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Welsh, Carson, Anderson & Stowe Names Three New Operating Partners in the Firm’s Technology Group

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Jon Rather
Greg Lau

Welsh, Carson, Anderson & Stowe Names Three New Operating Partners in the Firm’s Technology Group

New York, New York, October 10, 2019 – Welsh, Carson, Anderson & Stowe (WCAS), a leading private equity firm focused exclusively on the technology and healthcare industries, announced today that it has named new Operating Partners, Tim Clifford, Emanuele “Manny” Conti and John Fay.

Mr. Clifford brings over 30 years of technology leadership experience to WCAS in a variety of software subsectors including cloud computing, human capital management, education technology, enterprise resource planning and big data analytics. Mr. Clifford was most recently President and CEO of Frontline Education, a leader in school administration software. Previously, he was a senior executive at Automatic Data Processing and the Co-Founder and CEO of Workscape, one of the first web-based HR software providers, which was ultimately acquired by ADP. Mr. Clifford received his Bachelor of Science from Northeastern University.

Mr. Conti joins WCAS with more than 25 years of leadership experience in software, business information and technology-enabled services. Most recently, he was the CEO of Opus Global, a regulatory and risk management software (SaaS) company enabling Fortune 1000 companies to manage the on-boarding and risk assessment of customers and vendors. Prior to Opus, he was the CEO of Kroll Inc. and before that, President of the North America and International divisions of Dun & Bradstreet. Earlier in his career, he had management roles at Qwest Communications, Ernst & Young and General Motors. Mr. Conti received a Bachelor of Science from Bowling Green State University and his M.B.A. from the University of Chicago Booth School of Business.

Mr. Fay has 30 years of experience in the supply chain/logistics and financial technology industries. Most recently, he was the CEO of INTTRA, the world’s largest logistics e-commerce network. Prior to INTTRA, he worked at Newedge, S.A. as a Senior Managing Director in roles including Global Head of Commodities, Currencies and Fixed Income and CEO, Americas. He also served as Co-CEO and Co-President of Instinet LLC from 2001-2007. Earlier in his career, he worked at Goldman Sachs, Morgan Stanley Dean Witter & Co. and CW Amos & Co. Mr. Fay received a Bachelor of Science from Mount St. Mary’s College and his M.B.A. from the NYU Stern School of Business.

Anthony J. de Nicola, WCAS President & Managing Partner, said: “Tim, Manny and John are talented leaders with distinguished records of achievement within the technology space. We expect to tap into their deep domain expertise and operating knowledge to identify compelling investment opportunities and partner with our management teams to help build leading technology companies. We are thrilled they are joining our team.” Tim, Manny and John will work closely with Technology General Partners Mike Donovan, Ryan Harper, Chris Hooper and Eric Lee and the broader Technology team at WCAS.

Over the past four decades, WCAS has successfully invested over $11 billion of equity in 104 technology companies through its 13 private equity funds.

WCAS partnered with executive search firms, Spencer Stuart and Bespoke Partners for Mr. Clifford’s and Mr. Conti’s placement, respectively.

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