Indiana University South Bend

Missouri State University

Chief Financial Officer at Bakkt LLC

Founded in 2018, Bakkt® builds solutions that enable clients to grow with the crypto economy through a regulated approach, in the U.S. and internationally. Through institutional-grade custody, trading, and onramp capabilities, its clients leverage products and solutions built for sustainable, long-term involvement in crypto.  Bakkt was founded as a subsidiary of Intercontinental Exchange, Inc., (ICE) which owns and operates the New York Stock Exchange among 13 regulated marketplaces for the listing, trading and clearing of a broad array of derivatives contracts and financial securities across the world.

As part of ICE acquisition of Bridge2 Solutions, agreed to 14-month consulting arrangement but was subsequently appointed as CFO of combined company six months after acquisition.  During tenure, notable achievements include:
•	Oversaw integration of Purchasing and Procurement, Risk Management, Accounting, Finance and Treasury functions of Bakkt-Bridge2 companies, also playing significant role in integration of Human Resources and other administrative functions.  Transitioned Bakkt ERP system from ICE to independent Bakkt environment.
•	Streamlined accounting close process to 3 business days necessary to comply with ICE public company reporting deadlines.
•	Led company through first planning process architecting new reporting and operating management metrics structure from ground-up.  Presented Year 1 plan to ICE CFO and FPA team achieving approval of plan.
•	Secured renewal of company’s debt facilities post-acquisition on favorable terms.
•	Assisted in preparing company for initial public offering including navigating responses to SEC in highly scrutinized SPAC merger and complex digital currency (Bitcoin) accounting issues leading up to IPO.

Bakkt

Chief Financial Officer

Bridge2 was the leading SaaS platform technology company providing innovative solutions to the largest financial institutions globally utilizing digital assets.  Bridge2 transformed the rewards program industry by disrupting obsolete warehouse models with dynamic merchandise and travel offerings integrating with major online commerce partners.  Bridge2 Solutions was acquired by Intercontinental Exchange (ICE) in February 2020.

Business partner to CEO/Founder and President serving as CFO and Board director.  Played integral role in guiding company to 4X revenue growth, cash positive operations and highly successful exit.  Led Accounting, Finance, Treasury and HR organizations.  During tenure notable achievements include:
•	Leading role in all aspects of acquisition by ICE and integration of Bakkt and Bridge2 post-acquisition.
•	Led recapitalization of company completing a $35 million minority equity investment by a global PE firm. 
•	Salvaged damaged relationship with principal lender by establishing integrity in financial reporting leading to 4X increase in company’s credit facility sufficient to finance company’s $400 million plus annual working capital requirements.
•	Secured $15 million growth debt facility with publicly owned venture debt firm.
•	Played integral role in launch of new business line, Loyalty Travel.  Oversaw financial modeling, coordination of work force hiring, facility acquisition, regulatory licensing and new vendor negotiations.  Financial front-man in winning new business with world’s largest financial institutions.
•	Implemented company's first ERP system architecting multi-dimensional reporting capability, notably customer and product line profitability, and business unit and functional P&L responsibility.
•	Relocated under-performing accounting and finance function and recruited new team under redesigned org structure significantly upgrading talent.  Overhauled internal controls and implemented rigorous planning and forecasting processes.

Bridge2 Solutions

Chief Financial Officer and Board Member

CFO of "White-Label" ecommerce platform provider to membership-based businesses.  Integral in securing initial seed round of capital, then securing Series A financing with major strategic partner, AAA.  Constructed and negotiated company’s first long-term operating agreements with major strategic partner securing long-term revenue streams and favorable operating conditions for company.  Played leading role in sale to Deem in 2014.

Digistrive, Inc.

Founded advisory firm providing flexible operational and financial management resources for start-up to late stage privately-owned firms.  Providing clients with fund-raising, strategic and operational financial management services.

Lighthouse CXO

Founder

Leading online marketplace for manufacturing industry with customers in over 50 countries and operations throughout Europe, Asia and India.  Hired as CFO and subsequently promoted to dual position of CFO and COO to drive Company’s operational rationalization initiatives.

Facing global economic downturn, led restructuring of European and Americas operations producing 35% reduction in global operating costs.  Established low cost European shared services center in Ireland and successfully negotiated job grants with Irish government.  Implemented strategy maximizing tax efficiency of cross-border money flow from profitable China operations to US.  Designed and implemented Company’s first operational reporting package coupling key operating statistics and financial metrics.  Forced to surrender when surrounded and facing insurmountable odds.

MFG.com, Inc.

COO and CFO

Market leader in delivering organizational events and communications through live webcasts.  Developed and marketed a leading software as a service (SaaS) platform for managing and distributing video content online.

Partner to Founder/CEO as CFO and VP Operations.  Solidified relations with leading venture capital investor by improving operational reporting and discipline.  Integral in obtaining critical loan extension with commercial bank in midst of unprecedented recession of 2008.  Designed and executed first bottoms-up operational planning process and overhauled regular operational and board reporting.  Created and implemented compensation plans significantly improving upsell and cash collections with “same store” clients.  Company acquired by a leading public company competitor.

