Mark Modica
CEO

Mark Modica founded CyberCFO to assist technology executives build their businesses from vision to the bottom line. In the past three years, Mark has helped clients create and manage over $200 million in private placement funding. Previously, Mark has served as the Controller and CFO for several of the region's corporations, including one that is currently listed on the NASDAQ exchange. Mark assisted his first client at CyberCFO in raising $16 million in venture capital money and ultimately helped lead the company to a successful $25 million IPO.

Mark brings  fifteen years of experience in software sales, professional services, and government contracting for companies in the $1-$25 million sales range. Mark works with high-growth-rate, start-up, and mature companies across a wide range of industries, such as health care, software, Internet content, professional services/consulting, real estate development, telecommunications, and manufacturing and wholesale distribution. This gives him a breadth of experience to draw from in his advisory role to the firm's executive clients. 

As a former auditor with Deloitte & Touche, Mark has a working knowledge and firm understanding of taxation issues facing today's corporations.   He holds a Masters degree in Accounting from Northeastern's Graduate School of Professional Accounting, as well as an undergraduate degree from Trinity College in Hartford, Connecticut. Mark is a Certified Public Accountant.

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Rick Foster
President

Rick Foster provides CyberCFO clients with tax accounting expertise (including tax effects of mergers and acquisitions), process improvements, excellent client service and proven problem-solving techniques.  Prior to joining CyberCFO's management team, Rick was a Tax Senior Associate with Coopers & Lybrand, LLP in Baltimore, Maryland, where he:

• Reviewed corporate, partnership, and individual tax returns;
• Managed client projects; and
• Researched various tax effects and tax planning issues.

Previously, Rick served for four years as a Controller and an Audit Consultant for Specialized Marketing, Ltd., where he:

• Improved methods for profit tracking;
• Monitored accounting methods, payroll, taxes, collections, and profit maximization; and
• Responded to government inquiries and audits. 

Rick holds a Masters of Law in Taxation from the New York University School of Law, a Juris Doctor (cum laude) from the University of Baltimore School of Law, and a Bachelors degree in Accounting (magna cum laude) from Frostburg State University.

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Elizabeth Hopkins
CyberCFO

Elizabeth Hopkins brings 15 years of business management, advisory, accounting and tax experience in the technology and professional services industries to her position as a CyberCFO. Liz’s exceptional analytical and decision-making skills help our client companies resolve their financial and managerial challenges. She works closely with the CyberCFO analyst team to develop advanced business models that incorporate the client's business goals and strategies. In addition, Liz assists our clients in developing internal fiscal policies, structuring employee benefit plans, and assembling their accounting departments.

Liz holds a Bachelors degree in Accounting from Virginia Tech and a Masters degree in Taxation from American University. She is also a licensed Certified Public Accountant in Virginia and the District of Columbia, and a member of the American Institute of Certified Public Accountants and the Greater Washington Society of CPAs.

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Keith Delaney
CyberCFO

Keith Delaney is a licensed Certified Public Accountant in the state of Pennsylvania. He has spent his most recent years servicing clients in the Philadelphia emerging growth practice of Arthur Andersen LLP.  During his tenure at AALLP, Keith was integrally involved with companies from the development stage, venture capital financing through public offerings.  Keith specialized within the small- to middle-market technology, telecomm, and software based companies in accounting and business advisory positions.

With a major in Accounting and Finance from the Wharton School of Business at the University of Pennsylvania, Keith entered the public accounting industry and received an early promotion to manager before leaving. During his tenure at the Wharton School, Keith served as a financial consultant to DC Corp., a venture backed company that operated TV film production, distribution and consulting services.

Keith has been actively involved in the company's business development expansion efforts, a role that includes the opening of a satellite office for the Philadelphia metropolitan area.

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Dennis Bilski
CyberAnalyst

Dennis works with clients to develop and enhance their financial models and business plans. In addition, Dennis provides CyberCFO’s clients with business analysis and advisory services.

Prior to joining CyberCFO, Dennis spent five years at Arthur Andersen, LLP in the metro D.C. area.  Dennis worked as an audit manager in the Enterprise, Communications and Services group with a focus on emerging-growth companies. Dennis performed financial statement audits and due diligence procedures related to acquisitions and issuances of debt and equity securities.  After leaving Arthur Andersen, Dennis worked within the finance department of a start-up company in the telecom services industry, where he played an integral role in establishing the company’s overseas operations. 

Dennis graduated from The College of William and Mary with a Bachelor of Business Administration in Accounting.  Dennis is also a Certified Public Accountant in Virginia.

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Sharon Frey
CyberAnalyst

Sharon Frey brings four years of financial and economic analysis experience in the housing finance and consulting industries to CyberCFO. As a financial consultant at PricewaterhouseCoopers, she gained invaluable insight into some of the financial and operational challenges that may be experienced by our client companies. She has experience in analysis, forecasting, budgeting, and business process re-engineering for several government agencies, as well as internally for PricewaterhouseCoopers.

Sharon is responsible for forecasting, budgeting and analyzing the performance of CyberCFO's clients. Our clients benefit from her experience in developing financial and operating plans that incorporate a business' goals and strategies.

