One week after being appointed as OneSource Virtual’s chief financial officer, John D. Bax has already mapped out his priorities. For the Irving-based software company that has grown more than 50 percent from 2014 to 2015 and is expected to generate $116 million in revenue this year, the company’s next steps are clear.
“It’s really making sure we’re set up to grow to that next phase,” Bax said. “We need to make sure we’ve built the infrastructure to support that—not just the tech, but also the capital infrastructure and hiring the right talent.”
Bax replaces Melinda Lawrence, who served as chief financial officer for the company for about four years before resigning to pursue other opportunities. He’s the second new addition to the company’s executive team, led by CEO Brian Williams, the past five weeks. OneSource hired Trey Campbell as president and chief operating officer in August. During that time, former COO Wesley Bryan became the company’s first chief product and technology officer.
Before joining OneSource, Bax served as chief financial officer and chief operating officer of Atlanta-based Rubicon Global, a cloud-based service focused on waste management and recycling. Prior to that he was the chief financial officer of NJOY, an electronic nicotine and vaping company based in Scottsdale, Ariz., and as global CFO of Living Social, a Washington, D.C.-based online marketplace. He’s also served in leadership positions at New York-based RecycleBank and Sentient Flight Group.
“I’ve worked at three companies that went from less than $100 million to $1 billion [in revenue] or more during my tenure,” he said. “I’m not projecting that that’s where we’re going to be, but I’ve got deep experience in hyper growth and setting up that infrastructure.”
Bax has also raised over $3 billion in capital in private markets, aided more than 40 merger-and-acquisition transactions, and managed finance and accounting teams that comprised up to 300 people.
OneSource Virtual currently has about 800 employees and is continuing rapid growth. It is expecting to leave its corporate headquarters for a 215,000 square-foot space at Cypress Watters. The news came late last year, six months after the company announced a $150 million California-based Technology Crossover Ventures.
The company, which offers outsourcing services that plug into the Workday human resources software application, has benefitted from two methods of growth. First, it continues to add Workday users to its platform. But it also is benefitting from Workday’s expansion of services. As Workday grows its functionality, OneSource is able to tap new groups of customers.
Bax also expects to provide OneSource insight to acquire new customers. In addition to his work at high-growth companies, the executive also has served in leadership roles at Walmart.com, and Ernst & Young.
“I’ve been on the other side of the fence buying outsourcing,” he said. “The broad range of industries I’ve been in–I hope that’ll be helpful here.”