Multicast Media

CFO and VP Operations

Leading SaaS ecommerce solution provider enabling multichannel global online ecommerce management from single platform.  Over 3,000 customers in 27 countries and important partner to eBay, Amazon, Google and Overstock.  

Hired as CFO, promoted to CEO, led company through difficult CEO-Founder transition.  Negotiated key strategic partnership agreements with eBay, Amazon and Google for U.S. and European marketplaces in connection with expansion into multi-channel, ecommerce programs.  Led 2 rounds of equity financing and secured a mezzanine debt facility with major venture debt fund.  Established operational management processes including detailed “bottoms-up” planning and forecasting process and operational metrics for daily, weekly and monthly reporting.  Returned Company to positive operating cash flows for first time since Company’s initial venture capital round through rigourous cost containment and revenue growth.  Orchestrated successful exit through merger with largest competitor while leading all aspects of merger negotiations, due diligence and closing process.

Marketworks

CEO and CFO

Pioneer in automating payment and regulatory transactions between citizens and government using Internet.  Positioned for IPO, filed S-1 Registration Statement in April 2000 and subsequently withdrew in mid-2000 in face of capital markets downturn.  Company acquired by Metavante.

Integral in IPO process.  Managed private equity capital raise after withdrawal of S-1 filing.  Planned and executed extensive cost reductions to realign cost structure with market realities.  Developed analytics determining profitability of all online revenue generating programs.

Link2Gov, Inc.

Pioneer in enterprise software for wirelessly mobilizing enterprise business applications (e.g., CRM, EDP, PIM/email) from central servers to mobile computing devices.  Global company with operations throughout US and Europe.  Acquired by largest public company competitor, Intellisync (Pumatech).

Led worldwide planning, HR, treasury, IT and accounting functions.  Integral in completing $22 million preferred equity financing.  Secured company’s first venture debt financing preventing significant dilution to shareholders during economic downturn.  Designed first global planning process and implemented rigorous spending controls and rolling quarterly forecasts allowing stringent management of cash in face of economic downturn.  Directed formation of European operations in United Kingdom, Italy and Germany designing and installing operating procedures for business planning, cross border cash management and sales and licensing for international business.  Localized license agreements in major European markets.  Negotiated terms and conditions of multi-million dollar enterprise software license agreements with numerous Fortune 500 companies.  Integral in securing sale of company including merger agreement framework, due diligence and SEC reporting to public company buyer, Intellisync.

Synchrologic, Inc

Leading Internet download and utility software developer and marketer which pioneered digital music and software download and ecommerce.  In IPO planning stage when acquired by Real Networks in deal valued at over $270 million.

Played leading role in venture capital and strategic partner capital raising process.  Integral in securing sale of company including merger agreement framework, due diligence and SEC reporting, including pro forma financial statements and SEC disclosures for publicly filed registration statements for buyer.

Netzip, Inc.

Publicly-held global telecommunications and investment holding company.  Revenues grew from approximately $50 million to over $450 million, and equity investments grew from zero to over $1 billion in value, during tenure.
  
Global responsibility for operational finance and control.  Public company investor relations.  Served as financial leader in investor conference and road show presentations (domestic and international), as well as earnings release conference calls.  Communicated with analyst community concerning research reports and earnings guidance.  Integral in completing private debt placement of $172.5 million.  Designed and directed successful ERP implementation (PeopleSoft) through pioneering Web-enabled system landing me on cover of October 1999 ComputerWorld for most successful ERP implementations.   Designed and managed first worldwide planning process.  Implemented integrated planning software worldwide (Hyperion Pillar) providing forecasting and visibility into results.  Designed and directed implementation of daily, weekly and monthly key performance indicator analysis.  Successfully completed franchise business “roll-up” by acquiring over 100 companies in less than 4 months.  Performed due diligence, purchase negotiations and oversaw investment banker relations.  Integral in due diligence, negotiations and integration of 6 additional acquisitions, including a semi-hostile public company acquisition.

Premiere Global Services

Vice President Finance

High-growth, Acquisition-oriented, Healthcare industry software developer and outsourcer.  Public-owned NASDAQ-traded company.  Annual revenues grew from approximately $250 million to $575 million during tenure.   

Managed 40 person staff overseeing planning, operations performance analysis, accounting and IT functions for largest operating division ($200 million annual revenues).  Oversaw operational assimilation of 6 acquisitions.  Transferred to Corporate M&A team for operational experience and conducted due diligence for successful acquisitions of 4 software development and systems integration businesses.

Medaphis Corporation

Vice President

Lead Manager for audits of larger, higher-value public company client engagements with complex accounting issues and international operations.  Extensive financing advisory experience including equity and debt IPOs.  Substantial interaction with investment bankers and SEC.  Instructed national Price Waterhouse training courses on business planning and financing alternatives.  Accounting and auditing technical expert.  Served as frequent speaker about developments in GAAP and SEC disclosure.

Doug Hadaway