Raintree Systems, a Temecula, Calif-based developer of software for the healthcare industry, announces the passing of its Founder and CEO, Richard Welty. The company is mourning this loss and extends its condolences to his wife, their children, and the entire Welty family.
Terrence Sims, former Chief Operating Officer and current President of Strategic Growth & Marketing has been appointed Interim CEO, the company announces in a media release.
“Richard was full of life, love, and he had the broadest, deepest, and most inclusive heart of anyone I’ve known. Our business and product plans are well established. We know the impact of Richard’s legacy, but it is because of that legacy we will continue on our path and continue to fully support the Raintree mission. We will honor his memory fueled by his passion to build industry leading software and by promoting Software-as-a-Relationship.”
— Terence Sims
Founded in the Early ’80s
Welty started Raintree Systems with his father in the early ’80s, and it has been flourishing ever since in terms of products, services, people and revenue. During Welty’s tenure at Raintree, he coined the term, Software-as-a-Relationship, and strived to conduct business for the common good by leveraging technology to deliver high quality healthcare that highlighted the WHO while working on the WHAT. He often stated that “Software is Raintree’s passion, but people are our purpose.”
“We are shocked and saddened by the passing of my best friend and husband, Richard Welty. He was a brilliant and loving human being, and his departure leaves a huge void in the hearts of so many around the world. On behalf of the Board of Directors, we want to express our confidence in and appreciation for the leadership team executing on my husband’s vision.”
— Lorraine Welty, President of the Product Division & Executive Chairman of the Board of Directors
Raintree is well positioned to accelerate the growth and expansion spurred by the addition of Sims as COO in 2007. During the 12-year span from January 2008 to December 2019, the company revenue grew by 499.2% or 15.7% CAGR. A corporate restructuring led by Richard Welty was completed in 2019 and effectively distributed strategic operations to divisional presidents, all of which have in excess of 15 years of experience with the company. Since then, the company has tripled its cash reserves, continues to increase profitability and is on track to double its revenue again over the next 3 years, per the release.
[Source(s): Raintree Systems, PR Newswire]