M-Files Appoints Jay Bhatt as CEO

Leadership Transition in Conjunction with Closing of Majority Recapitalization by Haveli Investments, Bregal Milestone and CrossParadigm Capital

M-Files, the leader in knowledge work automation, today announced the appointment of industry veteran Jay Bhatt as CEO. Bhatt joins M-Files with an extensive history of operational excellence and a proven track record of helping software businesses scale, develop powerful go-to-market capabilities, and achieve best-in-class service and support while also investing in product innovation. Bhatt previously served as CEO of both private and public software companies, including Alfresco Software, Blackboard, and Progress Software (NASDAQ:PRGS), and prior to that led the Architecture, Engineering and Construction business at Autodesk (NASDAQ:ADSK).

The appointment comes with the closing of the majority recapitalization led by Haveli Investments, an Austin-based technology-focused private equity firm, and Bregal Milestone, a European software private equity firm. CrossParadigm Capital, an independent investment firm led by Jay Bhatt, was a significant participant in the transaction.

Former CEO Antti Nivala will transition to the full-time role of Chief Innovation Officer and will continue to play the critical role of shaping the vision and innovation of M-Files' knowledge work automation platform. Additionally, Nivala will continue to provide strategic direction as Chairman of the Board.

"Two decades ago, when we founded M-Files, the goal was to help knowledge workers to work smarter. I am proud of the work we have done to enable our customers to make real progress toward doing so," said Antti Nivala. "For our next phase of growth, we are now in an ideal position with the right team in place to capitalize on a vast market opportunity."

"The ways we gather and deploy knowledge is evolving at an unprecedented pace, and M-Files is uniquely positioned to empower organizations to transform the way they manage, access, and leverage their information to boost their organizations' productivity and drive informed decision-making. I credit Antti and the M-Files team for the blood, sweat, and tears that go into building a market leader, and I look forward to partnering with our new investors and leadership team to take M-Files to the next level," said Jay Bhatt.

"Jay has consistently leveraged his operational expertise in leadership positions to help companies scale, and his appointment as M-Files' next CEO is the natural next step in the evolution of the company," said Sumit Pande, Senior Managing Director at Haveli Investments. "Jay's deep sector experience, strategic and operational rigor, coupled with Antti's vision around knowledge work automation, position M-Files well for an exciting phase of new growth."

"We are thrilled to welcome Jay as the new CEO," said Ian Kwok, Managing Director of Bregal Milestone. "His exceptional track record makes him the ideal choice to guide M-Files into an exciting new chapter. We also extend our deepest gratitude to Antti for his invaluable leadership and dedication."

M-Files' previously announced majority recapitalization investment led by Haveli Investments and Bregal Milestone closed on November 29.

About M-Files

M-Files is the leading platform for knowledge work automation. With the M-Files platform, knowledge workers can find information faster, work smarter, and achieve more. M-Files features an innovative metadata-driven architecture, embedded workflow engine, and advanced artificial intelligence. This enables customers to eliminate information chaos, improve process efficiency, and automate security and compliance. For more information, visit www.m-files.com.

About Haveli Investments

Haveli Investments is an Austin-based private equity firm that seeks to invest in the highest quality companies in the technology sector through control, minority or structured equity and debt investments with a focus on software, data, gaming, and adjacent industries. The firm seeks to partner with innovative companies, entrepreneurs, and management teams throughout a company's life cycle. Haveli's experienced team of investors and diverse industry experts will provide operational and strategic support, enabling portfolio companies to focus on driving innovation and increasing growth, scale, and operating margins. Underscoring Haveli's investments is an unwavering focus on a culture of inclusivity and sustainability. For more information, please visit www.haveliinvestments.com, or follow Haveli on LinkedIn, @Haveli Investments.

About Bregal Milestone

Bregal Milestone is a leading European software private equity firm with c.€1.3 billion of committed capital. The firm provides growth capital and operational support to build market-leading software companies. Bregal Milestone is part of Bregal Investments, a leading global investment platform with assets under management of over €18 billion. Bregal Milestone was recognized by GrowthCap as one of the Top Growth Equity Firms of 2023. For more information, visit www.bregalmilestone.com or follow us on LinkedIn.

About CrossParadigm Capital

CrossParadigm Capital (CPC) is a US based independent investment firm led by former operating executives in software and technology. CPC seeks to evaluate businesses across paradigms, from the lens of both experienced operators and professional investors and leverage its team's extensive operating experience to accelerate the strategic vision of exceptional businesses. CPC partners with founders, executives and investors to create investment solutions that complement their operational and capital objectives. For more information, please visit www.crossparadigmcapital.com.

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