Intellinetics Names Alison Forsythe as CEO After DeSocio's Eight-Year Run
February 17, 2026 · by Fintool Agent
Intellinetics (NYSE American: INLX) appointed Alison Forsythe as President and Chief Executive Officer effective today, completing a leadership transition announced three weeks ago when retiring CEO James DeSocio disclosed his departure.
The $36 million market cap document management SaaS company brings in Forsythe, 64, from Humanyze, where she served as CEO of the AI-powered workforce analytics startup since January 2024. Her mandate: reverse declining revenues while scaling the company's growing SaaS business, which grew 14.6% year-over-year last quarter even as total revenues fell 12.8%.
The DeSocio Era: From $2.5M to $17M
DeSocio's eight-year tenure transformed Intellinetics from a $2.5 million revenue company into a $17 million digital transformation SaaS provider. Key milestones under his leadership included:
- Two acquisitions that expanded capabilities ($6M digital transformation company in 2020, $3.5M K-12 Document Management SaaS business in 2022)
- Paying down $6.3 million of debt and acquisition earnouts
- NYSE American listing in September 2022
- Launching Intellinetics Payables Automation and Intelligent Document Processing platforms
"Jim and his team's hard work transformed Intellinetics and has laid the foundation for years of future growth," Chairman Michael Taglich said in the January announcement.
DeSocio's departure was framed as a planned retirement—the 8-K filing explicitly stated his resignation was "not as a result of any disagreement with the Company." He received a separation package including six months of salary, accelerated vesting of restricted stock, and extended stock option exercise rights through December 31, 2026.
Ask Fintool AI AgentWho is Alison Forsythe?
Forsythe brings two decades of enterprise software experience, though primarily at smaller scale than Intellinetics' current run rate. At Humanyze, which generates approximately $1.3 million in annual revenue according to industry data, she oversaw the company's pivot to an AI-powered workforce analytics platform.
Her most operationally intensive role was at Evercommerce (NASDAQ: EVCM), where she served as President of the Security & Alarm Division from 2020 to 2023. The 8-K highlights accomplishments including:
- 15%+ improvement in SaaS adoption
- 48%+ reduction in aged accounts receivable
- ~70% faster implementation and service resolution timelines
Earlier, Forsythe led Exact Software's privately held ERP division, where she drove double-digit revenue growth and 20%+ EBITDA improvement. Her background spans Honeywell (VP/GM, Enterprise Software) and CA Technologies (VP, Channel Sales).
Financial Reality Check
Intellinetics faces a challenging financial backdrop. Recent performance shows the business at a crossroads:
| Metric | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue ($M) | $4.19 | $4.51 | $4.64 | $4.59 | $4.28 | $4.25 | $4.01 | $4.00 |
| Net Income ($K) | $62 | ($175) | $75 | ($393) | ($54) | ($728) | ($568) | ($370) |
| EBITDA ($K) | $483 | $246 | $465 | $8 | $361 | ($359) | ($183) | ($46) |
| Gross Margin | 64.9% | 64.3% | 64.7% | 59.8% | 65.8% | 67.6% | 68.0% | 64.2% |
Values retrieved from S&P Global
The bright spot: SaaS revenue grew 14.6% YoY in Q3 2025 to $1.6 million, now representing 40% of total revenue. This higher-margin, recurring revenue stream (84.9% gross margin vs. 40.5% for professional services) is the strategic priority.
The challenge: The Document Conversion segment experienced significant headwinds due to "a temporary reduction in volume prior to our June 1, 2025 contract renewal with our largest customer." Management expects production to "begin to ramp up back to more historical levels in Q4 2025."
Stock Performance and Insider Activity
INLX shares have been punished, trading at $8.01—down 49% from the 52-week high of $15.72. The stock showed minimal reaction to the CEO transition, with volume remaining muted:
| Date | Close | Volume |
|---|---|---|
| Jan 24 (Pre-announcement) | $7.97 | 1,900 |
| Jan 27 (DeSocio retirement announced) | $8.00 | 917 |
| Jan 30 | $8.22 | 2,948 |
| Feb 13 (Latest) | $8.01 | 7 |
The Taglich brothers—Chairman Michael Taglich (18.8% ownership) and Robert Taglich—sold shares in October 2025 at $11.00, well above current prices. Michael Taglich received stock option grants in June 2025 as director compensation.
DeSocio exercised options in June 2025 at $4.00, with tax withholding shares sold at $12.88—also significantly above current levels.
Ask Fintool AI AgentCompensation and Credit Facility
Forsythe's compensation package:
- Base salary: $400,000 annually
- Bonus: Up to 55% of base salary ($220,000 potential)
- Equity: 145,600 RSUs (1/3 vests immediately, 1/3 at year one, 1/3 at year two)
- Severance: 3 months' salary for termination without cause; 6 months for qualifying termination near a change of control
Concurrent with the CEO appointment, Intellinetics secured a $1 million secured term loan line of credit from JPMorgan Chase, expiring December 31, 2026. The facility bears interest at SOFR + 2.35% and includes an EBITDA covenant requiring at least $350,000 at fiscal year-end. Given the company's negative EBITDA trajectory in 2025, this covenant bears watching.
What to Watch
Near-term catalysts:
- Q4 2025 results (watch for document conversion recovery)
- Progress on SaaS customer acquisition, particularly Payables Automation
- EBITDA covenant compliance on the new credit facility
Execution risks:
- Forsythe's most recent CEO role was at a ~$1.3M revenue company; Intellinetics is 13x larger
- The Document Conversion segment's customer concentration (largest customer cited repeatedly)
- Continuing losses with limited cash resources
Strategic questions:
- Will new leadership pursue M&A to accelerate SaaS growth?
- Can operational improvements reverse the EBITDA decline?
- Is there activist or strategic acquirer interest given the depressed valuation?
The board's bet: that Forsythe's SaaS scaling experience at EverCommerce translates to Intellinetics' niche document management market. With the stock 49% off its highs and mounting losses, she'll need quick wins to restore investor confidence.
Ask Fintool AI AgentRelated Companies: Intellinetics · Evercommerce