New York, New York, July 24, 2020 – Welsh, Carson, Anderson & Stowe (WCAS), a leading private equity firm focused exclusively on the technology and healthcare industries, announced that Pete Hess has joined the firm as an Operating Partner in the technology group.
Mr. Hess has over 26 years of experience across a range of senior executive roles in financial technology and broader software sectors. Most recently, Mr. Hess was the Chief Executive Officer at Khoros. Previously, Mr. Hess spent over 22 years at Advent Software, where he ultimately became President and Chief Executive Officer. Mr. Hess received his Bachelor of Arts from Princeton University.
Eric J. Lee, WCAS General Partner, said: “We have known Pete and followed his successes for a number of years. He brings deep experience building market-leading software companies, extensive knowledge of the financial technology and software industries, and a wonderful community of relationships built over 25 years. Pete is a great fit with WCAS’s values and culture, and we couldn’t be more excited to welcome him to the team.”
Pete Hess added, “WCAS has an exceptionally long and successful track record in financial technology and as a great partner to their portfolio companies. I look forward to working with the WCAS technology team to implement the firm’s strategy of partnering with management teams to grow their businesses. I am thrilled to join a team that values long-term relationships at the portfolio company and customer levels.”
Over the past four decades, WCAS has successfully invested over $11 billion of equity in 105 technology companies through its 13 private equity funds. WCAS’s current portfolio includes market-leading software and technology services businesses such as Avetta, Clearwater Analytics and Quick Base.
About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: technology and healthcare. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. WCAS has deep experience in acquiring founder-led businesses and corporate carve-outs. The firm has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com.