M-Files has announced the appointment of industry veteran Jay Bhatt as CEO. Bhatt joins M-Files with an extensive history of operational excellence and a proven track record of helping software businesses scale, develop powerful go-to-market capabilities, and achieve best-in-class service and support while also investing in product innovation. Bhatt previously served as CEO of both private and public software companies, including Alfresco Software, Blackboard and Progress Software, and prior to that led the architecture, engineering and construction business at Autodesk.

The appointment comes with the closing of the majority recapitalization led by Haveli Investments, an Austin, Texas-based technology-focused private equity firm, and Bregal Milestone, a European software private equity firm. CrossParadigm Capital, an independent investment firm led by Bhatt, was a significant participant in the transaction.

Former CEO Antti Nivala will transition to the full-time role of chief innovation officer and will continue to play the critical role of shaping the vision and innovation of M-Files' knowledge work automation platform. Additionally, Nivala will continue to provide strategic direction as chairman of the board.

"Two decades ago, when we founded M-Files, the goal was to help knowledge workers to work smarter," Nivala said. "I am proud of the work we have done to enable our customers to make real progress toward doing so. For our next phase of growth, we are now in an ideal position with the right team in place to capitalize on a vast market opportunity."

"The ways we gather and deploy knowledge is evolving at an unprecedented pace, and M-Files is uniquely positioned to empower organizations to transform the way they manage, access and leverage their information to boost their organizations' productivity and drive informed decision-making," Bhatt said. "I credit Antti and the M-Files team for the blood, sweat and tears that go into building a market leader, and I look forward to partnering with our new investors and leadership team to take M-Files to the next level."

"Jay has consistently leveraged his operational expertise in leadership positions to help companies scale, and his appointment as M-Files' next CEO is the natural next step in the evolution of the company," said Sumit Pande, senior managing director, Haveli Investments. "Jay's deep sector experience, strategic and operational rigor, coupled with Antti's vision around knowledge work automation, position M-Files well for an exciting phase of new growth."

"We are thrilled to welcome Jay as the new CEO," said Ian Kwok, managing director, Bregal Milestone. "His exceptional track record makes him the ideal choice to guide M-Files into an exciting new chapter. We also extend our deepest gratitude to Antti for his invaluable leadership and dedication."

M-Files' previously announced majority recapitalization investment led by Haveli Investments and Bregal Milestone closed on Nov. 29.