Bruce Hollinger's departure as president of Exact Software North America (the former Macola) should not surprise anybody. After all, presidents of acquired companies often don't stick around and Hollinger's 15-month tenure after selling his company to Netherlands-based Exact Software was surprisingly long.

But Hollinger's exit signals the end of an era--the founder-led mid-market accounting software company. This is not a great revelation. Consolidating markets move from an entrepreneurial focus to a corporate focus as smaller companies disappear into broader ones.

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