Insights
- Company revenues under threat from emerging fintech competitors
- Business model needed to transition from traditional software development, sales and maintenance to a cloud-enabled, Software-as-a-Service subscription model
- Enhancement of mobile account opening, reporting and transacting capabilities was also imperative
Action
- The Newport partner served as strategic and financial advisor and contract negotiator
- Developed a budget and three-year forecast while the client’s search for a new CFO was in process
- Partnered with heads of sales and marketing to develop a new go-to-market plan, set sale quotas and incentives and create client communications and sales presentations
- Negotiated a marketing and distribution agreement and equity stake with a mobile fintech partner
Results
- SaaS subscription revenues totaled $339 million for the fiscal year ended mid-2020
- Client realized a significant gain on its equity investment when their mobile fintech partner was acquired
