- Why Calastone?
New non-executive director Cristóbal Conde takes stake in business.
Calastone, the global funds transaction network, has appointed former SunGard chief executive Cristóbal Conde as non-executive director.
Conde will take a seat on the main Calastone board and has also purchased a minority stake in the privately held business.
Having spent 28 years at SunGard, Conde has a long and successful track record of accelerating the growth of Fintech companies.
Conde stepped down from SunGard in May 2011. At the time of his departure, the technology giant had revenues of $5.6bn, employed 26,000 staff, was ranked 380th on the Fortune 500 list and was the largest privately held business software and IT services company in the world.
He had co-founded a fintech software business, Devon Systems, in 1983 serving the derivatives markets globally. After SunGard acquired it in 1987, Conde ran his business as a division of SunGard, growing it into one of the largest businesses at SunGard.
Conde was subsequently promoted to run the entire SunGard business. Halfway through his 12-year tenure leading SunGard, he took it private in 2005 in a record-breaking $11.3bn LBO transaction.
He serves as a senior member of the Partnership for NYC Fund’s Fintech incubator for software companies and is a senior adviser to TPG Capital. He also serves on several for-profit and non-profit boards.
Cris Conde said, on joining Calastone: “I am delighted to be joining the team and help it accelerate its growth. Calastone addresses a burning issue for financial services firms – how to offer its customers the ability to trade and settle funds globally, with all of the necessary controls and audit trails, at a price point that is disruptive. Achieving this has been largely due to the breadth of the network and the strength of its management team. I am proud to be given the opportunity to both invest in, and spend time with, Julien’s team in order to help accelerate its growth trajectory.”
Julien Hammerson, chairman and chief executive of Calastone, said: “I am exceptionally proud to be able to announce that such an industry figurehead, as Cris is, will be joining our team. When we announced our latest fundraising, we suggested we would be bringing in proven talent to deliver against our global strategic plan.”
Julien continued: “Cris brings three decades of technological expertise and the valuable experience he will contribute to the company is unrivalled. I feel very privileged to be working alongside such a talented individual and am looking forward to drawing on his knowledge as we accelerate our company’s growth across a number of international markets.”