Centage Announces Death of CEO Barry Clapp, Passionate Visionary, Innovator and Mentor

11/22/17

Centage Corporation (www.centage.com) announced today that President and Chief Executive Officer Barry Clapp, passed away on Thursday of last week on his 66th birthday, surrounded by his family.

"Barry worked tirelessly over the last five years to transform Centage into the leader the company has become. His passion for the company, his commitment to excellence, his unequaled standards of integrity and character and his devotion to his customers, employees and investors is unlike anything I've seen in my lifetime. We will all carry the things we learned from Barry with us for the rest of our lives, and he will serve as an inspiration to us all," said Jeb Spencer, who has been appointed executive chairman of Centage and also serves as co-founder and managing partner of TVC Capital.

During his 5 years at Centage, Barry oversaw the quadrupling of Centage's sales with a consistent 30 to 40% yearly growth. He streamlined the company's sales processes, and quintupled the number of employees. His passion for innovation led to the successful transition of Centage's flagship product, Budget Maestro, to a robust cloud-based budgeting solution.

Barry started his 30-plus year career in technology sales, marketing, and business management at IBM. He credited his experience at IBM with fostering his customer-driven, value-driven, solution-oriented approach to management that he put into practice throughout his career. After leaving IBM, he devoted five years to helping build Management Decision Systems, an innovative decision-support software company, into a market leader with its Express product. Barry then moved into international business development, opening worldwide distribution for an application development tool sold by Cortex. He participated in raising venture capital for that firm and doubled the company sales by growing the international division. Later, Barry managed $25 million in worldwide sales and support as VP at satellite imagery company DigitalGlobe and then served as a strategic consultant to accelerate the growth of several early-stage companies. Barry earned his Bachelor of Science degree in business administration from Nichols College and his MBA with honors from Babson College.

Barry is survived by his wife Paula; son Jesse Clapp and his wife, Erica (Decker) Clapp; daughter Laura Clapp; and his grandsons, Clyde and Felix Clapp.

Mr. Spencer's appointment to executive chairman will entrust him with the duties held by Mr. Clapp in the interim until a successor is announced. Mr. Spencer and the entire team at Centage will continue his legacy and his vision for innovative solutions and taking Centage to new heights.

Any questions and inquiries can be directed to David Winterhalter dwinterhalter@centage.com or 508-948-0066.

About Centage

Centage Corporation develops automated, budgeting, and planning software solutions for mid-market organizations. Its flagship product, Budget Maestro® is an easy-to-use, scalable, cloud-based budgeting and forecasting solution that eliminates the time-consuming and error-prone activities associated with using spreadsheets. Designed to support a comprehensive Smart Budgets approach to corporate planning, Budget Maestro offers built-in financial and business logic which allows users to create and update budgets and forecasts quickly and accurately. It is the only solution that offers synchronized P&L, balance sheet and automatically generated cash flow reporting. Budget Maestro serves more than 9,000 users worldwide. Visit us at Centage.com, follow us on Twitter, or visit the Centage Blog for the latest insights on budgeting and forecasting strategies.

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