Practus’ assisted Elegance Technology in reducing TAT in investor reporting from 18 days to 4 days and customer invoicing from 9 days to 1.5 days.
|Client Name||Industry||Ownership||Management||No. of Employees||ROI On Fee||Size||Project Duration|
|Elegance Technology||IT Products (SaaS)||Tech Entrepreneurs, initially VC invested. Subsequently bought out by an e-commerce major||Founder-Run||~100||4.9x||~$30 million||24 Months|
About The Company
Elegance Technology is a VC-funded IT products company that offers inventory management, planning, customer engagement, and logistics management solutions platform for e-commerce. The company served a peak of 1,500 customers, sold about 10,000 licenses, pricing each license at ~$100 per user per month. One of the venture capital funds that participated in series A funding introduced Practus to the company.
- Developed management dashboard to define and monitor key business metrics, within 10 weeks of engagement.
- Automated product-level profitability monitoring on Quick books equivalent.
- Introduced timesheet mechanism for code-writers and product developers to monitor productivity and help accurate product pricing, particularly for ongoing AMC contracts.
- Ensured 100% compliance with regulations, mitigating regulatory and reputational risks to investor nominees on the Board of the company.
- Reduced TAT on transaction recording in accounting system from 6 days to a few hours.
- Automated bank reconciliations.
- Ensured completion of the audit by Big4 firm within 6 weeks of the year-end.
- Improved business value by about 800% over 3 years.
- Helped raise ~$20 million in series B equity funding within 12 months of taking charge as CFO.
- Enabled smooth closure of diligence within only 4 weeks, through thorough diligence preparedness and efficient management of electronic data room.
- Reduced TAT in investor reporting from 18 days to 4 days.
- Reduced TAT in customer invoicing from 9 days to 1.50 days, releasing ~$1 million cashflow in unbilled AR.