company he helped found, which was acquired by NielsenIQ.
Also Read: IT Digest Interview with Marcin Cichon, CEO & Co-Founder, Pricefx
“Pricing is a critical function for every business, particularly in the current market where volatility, inflation and supply chain issues have become the new normal,” said Sheth. “I look forward to continuing our impressive growth trajectory by helping customers digitally transform their pricing function to maximize margins, increase profits and close better deals.”
Sheth succeeds Marcin Cichon, who has broad expertise in pricing technology and markets, is deeply rooted into Pricefx’s culture, and has been one of the key drivers of the company’s innovation and disruption of the industry. With those unique qualifications and continuous passion for the company, Cichon will stay on in an active role as Founder and co-CEO focused on strengthening key customer relationships, being a culture carrier, working closely with Sheth on company strategy, and ensuring a seamless operational transition. Cichon will report to Sheth.
“It has been an honor to found and lead Pricefx since the beginning and I am grateful to have worked with such talented and passionate colleagues,” Cichon said. “Together we have transformed the pricing industry and now Ronak will bring the drive and experience in high-growth technology companies to lead the next stage of the company’s success. After working alongside Ronak for the last 18 months and developing a great professional and personal relationship, I am confident that his customer-focused philosophy will help scale our business to new heights.”
Cichon was instrumental in the success of Pricefx over the last decade, transforming the pricing software industry with an innovative cloud-native solution and scaling the company to over 150 customers and more than 500 employees.
“We invested in Pricefx because of its cutting-edge technology, strong industry partnerships and experienced leadership team,” said Mark Beith, Partner of Apax Digital and chairman of Pricefx. “We thank Marcin for his leadership over the past decade, which put Pricefx on the map as a customer-focused organization with innovative technology. Pricefx has developed into an industry leader, providing the fastest time-to-value and lowest total cost of ownership. Ronak has already had a tremendous impact since joining the firm, and together with the rest of Pricefx’s talented leadership team will drive the company’s continued success.”