How to scale a tech company with outsourced finance
QiO Technologies is a leading global software company focused on accelerating the adoption of Industry 4.0. Teaming with clients to rapidly design, develop, and deploy advanced analytics and applications, based on open-source technologies, that liberate the engineer to improve operational integrity and unleash new business opportunities.
QiO’s Head Office is in Farnborough, UK. They are also located in the US, India, Germany, Singapore, and Canada
QiO recently earnt the designation Gartner Cool Vendor 2017 who believe that “QiO’s coolness is a factor of blending IoT analytics, edge computing and a broad view of increasing transparency to model operational performance.”
The Need
The CEO of QiO had successfully established the business with finance support on an ad-hoc basis, but he now needed a more robust and sustainable finance function to help him to formalise the company structure and upscale.
Isosceles is an integral part of QiO’s journey, from our basic finance needs to accounting, payroll and tax activities in six countries, they provide outstanding responsiveness and teamwork to meet our needs.
Baz Khuti, Founder and CEO
Why Isosceles?
- Isosceles came highly recommended by QiO’s tax adviser
- They have a positive track record supporting entrepreneurial technology businesses through scale-up
- They have experience of establishing overseas subsidiary companies
- Their service can be turned up or turned down as business requirements change
Isosceles' Role
- Provision of QiO’s finance function, including Finance Director, for the whole QiO group
- Formalise the company – set up subsidiaries in the US, India, Germany and Singapore and a branch in Canada
- Establish best practice processes, procedures and reporting Establish a transfer pricing policy for subsidiary companies
- Help QiO write their 3-year plan
- Implement accurate and robust forecasting models that ensure QiO effectively manage cashflow
- Work closely with Sales, and QiO customers, to review and agree all contracts
- Oversee all day-to-day processing and reporting across the group of companies and oversee all local filings and local compliance
I am proud to have been QiO’s FD. Their technology is truly leading the way and the future of the group is very exciting.
Dave Eaton, Client Finance Director, Isosceles
The Result
QiO has an efficient and effective finance function, with strong controls which adds value to the business. Isosceles has successfully supported them through rapid growth which saw a 14x increase in revenues in 12 months. QiO has gained a trusted partner and a critical friend with strong commercial and business acumen.