Moreover, it has replaced its CEO over a disagreement about software architecture and shut down its Chicago office while also terminating some developers at its Grandview Heights headquarters, bizjournals.com reports. Ken Benvenuto, a board member, was named CEO in May 2015, replacing Shawn Budde.
The Chicago office closure was to consolidate and change how the product is built, he said. “Part of it was re-skilling the business,” he said, the source cites. 2Checkout stands out among ecommerce payment processors in handling dozens of currencies and several languages, appealing to international retailers.
The company does not disclose revenue, but Benvenuto said sales and profit margins are both increasing this year, and the business is well-capitalized. In October, 2015 it closed a USD 12 million round from Chandler, Arizona-based Trinity Capital Investment, a combination of a loan and debt that converts later to equity.
2Checkout also raised USD 60 million in early 2014 from venture firms Chicago Growth Partners and Trident Capital, then hired Budde. Budde, a Chicago resident, had been splitting his time with Columbus but mainly building a developer team in Chicago with software engineers, front-end designers and quality testers specializing in the programming language Ruby, the backbone of a lot of Web-based enterprise software.
The board, made up mainly of the companys founders and the venture investors, decided to spend 2016 building an entirely new version of 2Checkouts product from scratch, Benvenuto said, whereas Buddes team had been working to update the 15-year-old software. Benvenuto also wanted a switch from Ruby to Microsoft Corp.s .Net programming language, and will hire in Columbus for that.
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