The Operand Group

Michael Miles

Michael Miles is a veteran of search fund investments since 2009. He has served as a board member and trusted advisor for many search fund-backed enterprises, including successful outcomes with Innflux and Workplace Answers. In 2014, Michael co-founded The Operand Group a fund that invests exclusively in search funds. 


Michael also has 25+ years of experience building, growing and operating recruiting businesses. In 1988, Michael founded SeatonCorp, a leading provider of recruiting, vendor-on-premise staffing and end-to-end supplier management solutions for strategic users of contingent labor. In 2014, Michael and his investor group sold SeatonCorp to True Blue (NYSE: TBI). Under Michael’s leadership, SeatonCorp grew from a staff of two to one of Crain’s “Largest Privately Held Companies” in Chicago, with more than 2,500 employees. SeatonCorp achieved consistent, organic growth resulting in a 20%+ compounded annual growth rate over a 25-year period, earning more than $700 million in revenue during 2014. Michael has been recognized with several awards including: the Staffing Industry Analysts’ Peter Yessne Workforce Innovator Award, a finalist in the Ernst & Young Entrepreneur Of The Year® program, and is listed on The Staffing 100 (the 100 most influential people in the staffing industry). In 2012, Michael founded INCubatoredu (non-profit), a national program teaching high school students how to start a business.  Michael is a Board member at Caravel, RIVS, EmployBridge, Insertech and Penn Foster. He is a member of the Economic Club of Chicago and earned a Bachelor of Science in Finance from Arizona State University.

Carlos Saez

Carlos is Co-Founder and Managing Director of The Operand Group. He is responsible for overall management and administration of the Firm’s investing activities in Search Funds. In his role, Carlos is also a Board Member at L.A.W. Publications and E-Card Systems. Prior to his current role, Carlos had 16 years of proprietary investment and operations experience in the equity derivatives industry.  Carlos was Chief Investment Officer for Spot Trading in Chicago from 2009-2015, managing all Trading, Equity Research, Financial Engineering and front-office software development activities. Prior to this experience, Carlos executed various trading roles successfully, and in so doing gained valuable process, technology, and management skills that he is eager to share with young entrepreneurs. When not investing in searchers, Carlos is actively involved as a Director for the Barrington Area Community Foundation and a Founding Board Member of INCubatorEdu. Carlos received his undergraduate degree in Civil Engineering from The Georgia Institute of Technology and his MBA from the University of Chicago Booth.