As a leading open source software publisher in its sector, this startup had seen its workforce increase from 150 to 300 and had grown new orders from $15m to $30m. At the same time, the company’s presence had expanded to include all of Europe, the United States and China. The shareholder base included the Chairman and joint-founder of the company, supported by venture capital funds. Having focused all its energy on the development of the best product and establishment of its community of users, the Group was entering the product marketing phase and needed to rapidly structure its support functions. A headhunt was launched to recruit a Group CFO based in the United States to take over from the part-time Financial Director who had been with the company since its creation. Globalise was commissioned to structure the Group’s finance function to support its development in advance of the arrival of the new CFO.
The Globalise finance director, who was very familiar with the software sector, started work on his assignment one week after an analysis of the situation by the Globalise partner and the Group’s director. This assignment involved structuring reporting, budgetary control and consolidation processes across the whole Group. He also needed to establish Order to Cash and Purchase to Pay procedures, along with associated IT systems, as well as defining the target organization of finance teams and participating actively in the recruitment of the EMEA Financial Controller and the Group Accounting Director. A further need was to formalize and harmonize compensation systems and prepare the establishment of a 35-hour agreement for France while supporting the creation of the Japanese subsidiary. Two months after the start of the mission, the management team and the Board of Directors had a reporting procedure in place for monitoring and coordinating extremely rapid growth on three continents. The American CFO was recruited six months later. The company then decided to carry out a $34m fundraising drive in the United States and asked the Globalise manager to support the due diligence phase. The project was completed within three months under excellent conditions.
Thanks to the establishment of a structured financial organization, the Group’s management was able to effectively manage its rapid growth. With good visibility over the business and its financing needs, the Group was successful in raising significant new equity within the United States to accelerate its development.