H. Ray Bingham, formerly the executive chairman of the software company Cadence Design Systems, has joined Greenwich, Connecticut-based global private equity firm General Atlantic as the managing director of the firm’s Palo Alto, California office, General Atlantic said in a statement. General Atlantic specialises in companies in the information technology and intellectual property sectors.
Bingham worked at San Jose, California-based Cadence, an electronics design automation software company, from 1993 until 2005. There he held various management roles, including executive vice president, CFO and CEO. Under his leadership, Cadence grew in value from $360 million to $1.3 billion, the statement said. He also expanded Cadence into global markets like India, China, Israel and Russia.
General Atlantic has had a West Coast presence since its founding in 1980 and established its Palo Alto office in 2001. Situated in the technology center of the US, that office maintains relationships with venture capital and private equity firms as well as global businesses in the area, the statement said. Bingham’s background in global business expansion and his expertise in technology will benefit General Atlantic, said Steven Denning, General Atlantic’s chairman, in the statement.
General Atlantic also has offices in New York, London, Hong Kong and Mumbai. Earlier this month the firm promoted its president, William Ford, to the position of CEO. It also promoted Rene Kern from managing director of its Greenwich, Connecticut office to chair of its portfolio committee.
In September, General Atlantic bought a controlling 52 percent interest in Emdeon Business Services, a business, technology and information solutions provider for the healthcare industry, for approximately $1.2 billion.