eSub Consulting Project -- Case Study
eSub is an award winning Software-as-a-Service business focusing on "cloud-based project management, time card management and corporate management for commercial subcontractors. With eSUB's Construction software application you create paperless projects that can be managed from any device."
What was the eSub consulting business issue?
eSUB had a basic SaaS sales model and utilized a number of software vendors to provide financial data, but did not have an active CFO on staff. As a result, they were looking for strategic guidance and CFO support as they were rapidly growing and heading towards a number of key milestones, most notably a critical Series A fundraising. This effort was critical to accelerate their strong growth through new hires within sales, research & development and product management. In addition, eSUB needed a professional financial model to more accurately monitor cash flow, efficiently track KPI's, and build out a financial structure for a potential fundraise.
Why did eSub approach Cordes Consulting?
To support this effort, eSub was looking for an experienced SaaS financial consultant with expertise in SaaS financial management, fundraising, financial modeling, and business strategy. They turned to Cordes Consulting for support. Cordes Consulting has worked with companies in the past that have all of these business challenges, and knows how to develop appropriate financial structure.
What did Cordes Consulting deliver?
The eSub consulting engagement turned to Cordes Consulting for expertise and leadership to help prepare and position the company for a critical Series A fundraising effort. They augmented their internal expertise with outsourced CFO resources from Cordes Consulting to develop a robust SaaS financial model to more accurately monitor cash flow, capture Key Performance Indicator (KPI) data to efficiently track KPIs, and build out a financial structure to support fundraising efforts. With all of the tracking and data improvement work completed, Cordes Consulting led the internal due diligence process for eSUB’s Series A fundraise.
What were the results?
Cordes Consulting lead the internal due diligence process for eSUB Construction's successful $5mm Series A fundraise in December 2016, compiling and managing the data room and actively working with Revolution Ventures and other third-parties
What does eSub management think of Cordes Consulting?
"We were in the market for a fractional CFO to help us build a financial model and prepare us for a potential fundraise, but had difficulty locating someone with a strong SaaS background. Eventually, we teamed with Cordes Consulting and were immediately impressed with their experience and knowledge. Cordes Consulting quickly generated a complete financial model and acted as the internal finance lead on our $5 million Series A fundraise from Revolution Ventures. To this day, Cordes Consulting continues to be a key resource for our company. Their impact on our business has been profound."
-- Benny Baltrotsky, eSUB Construction, CSO