MSIT / NUUBB
Start of assignment: March 2022
Type of assignment: CFO, Due Diligence, Controlling
Activity: Cyber Security & Hardware / IT Software
Initial sales: €9M
Number of employees: 36
Mission summary
Context
On the occasion of a buy-side due diligence, Iter Advisors' teams had the opportunity to carry out a complete audit of the financial structure of the Franco-Spanish group MaSolutionIT / NuuBB. Founded 35 years ago, this group, initially focused on the purchase and resale of IT equipment, wished to begin a transition towards eco-responsible computing, including services such as data hosting in ecological and sovereign data centers, and a refurbished equipment offering.
Mission and actions
- Restructuring the finance function: Following due diligence and at the request of the CEO, we took over the Group's finance department, which already comprised a team of three people in charge of accounting and administrative tasks. We integrated a CFO for around two days a week.
- Setting up cost accounting: We set up cost accounting to accurately reflect margins by type of service, as well as a set of KPIs tailored to each sales segment.
- Integration of an invoice processing system: We have integrated a system for collecting, processing and paying supplier invoices.
- Training the finance team: We have trained the resources present in the finance department to function as a high-level finance team.
Results
- Successful strategic turnaround: The Group has successfully completed its strategic turnaround, introducing a B2B SaaS offering and a new pricing model for the cyber offering.
- Financing package secured: We have secured 2 million euros in non-dilutive financing from the Group's partner banks and the BPI.
- Cost optimization: We have optimized the Group's internal management control system, drastically reducing procurement and energy costs.
- Strategic support role: We have secured a position as the CEO's "right-hand man", refocusing our original mission on a results-driven, strategic support and business management role.
Conclusion
Our collaboration with MaSolutionIT / NuuBB is a perfect example of how a strategically aligned, outsourced finance department can transform a traditional group into an eco-responsible digital leader. This transformation has not only revitalized their business model, but has also put the group in a strong position for the future.
