RedstoneConnect CEO to depart with sale of MSP business imminent

Mark Braund to step down as firm turns focus away from channel business and towards software development

RedstoneConnect CEO Mark Braund is to step down with the firm set to offload its managed services and system integrator businesses.

Braund was initially brought in to oversee the recovery of previous RedstoneConnect incarnation Coms plc, and has headed up a number of acquisitions over his three-year tenure.

The reshaping of the businesses was ramped up in May with the firm announcing it would be selling its MSP and SI businesses to focus on software development - primarily its occupancy management software OneSpace.

In a statement to the London Stock Exchange this morning Braund said: "When I joined the Company in March 2015, it was in a very different place from where we are today.

"I am delighted with what we have achieved and have enjoyed working closely with the RedstoneConnect team to initially define our strategy, then both re-position and further develop the company.

"As a result, RedstoneConnect is now in an excellent position to build upon its growing solutions offering and to further capitalise on the opportunity that exists for workspace management software. I am confident that the company will continue to both develop and prosper, and look forward to seeing the business go from strength to strength."

As part of the reshuffle non-executive chairman Frank Beechinor will take over as CEO on Monday, with RedstoneConnect championing the new boss' experience in growing as-a-service businesses.

Braund will stay on with the company for "several months" after the MSP and SI businesses are sold.

Beechinor added: "On behalf of all our shareholders, the board would like to take this opportunity to thank Mark for his hard work and commitment to RedstoneConnect.

"Through his efforts, Mark has not only transformed the business, but also ensured its growth through the ongoing development of our software applications.

"Mark has successfully managed the disposals announced in May 2018 which, when concluded, will leave us in a strong position financially and with a significant platform upon which to build our smart software solutions proposition.

"We remain keenly focused on generating greater levels of recurring, annuity-based revenues, in order to realise our vision of becoming an international leader in the fast-growing workspace management software market and delivering long term shareholder value."