Brookfield-based Connecture Inc. has named Brian Lindstrom as its new chief financial officer, while announcing current CFO Vince Estrada will become executive vice president of corporate development.
Lindstrom joins Connecture, a provider of web-based information systems used to create health insurance marketplaces, from Madison-based Datica Health as chief operating officer.
He previously was CFO and controller at Influence Health and Epic Systems.
Connecture said Lindstrom’s financial and operational leadership experience over the last 20 years helped drive M&A activity and integrations, improve operating performance and create strong shareholder value.
The company described the move as a planned transition for Estrada, who joined the company as CFO in January. In his new role, he will focus on accelerating growth strategies and creating new opportunities for Connecture, the company said.
“We are thrilled to welcome Brian as our new CFO,” said Jeff Surges, president and CEO. “His industry experience and enthusiasm for achieving profitable results will further assist us in our critical next phase of growth. At the same time, Vince can capitalize on his very successful first year and bring a renewed focus to our overall company strategy.”
In October, Connecture announced plans to withdraw its stock from the Nasdaq stock market and list its shares on the OTCQX market. The company received a deficiency notice from Nasdaq in May, indicating it had not met the required $15 million minimum market value of publicly held shares for the past 30 consecutive business days.
In its third quarter, Connecture narrowed its loss, but pulled in less revenue than in the same period in 2016. The company reported a third-quarter net loss of $171,000, or 8 cents lost per diluted share, compared with a net loss of $3.1 million, or 18 cents lost per share, in the same period last year. Revenue totaled $20.5 million in the second quarter, down from $24.7 million in the third quarter of 2016.