Pax8’s New CFO: ‘I See Innovation Driving Financial Growth’

‘The tech industry is rapidly evolving and Pax8 is also moving really fast [so] it’s crucial that we stay ahead of the curve,’ says Craig Foster, Pax8’s new finance chief. ‘This means making big bets in areas of key investment and fostering a culture of continuous improvement. I will also prioritize data-driven decision-making to ensure that our financial strategies are aligned with market trends and customer needs.’

Craig Foster has a vision for Pax8’s future with an emphasis on innovation and adaptability as key drivers of both financial success and market leadership.

With more than 25 years of experience in finance, operations and capital markets, Foster joined Pax8 earlier this month as its chief financial officer and is ready to lead Pax8’s financial strategy as the company accelerates its growth and innovation.

“At Pax8, I see innovation driving financial growth and efficiency through new marketplace features and building on the programs and support that have already made Pax8 a success,” he told CRN in an email.

Foster’s role will be integral in shaping the Greenwood Village, Colorado-based marketplace’s fiscal planning and operations to ensure the company remains agile for continued expansion. Reporting directly to CEO Scott Chasin, Foster will play a pivotal role in helping Pax8 navigate the rapidly evolving technology sector.

“I am confident that Craig’s addition to our leadership team will drive our overall success and support our mission to be the leading technology marketplace in support of solution providers and the SMB market,” Chasin told CRN an email. “I look forward to working closely with Craig and seeing the positive impact he will have on Pax8.”

Foster’s wealth of experience includes serving as CFO for several high-profile public and private technology companies, including Ubiquiti, Bright Machines and Financial Engines. Most recently, he was CFO at PicsArt, a leading consumer software company.

“Technology is moving at an incredibly fast pace, and so is Pax8,” he said. “It’s crucial that we stay ahead of the curve, making strategic investments and fostering a culture of continuous improvement.”

As a privately held company, Pax8 would not disclose revenue or future investments, “but we are a scaled, hyper-growth company. Pax8 recently ranked 442 on the Inc. 5000 list due to 1,010 percent growth over three years ending December 2023,” a spokesperson said.

The company's latest funding round was for $185 million in April 2022.

As Foster steps into his new role, his immediate focus will be identifying opportunities for optimizing efficiency and growth, while ensuring that Pax8 remains at the forefront of cloud commerce innovation.

“My initial goals are to build strong relationships with all Pax8 teams and key stakeholders to hit the ground running and make an immediate positive impact,” he said. “I plan to enhance our financial strategy by prioritizing data-driven decision-making and ensuring that our financial strategies align with market trends and customer needs.”

His approach will center on agility and responsiveness, key aspects of Pax8’s ongoing mission to stay ahead of industry trends. He aims to build on the company’s existing foundation of innovation, leveraging data and automation to optimize real-time decision-making and boost operational efficiency.

“I see innovation driving financial growth and efficiency at Pax8, particularly as we roll out new marketplace features and continue building on the strong programs that have fueled our success,” he said. “My top priorities include strengthening our financial foundation and enhancing our strategic planning processes to drive our initiatives forward. Pax8 has an unlimited number of strategies, and the focus of my role is to help shape them into solutions that maximize value for both us and our partners.”

Chasin echoed Foster’s commitment to building a collaborative culture at Pax8, recognizing that Foster’s diverse experience in both public and private sectors will enable him to successfully navigate the challenges of scaling a global technology marketplace.

“Craig’s deep understanding of both financial and operational strategy will help us continue our rapid growth trajectory,” Chasin said. “His expertise will ensure that we remain aligned with our broader mission of driving innovation and supporting the needs of our partners and customers.”

As Pax8 prepares for further expansion in 2025, Chasin highlighted several key growth opportunities that Foster’s financial leadership will help capitalize on.

“This year, we are investing heavily in our marketplace, focusing on features that drive partner growth, operational efficiency and cost optimization,” he said. “Craig’s financial experience will be instrumental in helping us achieve these goals and expand our market reach.”

Looking ahead, Foster sees significant potential for Pax8 to innovate and lead the cloud commerce industry.

“With the right strategies and a collaborative approach, we can achieve great things in pushing our leading cloud commerce into the future,” he said. ‘The tech industry is rapidly evolving and Pax8 is also moving really fast [so] it’s crucial that we stay ahead of the curve. This means making big bets in areas of key investment and fostering a culture of continuous improvement.”