A private equity-backed SaaS company faced challenges after three acquisitions, including stretched finance functions, unscalable internal processes, and lack of holistic visibility across entities. To address these issues, they partnered with Consero.
Key Takeaways:
- Consero provided an on-demand finance team and implemented best-in-breed systems within 30 to 90 days.
- This led to improved efficiency, accurate real-time financial insights, and a scalable finance function capable of seamlessly integrating future acquisitions.
- The CFO’s focus shifted from 5% to 95% on strategic initiatives, such as evaluating potential acquisitions.
The Situation
A PE-backed SaaS company generating $48M in revenue with 300 employees quickly outgrew finance and accounting systems after three acquisitions. The goal was to have one streamlined process to quickly onboard and manage all entities.
Challenges:
- Finance function was stretched after initial acquisitions
- Internal processes could not scale as the company grew
- No holistic visibility into all entities
- CFO was buried with time-consuming daily financial operations
The Consero Solution
Consero’s Finance as a Service (FaaS) solution empowered the company with scalable finance and accounting capabilities tailored to their growth and acquisition-driven strategy, including:
- Efficient finance & accounting software and workflows that include one GL for all entities with multidimensional views
- Experienced and on-demand finance team to address fluctuating needs
- Accurate, timely audit-ready financial reporting
- Consistent and reliable back-office services including, transaction processing, closing and reporting, to scale as needed
“The relationship with Consero has allowed me to move quickly with our private equity investors and evaluate potential acquisitions.
If we were to swiftly execute on an opportunity, I’m confident that they would fold it in quickly and seamlessly.” – Mike Dionne (CFO)
The Results
Consero transformed their back-office operations by integrating a unified GL across all entities, providing on-demand financial expertise, and delivering timely, audit-ready reporting. This partnership enabled the CFO to focus on strategic initiatives, confidently collaborate with private equity investors, and seamlessly integrate future acquisitions.
- On-Demand Finance Team: Consero’s skilled finance professionals tackle the back-office transactional work and can also scale as the company experiences a spike.
- New Systems: Updated with best-in-breed systems and proven processes mapped to the business within 30-90 days improves the quality, efficiency, and cost structure of financial operations.
- Accurate and Real-Time Business Insight: SIMPL’s standardized and accurate financial reporting provides a clear financial picture of all entities and enables sharp decision making.
- Repeatable Results: An acquisition-ready finance function that can easily onboard and manage new acquisitions onto one General Ledger.
- Time for Strategy: CFO went from spending 5% of his time on strategy to 95% so he could focus on acquisitions and value-add initiatives.
