RealTime IT News

New Exec Steers IE-Engine

IE-Engine, a Gloucester, Mass., provider of software that helps companies select and manage health care and benefits programs, has named the market leader in John McMahon a former Ariba executive, as president and COO.

The appointment comes days after the company raised $6.4 million in first-round financing to enhance its product.

"John has an intimate knowledge of supply chain automation and a remarkable record of achievement," said Kevin Reed, IE-Engine's chairman and CEO. "His addition accelerates the company's strategic efforts to become the dominant provider of employee benefits and HR services e-procurement solutions."

McMahon has 15 years of management experience in the software industry, most recently as vice president of sales and operations for Ariba. He has also help executive posts at Cisco, GeoTel Communications and Parametric Technology Corporation.

"To source health, dental, life, disability insurance and employee benefits is a time consuming, convoluted, paper based process," McMahon said. "IE-Engine's software facilitates the process to strategically source insurance and benefits, drastically reducing the timeframe required, while substantially cutting premiums."

As a result of McMahon's arrival, Brent Bannerman, an IE-Engine cofounder and its former president, becomes vice president of business development.

IE-Engine is privately hald and has offices in Ottawa, Canada. The firm is venture backed by Kodiak Ventures, of Concord, Mass., RBC Capital Partners, a Toronto affiliate of Royal Bank of Canada, and private invetors.