How to ruin a great company in less than 2 years
Pros
Eleven Software was an agile, smaller, tech company that was highly regarded for its technology, customer service and prior to private equity acquisition, its people centric leadership team. Working in an industry where business development is dependent on partners, large brands and telecommunication companies who need great technology and where relationships and a great deal of patience is required.
Cons
Post acquisition the Private Equity partners decided to provide two recent MBA graduates with no executive suite experience a chance at running a small mature but very complex company. The first big move was to split the previous CEO role between them and double that cost to the company. This was just the beginning of many more unprecedented poor business decisions they continue to make. Lacking both industry and technology knowledge and experience they quickly soiled the outstanding reputation the company previously had. A once profitable and growing success now flounders. The one asset they were given at the start was an experienced leadership team that put employees and customers first. Which they quickly decided to demolish. Out went decades of relationships, knowhow and the people responsible for taking a once unprofitable business, turning it profitable and putting it on a YoY revenue growth path. Sadly, coming from departed and existing employees, the culture of Eleven today is said to be toxic. The sort of place you would never recommend to a friend.