Sharon holds a Bachelor's in commerce with concentrations in Finance and International Business from the University of Virginia.

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Michelle Gable Bilski
CyberAnalyst

Michelle Gable Bilski assists clients in creating strong financial models and refining their business plans. In addition to developing models for over a dozen clients in various stages of growth, Michelle guides clients in preparing financial presentations for board meetings, potential bank financing and venture capital firms.

Michelle has extensive experience in corporate finance and financial modeling, having begun her career at Arthur Andersen where she worked in the Audit department and was able to participate in due diligence associated with large transactions. She has also worked for The Carlyle Group, a Washington DC-based venture capital firm. During her tenure at The Carlyle Group, Michelle was responsible for the management of the firm's European buy-out fund that exceeded $1 billion and was also responsible for structuring and closing each international investment made by the fund. She also played a pivotal role in the development and fundraising of Carlyle's $750 million Asian buy-out fund and was recognized for her involvement in negotiating and securing $100 million from a single investor. In addition to assisting in the formation of Carlyle's $350 million European Internet Fund, she served as the primary contact for over 100 investors, including large corporations, pension plans and European and Middle-Eastern royalty.

Michelle graduated from The College of William and Mary with a Bachelors degree in Accounting. She is a Certified Public Accountant and member of the American Institute of Certified Public Accountants.

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Angela Lee
Controller

Angela brings over 2 years of accounting experience within the emerging-growth technology industry.  In her former role, as an auditor at Arthur Andersen, she gained invaluable software accounting experience through working in the Enterprise, Communications and Services group, a division that focuses on high-tech and manufacturing industries.

Angela is responsible for implementing financial infrastructure, financial reporting, and developing accounting procedures and policies for CyberCFO clients.

Angela holds a Bachelor of Science degree in Commerce and a minor in French from the University of Virginia.

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Glenn Paulraj
CyberController

Glenn Paulraj couples his financial expertise with his technology knowledge to give our clients oversight and guidance in the implementation of their accounting systems.  Additionally, Glenn implements accounting procedures, trains personnel and prepares monthly financials for client company's CEOs and Boards of Directors.

Prior to joining CyberCFO, Mr. Paulraj held the position of Controller at Cyntergy Corporation, where he was responsible for the company's annual audit and the implemented conversion of payroll and accounting systems. As Controller and Interim CFO of MediaStream, a subsidiary of Knight Ridder, Glenn implemented a customized billing system for web content purchases, while overseeing the implementation of Oracle Financial Systems. Previously, he served as Assistant Controller at Phillips Publishing Company. Glenn holds a Bachelors degree in Business Administration at the University of Maryland.

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James Thalheimer
CyberAnalyst

James Thalheimer has spent over 15 years evaluating investment opportunities, analyzing business models, creating financial projections and reviewing company performance.

Before joining CyberCFO, James served as CIO and Senior Associate at Bachow & Associates, a venture capital firm outside Philadelphia. He was part of a team that raised over $700 million of equity invested in over 30 companies.  At Bachow, in addition to his duties analyzing potential investments, James was also responsible for monitoring computer systems and coordinating automation of various departments and reporting systems for all affiliated companies.

James had earlier acted as Senior Investment Analyst at CMS Investment Resources, Inc., of Philadelphia, where his focus was financial planning for individual investors. He was a member of a team that assembled a $400 million investment portfolio for various clients.

James holds a Master’s Degree in Business Administration and Finance from The Wharton School of the University of Pennsylvania.  He received a Bachelor of Science Degree from Brown University.

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Robert Understein

Robert Understein, has over 37 years of financial and tax planning experience for high-income, high net-worth individuals and closely held businesses.

Prior to joining CyberCFO, Bob served as President and CEO of Understein and Associates (U&A), a financial and tax planning company based in the Mid-Atlantic area. In addition to providing these services for its clients, U&A facilitated over $75 million in equity raise for businesses encompassing $350 million of total assets.  Subsequent to his work experience at U&A, he concluded $50 million in commercial mortgage financing as an investment mortgage banker as well as working with multiple Internet Technology startup companies assisting them with capital raising and financial plan development.

Bob holds a BS in accounting from University of Virginia and a JD from American University Law School.  He sits on the advisory boards of the University of Virginia’s McIntire School of Commerce, the American Council of Young Political Leaders and the Fund for American Studies

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Lela K. Wulf
CyberCFO

Lela has over fifteen years experience in strategic and financial planning.  Most recently, she has been providing business consulting services to a variety of technology-focused start-up and emerging growth companies.

Lela brings invaluable experience to CyberCFO from her former roles as a Vice President with Shattuck Hammond Partners, a division of PricewaterhouseCoopers Securities, where she provided transaction advisory services to a variety of healthcare service and technology organizations. Additionally, she has served as a consultant with KPMG, where she provided strategy and service delivery planning and as an internal planner for two Kaiser Permanente regions.

Lela holds a B.B.A. in Marketing from the University of Iowa and a M.B.A. in Finance from the University of Denver.

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