The company develops and sells database systems in the Software-as-a-Service model. The company is based in San Francisco. Product development is located in a German subsidiary. An Interim CFO was appointed on the recommendation of investors and the CEO.
Starting situation:
The existing discrepancy between the expectations of investors and management should be closed. Further financing should be secured. In addition, sales activities in the US company should be expanded. During the project, a new US CEO started and an employed US CFO was hired. The task of the Interim CFO was to prepare and implement long-term financing, ensure day-to-day business, financial planning and analysis as well as providing relevant SAAS KPIs.
Implementation:
The obvious problems could be analyzed quickly. The database was available - but the acting managers were lost in version conflicts and different interpretations. In addition, the relationship of trust was disturbed. This discrepancy was resolved with those involved and the necessary transparency was built. Discussions with potential financing partners were held by the interim CFO and the options were analyzed. Business cases were presented and validated in personal discussions with investors. In this way, the appropriate amount of financing could be raised before a financial crisis in the industry. The ongoing processes were designed efficiently and compliance was ensured in Germany and the USA. The US CFO was onboarded and the tasks could be handed over after 10 months.
Outcomes:
Confidence in the finance department was restored. Long-term financing was secured and the strategic growth options could be planned. The strategic change of management (CEO and CFO) from Germany to the USA was successfully supported by the appointment of an Interim CFO. The company's management was supported by a professional SaaS KPI set.
