Model N’s appointment of Bret Connor as CEO ushers in a new chapter for the revenue optimization leader. With a proven track record and ambitious vision, Connor is set to drive innovation, strengthen customer partnerships, and expand the company’s market leadership in life sciences and high-tech industries.
Bret Connor: Professional Biography and Career Timeline
Bret Connor is a seasoned technology executive who has filled key roles in operational excellence and customer success and has driven transformative growth in leading organizations. In this capacity, he has served in leadership roles in a number of renowned firms.
Career Timeline:
- Jan 2025: Appointed Chief Executive Officer at Model N.
- Feb 2022 – Dec 2024: Served as EVP and Chief Operating Officer at Athenahealth, overseeing global operations, customer success, and revenue cycle services. He was responsible for company-wide revenue performance and operational profitability.
- Aug 2017 – Feb 2022: Held the position of SVP and Chief Customer Officer at athenahealth, managing client relationships and $2 billion in annual revenue across over 10,000 clients.
- Oct 2013 – Jul 2017: As VP of Professional Services at VMware, led a $300M business in the Americas, achieving significant margin growth and improving Net Promoter Scores.
- Sep 2006 – Aug 2010: Associate Principal at McKinsey & Company, where he advised C-level executives at major technology firms to support transformative business strategies globally.
- 2005: Worked as an Associate at Goldman Sachs, focusing on corporate finance within the high-tech and media sectors.
Before these prominent appointments, he also held positions at McKinsey & Co. as well as Commerzbank AG.
Connor obtained his MBA from Harvard Business School and was honoured as a Baker Scholar. Other qualifications include a BA in Economics from the University of Chicago, where he was also inducted into the Phi Beta Kappa honour society.
Model N - A Revenue Management Software Solutions Powerhouse
Model N is a leading provider of cloud-based revenue management solutions tailored to the life sciences and high-tech industries. The company supports over 165 customers worldwide and operates in more than 120 countries, with major clients including Pfizer, AstraZeneca, Johnson & Johnson, Seagate Technology, and Broadcom.
Model N's platforms manage over $500 billion in revenues annually, ensuring compliance and operational efficiency across complex industries. With an actual system availability of 99.95%, Model N's integrated cloud solutions deliver end-to-end visibility and control, helping companies prevent revenue leakage throughout their lifecycle.
Founded over two decades ago, Model N specializes in commercial operations, pricing, incentives, and contracting. The company's expertise enables investment in innovation, driving better patient outcomes and technological advancements. Its strong market presence has been pivotal in increasing clients' revenue growth and market share.
Bret Connor's Appointment as CEO of Model N
Model N announced the appointment of Bret Connor as its new Chief Executive Officer in early January 2025.
Connor expressed enthusiasm for his new role, stating, “I am thrilled to join the team as Chief Executive Officer! I look forward to building strong relationships with my new colleagues, connecting with customers and partners, and driving the company’s next chapter of growth and success. I’m grateful for the warm welcome I have already received and am excited to be part of this incredible journey.”
At Model N, Connor is charged with leading the company in scaling its impact as a trusted revenue optimization leader.
“Model N has been a trusted technology leader for 25 years, delivering revenue optimization and ensuring compliance for the world’s most innovative companies,”
he said.
“Looking ahead, I am committed to deepening our customer partnerships, enhancing the value we deliver through innovation, and further solidifying our leadership position in the market.”
New CEO Comes as Model N Posts Strong Financial Results
Connor’s appointment is not a case of an incoming CEO being charged with rescuing a sinking ship — far from it.
Model N’s platform managed over $1 trillion in revenue and processed $193 billion in chargebacks and rebates in 2024, highlighting its impact in supporting global innovators in life sciences and high tech.
With Connor’s track record in operational excellence and customer-centric leadership, Model N is well-positioned for its next growth phase.
Here are some of Model N’s latest financial results, according to their Q2 2024 SEC filings:
- Total revenues reached $65.1 million, marking a 4% increase from the same period in fiscal 2023. Subscription revenues grew by 9%, totalling $49.2 million.
- Profitability:
- GAAP loss from operations decreased to $2.6 million from $3.1 million year-over-year.
- Non-GAAP income from operations rose by 19%, reaching $10.7 million.
- Adjusted EBITDA stood at $10.9 million, a growth of 18%, with a margin improvement to 17% from 15%.
- Growth Metrics: SaaS Annual Recurring Revenue (ARR) rose by 11%, hitting $139.1 million, while SaaS net dollar retention reached 108%. Total Remaining Performance Obligations (RPO) increased by 9% year-over-year to $367.9 million.
In other significant news, Vista Equity Partners completed its acquisition of Model N on June 27, 2024. The deal valued the company at approximately $1.25 billion, based on $30.00 per share in cash. It also signalled Model N’s transition to a private company, delisting it from the NYSE. Vista’s investment aims to enable long-term growth and strengthen Model N’s position as a leader in revenue optimization and compliance.
Conclusion
Bret Connor’s appointment as CEO signals a transformative era for Model N, which is experiencing financial highs and significant change. With his proven expertise and the company’s robust financial foundation, he is poised to redefine revenue optimization in the life sciences and high-tech industries.