Learn how Siemens has deployed Direct Insite technology for supplier invoice processing & self-service invoice/payment status lookup.
As a market leader in AP automation, AR automation and electronic payments, Direct Insite relies on the leadership, management and decision-making of its talented Executive Management Team and Board of Directors.
Matthew E. Oakes
President, Chief Executive Officer and Director
Matthew Oakes is President, Chief Executive Officer, and a Director of Direct Insite.
Mr. Oakes was elected to the Direct Insite Board of Directors on May 21, 2012. He was appointed to the position of Chief Executive Officer on May 25, 2011 and has served as President since March 2009. Prior thereto he held the position of Executive Vice President and Chief Operating Officer from August 2006, and Executive Vice President of Client Services since November 2002.
Prior to his joining Direct Insite, Mr. Oakes served for three years as the Chief Operating Officer for Direct Media Networks, a New York based e-commerce and technology company. He held executive management positions in Westinghouse Communities Inc., including Managing Director of Operations.
Mr. Oakes received a Juris Doctorate of Law from Nova Southeastern University and a Bachelors Degree in Business from Cornell University.
Prior to attending Cornell University, he served with the United States Marine Corps in the Special Operations Group of the 3rd Marine Division and as a Marine Drill Instructor at the Marine Corp Recruit Depot, Paris Island, South Carolina.
Joan Doyle Foley
Vice President of Sales
Joan Doyle Foley is Vice President of Sales at Direct Insite.
She is responsible for leading and expanding Direct Insite's sales team, driving the company's worldwide direct sales activities, and managing channel partnerships.
Ms. Foley brings an extensive track record in sales leadership to her position at Direct Insite. Ms. Foley has served in senior sales positions at IBM, Oracle and Hyperion, where she managed teams to achieve significant revenue growth. Additionally, she helped launch SuccessFactors (which later went public and was recently acquired by SAP) and Valchemy (which was acquired by IBM). Most recently, Ms. Foley was Vice President of Sales for FirstRain, where she was instrumental in building a sales team focused on the enterprise market, as well as working closely with the executive team on overall corporate strategy.
Ms. Foley earned a Bachelor's of Science in Engineering from Michigan State University.
Arnold P. Leap
Executive Vice President and Chief Technology Officer
Mr. Leap joined Direct Insite in 1997 as Director of Development and Engineering. He was named Chief Technology Officer in 1998, and was promoted to Executive Vice President in 2000. Mr. Leap combines his software development, data modeling and networking experience to deliver new product offerings that meet the needs of Direct Insite customers.
Mr. Leap and his team developed a number of Direct Insite's key technologies, including its Invoices On-Line (IOL) and Electronic Bill Presentment and Payment (EBPP) products. Mr. Leap continues to lead the company's research and product development activities.
Prior to joining Direct Insite, Mr. Leap was MIS Manager and Director for AMP Circuits, Inc., a subsidiary of AMP. During his tenure with AMP, Mr. Leap was responsible for day-to-day information systems operations as well as the requisition and implementation of an industry-specific consolidated enterprise resource planning (ERP) and financial system.
Mr. Leap earned his BS degree from the New York Institute of Technology with a major in Computer Science and a minor in Business Administration.
He is an active member of the Open Applications Group, Inc., a not-for-profit open standards group committed to building process-based XML standards and improving application integration.
Chief Financial Officer, Secretary and Treasurer
Jeff Yesner, CPA, joined Direct Insite in 2012 as Chief Financial Officer, Secretary and Treasurer. Mr. Yesner has more than 15 years of technical and operational accounting experience with both public and private companies in an array of industries. He is experienced in accounting, SEC compliance and reporting, investor relations, mergers and acquisitions, strategic planning and budgeting, debt and equity financing, internal controls, cost containment, financial statement preparation, and corporate development.
