Software & Services

Scott Berg

Scott Berg
Senior Analyst, SaaS/Application Software/Human Capital Management

Telephone: (763) 350-4027

Scott Berg joined Needham & Company, LLC in 2015. Previously, he was senior research analyst at Northland Capital Markets covering enterprise/application software. Prior to Northland, he was senior research analyst with Feltl & Company and research analyst/associate with ThinkEquity, both with a focus on enterprise software. Before his Wall Street career, Scott held a variety of internal IT management positions for 10 years. He holds an MBA in Finance and a B.A. in Economics from the University of Minnesota.

Mayank Tandon

Mayank Tandon
Senior Analyst, IT Services & Financial Technology

Telephone: (617) 457-0943

Mayank Tandon joined Needham & Company in 2011. Previously, Mayank was a research analyst at Signal Hill covering the financial technology/IT services and BPO sectors. Prior to Signal Hill, he was the software & services equity research analyst/select portfolio manager at Fidelity Investments, where he led the software and services research effort and managed the select software & computer services fund for two years. Before joining Fidelity, Mayank spent several years at Janney Montgomery Scott as an analyst covering IT services companies with a focus on consulting and outsourcing. He was ranked #1 in the 2013 FT/StarMine Analyst Awards for earnings estimating in the IT Services category. He holds an MA in Economics from Northeastern and a BA in Economics from University of Bombay.

Richard Valera
Senior Analyst, Technical Software & Communications Services

Telephone: (212) 705-0373

Richard Valera has been with Needham & Company since 1997 covering Communications Equipment and Electronic Design Automation (EDA) software. Prior to Needham he spent nine years in the EDA industry, most recently as a senior Applications Consultant at Synopsys, an industry-leading provider of logic synthesis and verification tools. Prior to Synopsys, he was employed at Viewlogic Systems and RacalRedac/HHB Systems in a variety of technical and marketing capacities.Richard has been recognized twice for his stock selection skill in The Wall Street Journal’s All-Star Analyst survey. Richard was ranked #2 in the 2013 FT/StarMine Analyst Awards for stock picking in the Communications Equipment category. He has a BS in Electrical Engineering from Carnegie Mellon University and an MBA in Finance from Rutgers University.

Scott Zeller
Senior Analyst, Infrastructure Software: Cloud, Security & Mobility

Telephone: (617) 457-0903

Scott Zeller joined Needham & Company, LLC in 2006. He covers Infrastructure Software (Security, Big Data, Mobility, Data Center Software). Previously, he was a Senior Analyst at First Albany Capital, where he covered Infrastructure Software. Earlier, he was a member of the Institutional Investor-ranked software teams at Deutsche Banc Alex. Brown and Lehman Brothers. Before his Wall Street career, Scott held IT consulting positions with Cambridge Technology Partners and Renaissance. Scott graduated from Cornell University with a BS in Economics.


Spencer Bogart, CFA
Research Analyst, Saas/Application Software and Internet/Financial Technology

Telephone: (415) 262-4877

Spencer Bogart joined Needham & Company in 2014. He currently leads the research efforts on blockchain technology and Bitcoin while supporting research on cloud software (SaaS) companies. Previously, Spencer was an Analyst with, where he authored research papers and market intelligence reports on the ETF market while also serving in a front-facing role presenting to the company’s large conference audiences and hosting webinars for financial advisors and institutional investors. Spencer graduated from the University of California, Santa Barbara with a degree in Business Economics.

Peter Levine
Research Associate, SaaS/Application Software/Human Capital Management

Telephone: (212) 705-0480

Jordan Zelin, CFA
Research Associate, Technical Software & Communications Services

Telephone: (212) 705-0286

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