Happy Scribe
Start of assignment: September 2022
Type of assignment: CFO, Controlling
Activity: Audio Transcription & subtitles with AI
Initial sales: €3.6M (2022) vs €4.9M (2023) projected revenue €6.5M (2024)
Number of employees: 31
Mission summary
The fruit of one of the finest collaborations developed by Iter Advisors and its partner!
Happy Scribe offers advanced automatic transcription and subtitling solutions for professionals in a variety of sectors. Its ability to transform audio into text with great precision has revolutionized the way content is created, edited and shared, pioneering the integration of machine-learning in this sector.
In April 2022, Happy Scribe approached us to reinforce their finance team. At that time, a finance manager was managing all internal matters, including human resources, operations and relations with accounting across the two legal structures.
Objectives and actions
- Complex financial reporting assignment: Iter Advisors was involved in a complex financial reporting assignment, involving multiple scenarios and the reorganization of the intra-group accounting structure.
- Structuring financial processes: Our team, consisting of a CFO and a finance analyst, worked 1.5 days a week to support the finance manager in structuring financial processes and to mentor her in developing her role within the organization.
- Implementation of an automated invoicing and payment tool (via Stripe) as well as a tool for retrieving, processing and paying supplier invoices and CB payments (via Payhawk).
Team and commitment
The collaboration enabled the founders of Happy Scribe to gradually adopt the Iter methodology, seeing the effectiveness of our intervention and the strategic value added by an external partner to support their growth.
Results
- 30M€ raised on schedule
- Interim CFO assignment :
- Clearing of 2021 and 2022 suspense accounts
- Recruitment of Key People for the Finance Department (Finance Manager, Treasury manager, Finance Controller)
- Steering the finance department for 3 months, helping to hire the new CFO
Results
- Increased profitability: Happy Scribe's profitability doubled. Growth in monthly recurring sales (MRR): MRR increased from €300k in 2023 to nearly €600k in 2024.
- Maintaining a human-scale team: Happy Scribe has managed to achieve these impressive results while maintaining a team of around 30 people.
Conclusion
Considered one of Iter Advisors' major partners, Happy Scribe benefits from a unique business model and a strategic mission that continues to evolve according to the needs identified by the management team. This success story illustrates how Iter Advisors has played a crucial role in the financial structuring and sustainable growth of Happy Scribe, while bringing a strategic dimension to our intervention.
