IBJNews

Longtime T2 Systems CEO stepping down

Back to TopCommentsE-mailPrintBookmark and Share

The CEO and co-founder of Indianapolis-based software developer T2 Systems Inc. will step down effective Oct. 7 after 19 years running the firm, the company announced Tuesday afternoon.

Mike Simmons, who began the company with business partner Steve Howard in 1994, will keep his ties to T2 in a less hands-on role as its chairman.

Overseeing day-to-day operations as CEO will be David Sparks, who has left a post as executive vice president for TransCore LP, a Harrisburg, Pa.-based transportation software developer he co-founded.

Simmons, 50, who earned an engineering degree from Purdue University and sold software for IBM before starting T2, said he decided to hand over the reins because he realized he lacked the experience to keep growing the company.

“I’ve put all I’ve got into this company,” he said. “It was getting to the point that I wasn’t sure if I was the right guy. … As we begin to look at scaling the business, I don’t have a lot of experience with that.”

Simmons steered T2 through the dot-com bust in the early 2000s and the Great Recession that began in 2008.

Revenue grew roughly 20 percent per year over the past several years.

The company stopped reporting its revenue after it took on outside investors. A listing in Inc. magazine said T2 had $20.5 million in revenue in 2010, up from $12.4 in 2007.

Last year, T2 secured a $28 million investment from Pamlico Capital in Charlotte, N.C., setting itself up for a series of acquisitions.

Some of the growth has also fallen short in recent years. T2 fell under the city’s scrutiny earlier this year because it fell short of hiring and investment goals it made to receive a city tax abatement in 2007. The company has about 140 workers, including about 75 in Indianapolis.

Simmons said Sparks, 53, was better suited to oversee some of the acquisition plans and other growth strategies.

Sparks’ TransCore develops software for toll systems and other areas of transportation. Roper Industries, headquartered in Sarasota, Fla., bought TransCore for $600 million in 2004.

He has also served as a director of the Intelligent Transportation Society of America and chairman of its strategic planning committee. He has a bachelor’s degree and MBA from Texas A&M University.

Sparks was traveling Tuesday and could not be reached for comment.

Simmons said he intends to work day-to-day at T2 through the end of the year as he helps Sparks acclimate to the new job. They plan to travel the country to meet with customers to answer questions about the change.

“When you have a change like this, there can be some concern from customers and employees,” he said. “For me, this is the best of both worlds. I get to be involved with [T2] in some meaningful way, but we’re bringing someone in with significantly more experience. My hope is that our customers will see that.”

Once Jan. 1 comes, Simmons plans to take a year off to “relax and refocus.”

“I haven’t had the opportunity to do it in the past 20 years,” he said.

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. If what you stated is true, then this article is entirely inaccurate. "State sells bonds" is same as "State borrows money". Supposedly the company will "pay for them". But since we are paying the company, we are still paying for this road with borrowed money, even though the state has $2 billion in the bank.

  2. Andrew hit the nail on the head. AMTRAK provides terrible service and that is why the state has found a contractor to improve the service. More trips, on-time performance, better times, cleanliness and adequate or better restrooms. WI-FI and food service will also be provided. Transit from outlying areas will also be provided. I wouldn't take it the way it is but with the above services and marketing of the service,ridership will improve and more folks will explore Indy and may even want to move here.

  3. They could take the property using eminent domain and save money by not paying the church or building a soccer field and a new driveway. Ctrwd has monthly meetings open to all customers of the district. The meetings are listed and if the customers really cared that much they would show. Ctrwd works hard in every way they can to make sure the customer is put first. Overflows damage the surrounding environment and cost a lot of money every year. There have been many upgrades done through the years to help not send flow to Carmel. Even with the upgrades ctrwd cannot always keep up. I understand how a storage tank could be an eye sore, but has anyone thought to look at other lift stations or storage tanks. Most lift stations are right in the middle of neighborhoods. Some close to schools and soccer fields, and some right in back yards, or at least next to a back yard. We all have to work together to come up with a proper solution. The proposed solution by ctrwd is the best one offered so far.

  4. Fox has comments from several people that seem to have some inside information. I would refer to their website. Changed my whole opionion of this story.

  5. This place is great! I'm piggy backing and saying the Cobb salad is great. But the ribs are awesome. $6.49 for ribs and 2 sides?! They're delicious. If you work downtown, head over there.

ADVERTISEMENT