Prior to joining Direct Insite, Mr. Yesner was a consultant with Steven Douglas Associates, working as an interim Chief Financial Officer for a consumer products manufacturer and distributor. Mr. Yesner was previously Chief Financial Officer of Options Media Group Holdings and its wholly-owned subsidiary Phoneguard, a provider of mobile applications software, Chief Accounting Officer of Medical Staffing Network Holdings, a diversified healthcare staffing firm, Manager of Financial Reporting for Time Warner, and U.S. Controller and Director of Financial Reporting for Agency.com. He began his career with the global audit firm, Arthur Andersen.
Mr. Yesner earned a Bachelor of General Studies degree from University of Michigan in Ann Arbor, Michigan. He also holds a Master of Business Administration from Hofstra University.
Mr. Yesner is a Certified Public Accountant.
Board of Directors
Philip Summe, Chairman
Philip Summe was elected Chairman of the Direct Insite Board of Directors on May 21, 2012.
Mr. Summe is the Portfolio Manager of Crossfields Capital Management, a firm he founded in 2005 that invests in small-cap, deep-value companies.
From 2002 to 2004, Mr. Summe was a General Partner for Gabriel Venture Partners (Gabriel). Gabriel is a $260 million venture capital fund focused on leading investments in technology companies. Gabriel has a deep operations-focused approach where they generally join the board of directors and actively partner with management teams. At Gabriel, Mr. Summe led and structured investments in LVL7 and KMSI. He served as Chairman of the Board of LVL7 after initially investing in the company in 2002.
From 1998 to 2001, Mr. Summe was a Principal with J.P. Morgan Partners (formerly Chase Capital Partners) and Flatiron Partners, where he led the software initiatives and served on numerous boards. Successful investments include Stamps.com, Starbelly, Interactive Search Holdings, and Arbinet.
From 1996 to 1998, Mr. Summe was an investment banker with Deutsche Morgan Grenfell's technology investment banking group, where he provided financing and M&A advice to companies.
From 1991 to 1994, Mr. Summe was a Senior Consultant with Accenture. He worked for Convergys Systems from 1989 to 1991.
Mr. Summe received an MBA with Honors from the University of Chicago Graduate School of Business and a BS in Applied Physics with Honors from Xavier University.
Mr. Summe's experience as a small-cap technology investor and venture capitalist helping to grow small businesses, with hands-on operational oversight and a focus on stockholder priorities, will assist the Board in formulating and overseeing implementation of a growth strategy.
James A. Cannavino
James A. Cannavino was previously Chairman of the Board and Chief Executive Officer of Direct Insite and continues to serve as Director.
Prior to joining Direct Insite, Mr. Cannavino was Chairman of the Board and Chief Executive Officer of CyberSafe, Inc., a company specializing in network security.
Mr. Cannavino previously served as President and Chief Executive Officer of Perot Systems Corporation. At Perot Systems, Mr. Cannavino led day-to-day global operations, as well as strategic planning.
From 1963 through 1993, Mr. Cannavino served in a number of increasingly strategic management positions at IBM, most recently as Senior Vice President responsible for Corporate Strategy and Development. Among his achievements at IBM were the development of the mainframe operating systems. He also restructured the company's $7 billion PC business, an assignment that ultimately led to the development of the IBM PC Company. He also served on the IBM Corporate Executive Committee, Worldwide Management Council, and IBM's integrated services and solutions company. In addition, Mr. Cannavino was a board member for three IBM joint-venture companies, including Prodigy Services, Inc.
Mr. Cannavino currently serves on the boards of 1-800 Flowers, Facilities Maintenance, and National Center for Missing and Exploited Children, and is the Chairman of the Board of the International Center for Missing and Exploited Children. Mr. Cannavino is a long-time member of the Board of Marist College in Poughkeepsie, New York, where he recently served as Chairman of the Board.
Paul Lisiak is a Managing Director of Metropolitan Venture Partners, a venture capital firm he co-founded in 1999.
In his role, Mr. Lisiak negotiates and manages investments, as well as oversees the financial and operational management of the firm. Mr. Lisiak is also the Managing Partner of Metropolitan Equity Partners, which employs a special situation investment strategy with a particular focus on financial services.
Prior thereto, he was a member of the Global High Yield team at Lazard Asset Management. Mr. Lisiak received a BA in Economics from the University of Pennsylvania.
