Dynamic Blockchain Technology Company On The Rise With Efficient 9Gauge Financial Support
AUSTIN, Texas, April 2017 – Combine blockchain solutions and an alternative crypto-currency technology with a goal to change the world to be more honest and transparent, and you will get Factom, a SiliconHills “20 Hot Austin Startups to Watch in 2017” recognized business. Factom, which recently received a grant from The Department of Homeland Security, uses next level encryption and information technology to better certify regulatory processes. For Factom’s CFO, Zachary Lynde, the startup’s booming development meant a need for its own improved financial structure.
Lynde faced the same challenge of most fast-growing, late stage startups. He desired more bandwidth at a manageable cost. “What I needed was a great staff. I needed top-notch people that were highly functional and highly operational,” said Lynde. “But at the same time I had to control spending. I could not increase headcount.” As a result, Lynde sought an external consulting firm for help. He then turned to 9Gauge, a team with which he has experience since 2012 at a former company.
The 9Gauge Advantage
“What I found with 9Gauge were super qualified, very dynamic, highly trained, highly educated people to fill the needs of a growing tech company without breaking the bank or budget,” summarizes Lynde. Some of the key goals Lynde sought to resolve were rolling out two new software packages, making budget amendments through the fundraising process, and establishing new accounting policies around cryptocurrencies. “Normally, we would have brought in several different specialties in order to meet our complex needs, but we are thrilled using only 9Gauge.”
9Gauge’s holistic approach ensured that the company had the right financial tools and accounting processes in place to run their organization. The 9Gauge team has provided Factom leadership with:
- A consulting engagement roadmap centered on a budgeted activities plan of 9Gauge’s responsibilities at Factom
- Brand new budgeting system to maintain awareness and control on spend
- Complex and dynamic pro forma model requiring assurance work for due diligence in the Series A round of funding
- Revised accounting groundwork and policies for operational efficiency, transparency and revenue recognition
- Streamlined transactional and financial processes for improved internal controls, budgets, and forecasts
Factom and 9Gauge maintain an ongoing relationship furthering the development of the company’s financial framework and operations. The two strive to overcome the startup’s obstacles between its present and future success. “It’s a pleasure working alongside Factom, and knowing that 9Gauge has been able to add value in supporting their forward-thinking technology,” adds Jonathan Hines, a Partner at 9Gauge. “The Leadership team has positioned themselves for success. We are proud they chose to partner with 9Gauge to revamp their financial foundation to empower them to have the insights they needed for better decision making.”
Factom: Make The World More Honest and Transparent
Factom continues looking forward to more product advancements after 9Gauge’s strong initial support. As the Factom CFO highlights his positive 9Gauge relationship, “9Gauge brought to Factom the experience and talent needed to meet dynamic goals, produce operating results, and stay within our budget.” The company has expanded its internal team and is always searching for more great talent. Every day, Factom builds closer toward its goal of a ‘future world where fraud, corruption, and forgery are a thing of the past.’
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