Insights
- The company found itself in a significant stall from a growth perspective
- For the past ten years, operations had been “bootstrapped”
- The company needed to get unstuck from its current state and restart its growth engine
Action
- The Newport partner was engaged to serve as the interim CFO
- Strategic financial expertise was provided and applied to tackle current challenges
- Guidance was provided to transition to a SaaS business model
- KPIs were defined and processes were created for budgeting, financial projections, and company valuation
- An advisory board was created as a critical management tool for the CEO
Results
- The company achieved 25% revenue growth in the first year
- Customer retention rate increased 60% with a 30% increase in customers
- The improved metrics have drawn the attention of a potential acquirer
- Newport is now assisting the company with plans for an expected exit