Apptio has a new engineering leader.
The Bellevue, Wash.-based company, which makes software to help CIOs better understand spending in IT departments, today announced Theo Beack as its new executive vice president of products and engineering. Beack, a 25-year enterprise software veteran, was previously CTO at Vertafore, an insurance company founded in the Seattle region that recently relocated to Denver.
“As a technologist, I am thrilled to be joining Apptio,” Beack said in a statement. “For years, I’ve admired and respected the work that Apptio has done to build unrivaled products for CIOs and IT leaders.”
Beack, who left Vertafore in May and went on a 6-month sabbatical around the world, replaces Ted Kummert, who joined Apptio in November 2013 after 23 years at Microsoft. Kummert will now rejoin Madrona Venture Group; he worked at the Seattle investment firm as a venture partner for 10 months in 2013. Kummert remains as an advisor to Apptio, which raised money from Madrona before going public last year.
In a blog post, Madrona Managing Director Matt McIlwain noted that Kummert “worked with our growing companies on the engineering and management challenges of small and mid-sized companies” while he was at the firm in 2013.
“Ted was a valuable resource to our companies and the Madrona team during his first stint as Venture Partner and we are excited to have him back,” McIlwain noted.
Apptio, founded in 2007, was one of three Washington-based companies to go public in 2016. The company’s shares are down 5 percent over the past 12 months and currently trade at $18.46 per share. Apptio set a price of $16 per share for its IPO in September 2016.
Editor’s note: This story was updated to reflect Apptio’s stock price.
