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Appointment: Chief Financial Officer of MagicOrange
MagicOrange has announced its third C-level appointment in as many weeks. These senior executives’ appointments are key tactical moves in fulfilling the company’s ambitious international expansion strategy. Bruce Chelius, a highly skilled and experienced Venture Capital (VC) investment specialist, has been appointed Chief Financial Officer (CFO). Bruce will focus specifically on setting up the international legal and financial structures necessary to attract the next level of funding.
“We are delighted to welcome Bruce to our team in his new executive role,” says Greg Guye, Group CEO at MagicOrange. “With his extensive experience in private equity and investment he will be invaluable in helping to drive our overall growth on the global market.”
A qualified CA and CFA, Bruce will lend his expertise to ensure MagicOrange is well-positioned for, and attracts, major new international investment. He boasts more than 20 years of experience in Private Equity and VC investing, most recently running Collins Private Equity (CPE) in partnership with a Durban-based family office.
“Bruce played a pivotal role in facilitating a significant equity investment into MagicOrange in December 2019 and has been a Director on our Board since then,” adds Guye.
This investment by a group of investors, led by CPE together with Ora Capital, paved the way for MagicOrange’s initial international expansion.
“The team at MagicOrange is uniquely experienced, at a global level, in solving very complex problems for their customers,” notes Bruce. “Their customers’ loyalty, and the customers’ demand for ongoing MagicOrange services within their organization, bears testimony to the value the solution adds. I am delighted to be part of the team leading its international expansion.”
Prior to joining CPE, Bruce worked at BoE Bank and Standard Bank in the Private Equity and Corporate Finance teams. During his career he gained operational experience by actively managing investee companies and obtained significant experience as a Director of listed and unlisted companies.
Bruce holds BCom and BAcc degrees from the University of the Witwatersrand (Wits).
Bruce adds that his immediate goal is to set up the requisite legal and financial structures internationally to enable MagicOrange to attract the financial investment it deserves to compete and thrive in a global market.
MagicOrange is a progressive Cost Transparency solution that enables better cost alignment and optimization between Shared Services and their business counterparts. It has gained a dominant position in Southern Africa and is recognized as an established IT Financial Management offering in Gartner’s latest Market Guide published in March 2021.
Bruce’s appointment follows swiftly on the heels of the appointments of David Harding as International CEO and Pete Hidalgo as Chief Customer Officer at MagicOrange, all of which will accelerate the organization’s penetration of the international market.