He currently serves as a board member of Capital Payments and Creditmax Holdings and is the Chairman of Reed Energy. Mr. Lisiak brings to Direct Insite's Board experience in finance and management oversight, as well as the perspective of the Company's largest outside stockholder, whom he represents.
Thomas C. Lund
Thomas C. Lund is the founder and Chief Executive Officer of Lund Capital Group, a private commercial real estate company that has holdings in various regions across the United States.
Prior to founding Lund Capital Group, Mr. Lund founded Customer Development Corporation (CDC), a company specializing in database management and marketing for financial institutions and other various companies around the world. Mr. Lund is widely known as a pioneer of database marketing. In 1987, CDC was honored by Inc. Magazine as the eight-fastest growing privately held company in the country. Mr. Lund, who is credited worldwide with many technical and creative innovations in the database marketing industry, also received the coveted "High-Tech Entrepreneur of the Year" award from Entrepreneur Magazine. Mr. Lund sold CDC in November of 1998.
In addition to Mr. Lund's business interests, he and his wife are active philanthropists. Mr. Lund's entrepreneurial success as an industry pioneer in database marketing will be of value to the Board as it seeks to create a more entrepreneurial culture and invigorate sales and marketing efforts.
John J. Murabito
John Murabito brings nearly 30 years of securities industry experience encompassing a broad array of functions, including Chief Executive Officer, Chief Operating Officer and Chief Information Officer of U.S. broker-dealers.
From November 2001 through February 2011, Mr. Murabito was Chief Executive Officer of Hapoalim Securities USA, Inc., and its predecessor companies, including Investec (US) Inc., an affiliate of the Investec Group, an international banking group. In his role as Chief Executive Officer of Investec (US) Inc., Mr. Murabito oversaw a firm with approximately 1,000 employees and $1 billion of assets. Mr. Murabito successfully restructured the company's U.S. operations, including the acquisition and disposition of businesses, to enhance stockholder value.
As Chief Executive Officer of subsidiaries of publicly-traded companies in the United Kingdom, South Africa and Israel, Mr. Murabito implemented structures to enhance corporate governance and controls. Mr. Murabito was a Managing Director in Information Technology at the National Securities Clearing Corporation and served as deputy Chief Information Officer for this essential U.S. securities industry clearing utility.
Previously, Mr. Murabito was a General Partner for investment advisor Weiss Peck & Greer, responsible for information technology and portfolio administration. Mr. Murabito spent 10 years with the investment bank Dillon Read & Company.
Mr. Murabito earned an MBA from the Wharton School at the University of Pennsylvania.
Craig W. Thomas
Craig W. Thomas is a co-founder of Shareholder Advocates for Value Enhancement (S.A.V.E.) and a Managing Member of S.A.V.E. Partners III, LLC. He also is the founder of KC Trading Partners where he manages a portfolio of equity investments. Mr. Thomas served as Director of Research at S.A.C. Capital Advisors from 2007 to 2008 where he managed a pool of public and private investments and was a Portfolio Manager at S.A.C. Capital Advisors from 2005 to 2007. Mr. Thomas was a Director at CR Intrinsic Investors, an affiliate of S.A.C. Capital Advisors, from 2004 to 2005, and he was a Research Analyst at S.A.C. Capital Advisors from 2003 to 2004.
Prior to earning his MBA, Mr. Thomas was an Analyst at Goff Moore Strategic Partners and Rainwater, Inc. from 1999 to 2001. He was an Associate at The Boston Consulting Group, Inc. from 1997 to 1999.
Mr. Thomas is a former director of Laureate Education, Inc. and WCI Communities, Inc.
Mr. Thomas earned his BA at Stanford University and an MBA from the Graduate School of Business at Stanford University.
Mr. Thomas' background as an advocate for stockholders and improved corporate governance, his extensive experience as an investor in public companies, and his experience as a director will align the interests of the Board with those of the Company's stockholders and bring accountability and a seasoned investor-centered perspective to the Board.