Nutanix CEO Dheeraj Pandey is leaving the company he co-founded in 2009. The hyperconverged infrastructure (HCI) vendor shared the news amid a flurry of other announcements, including its fourth-quarter 2020 earnings five days ahead of schedule, and a $750 million investment from Bain Capital Private Equity.

“It’s been an honor to lead this insurgent company over the past decade,” Pandey said during the company’s earnings call. “I know that my legacy will continue as I pass the baton in the coming quarters.”

He plans to continue in the role until a successor is selected by the company’s board of directors. “Guided by a vision of making IT infrastructure so simple that it becomes invisible, our team has built Nutanix into a leader in cloud software and a pioneer in hybrid cloud infrastructure solutions,” Pandey said in a statement. 

Nutanix reported a 9% year-over-year increase in revenue of $327.9 million, and a 5% jump in billings during the same period. While the quarter resulted in a net loss of $185.3 million, the company's stock jumped 16.5% in after-hours trading.

The company’s ongoing transition to a software subscription-based business model has fueled consistent growth amid the COVID-19 crisis. CFO Duston Williams said that transition is “nearly complete,” adding that 88% of billings for the quarter came from subscriptions, which grew 29% from the year-ago period to $341 million. Subscriptions captured 84% of billings during the previous quarter. 

Subscription-based revenue was up 46% year over year to $285 million, representing 87% of total revenue during the quarter. Nutanix has sold a cumulative $2.2 billion in subscriptions during the last two years, Williams said. 

The $750 million investment from Bain Capital Private Equity, which includes the appointment of two of the firm’s managing directors to Nutanix’s board, will also provide the capital necessary to get through its transition as contract renewals, billing, forms of payment, and uniquely structured loans for services shift to a new model, Pandey explained during the call. 

Alongside that shift, Nutanix announced that it will only be providing guidance on annual contract value billings instead of total contract value billings and revenue. 

Nutanix, earlier this month, made its HCI software stack available on bare metal Amazon Elastic Compute Cloud (EC2) instances on Amazon Web Services (AWS).

The company ended the quarter with 17,360 end customers, including new customers AIB Group, Cadence Design Systems, Dongfeng Renault, MayBank Singapore, and QBE Insurance.