MIL-OSI: Capstreet-backed PlanetBids Names Paul Colangelo and Max Schnoedl to its Board

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Source: GlobeNewswire (MIL-OSI)

STUDIO CITY, Calif., June 10, 2024 (GLOBE NEWSWIRE) — PlanetBids (or “the Company”), a provider of eProcurement software as a service (SaaS) solutions, today announced the appointments of Paul Colangelo and Max Schnoedl to its Board of Directors. PlanetBids is backed by Capstreet, a Houston-based lower middle market private equity firm.

“I am delighted to welcome Paul and Max to the PlanetBids board,” said PlanetBids CEO David DiGiacomo. “Both have relevant industry experience which will be valuable as PlanetBids further invests in its people, technology and in growing the business. Paul has run several govtech companies at scale as a CEO, and Max has advised companies and investors on working with government entities by leveraging his own govtech background.”

Mr. Colangelo is currently CEO of Avenu Insights & Analytics, which provides technology solutions that help local governments better serve their constituents. Previously, he was President and COO of Bluewater International, an advisor to early-stage to mid-maturity companies primarily in the cyber, critical infrastructure and national security markets. He was also President of Appriss, a provider of data and analytics solutions addressing safety, fraud, risk and compliance issues for government and commercial enterprises. Mr. Colangelo earned his bachelor’s degree from Seton Hall University and his MBA from Strayer University.

Currently, Mr. Schnoedl serves as Chairman emeritus of Springbrook, a provider of cloud-based financial software for local governments, having previously been its President and CEO. Prior to that, he was COO, CFO and CSO for Springbrook’s parent company, Accela. In addition, he served as Board Chair of BRZ and Deputy Board Chair of Österreichische Post, having begun his career as a Vice President at Deutsche Bank. Mr. Schnoedl holds an MBA from Harvard University and a PhD from the University of Vienna, Austria.

“Paul and Max are strategic thinkers with a wealth of experience in govtech,” said Rick Pleczko, CEO, Capstreet Operating Executive Group, and Executive Chair at PlanetBids. “We believe they will be an asset to PlanetBids as the Company continues expanding its efforts to assist local governments and public agencies in digitizing their procurement processes.”

About PlanetBids
PlanetBids is an eProcurement company providing software solutions to help government, private, nonprofit and educational procurement teams. Since 2000, PlanetBids has assisted customers nationwide in their outreach efforts to suppliers, while also helping them gain greater control and visibility over spend and streamlining many traditional time-consuming procurement practices. Its complete line of sustainable eProcurement solutions is offered through a suite of powerful modules that are easy-to-use, configurable, reliable and secure. Please visit home.planetbids.com/ for more information.

About Capstreet
Founded in 1990, Capstreet invests in lower middle market software, tech-enabled services, and industrial business services companies. With more than 50 platform investments and more than 200 add-on acquisitions since inception, Capstreet’s investment strategy is focused on utilizing its Capvalue Framework® to help accelerate growth and profitability, and create long-term sustainable businesses. The majority of Capstreet’s investments have been with founder- or entrepreneur-owned businesses. For more information, visit the Capstreet website, https://capstreet.com.

Contact:

Lambert
Joanne Lessner, 212-222-7436, jlessner@lambert.com
Jennifer Hurson, 845-507-0571, jhurson@lambert.com

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