New Net Technologies

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Where it started

NNT began their journey looking for a new accounting service as they felt their previous firm was far too reactive and never fully connected with their business. This is when NNT stumbled across SAS through a recommendation. NNT have now been working with SAS for 10 years, and wouldn’t look back.

Why they chose SAS

NNT were looking for a firm of accountants that were more interested in them as a business and felt that from the outset SAS listened to the reasons why NNT were frustrated with previous accountants and adjusted their approach accordingly.

NNT were a fast-growing business and needed a financial partner that could help provide the information to allow good decisions to assist in that growth. SAS quickly became a trusted advisor to NNT.

The challenge

SAS assisted in planning and transitioning the business from a largely ‘perpetual licensing’ model, which meant cash upfront to an almost exclusively ‘subscription-based’ model, which reduced the upfront cash but provided a much more forecastable and predictable revenue stream over the long-term and in doing so significantly increased NNT’s value.

SAS also assisted in selling the business to a US corporation in 2021 for what ended up being a multi-million dollar transaction. The reliable support provided to NNT by SAS was one of the critical elements in the successful conclusion of that transaction.

The SAS approach

The NNT founders had a clear and attainable vision around what they wanted to achieve with the business and it was SAS’s responsibility to ensure that they could realise these ambitions from a financial perspective. No business owner fully appreciates what it takes to sell a business until they go through the process, and in the case of NNT, this involved three rounds of extensive and highly pressurised due diligence!

NNT invested heavily in their finance function with SAS, which included the appointment of one of our Virtual Finance Directors, and it was their job to manage expectations and provide the financial guidance and direction to present the business in the most attractive way possible.

The results

SAS provided NNT with the confidence and the data they needed to make great decisions that allowed NNT to expand and grow.

Implemented extensive and tailored financial reporting to clearly demonstrate the growth trajectory achieved over a number of years.
Provided real-time information to help with making informed decisions and giving confidence o management as the business accelerated through this period of very high growth.
Successfully helped the business achieve a multi-million dollar sale to a large US corporation.

We have used SAS for a number of years, including their virtual FD service, which has always proven to be reliably excellent. Following approaches from a number of potential buyers, we decided to engage with one or two in order to explore the possibility of a trade sale. A major part of the process was our ability to provide timely, accurate and appropriately structured financial data in what seemed at times like an ever changing and highly demanding set of circumstances. The team at SAS under the guidance of Will stepped up to the task and not only did they deliver, but the quality of their output also proved, in my opinion, to be a major influence in the ultimate positive outcome. Of significant importance was that I always felt Will was available to me and nothing was ever too much trouble, quite the opposite in fact, he would jump to help wherever and whenever it was needed. The result was a fantastically successful trade sale at a great value with a buyer of absolutely the right shape and size to take us to the next level. I would recommend SAS to anyone who is looking for a genuinely safe and reliable pair of hands during what is always a highly pressured and critical time. In fact, I would go so far as to say that of all the professional help I have employed over the past 30 years or so, SAS were probably the best, most effective and pleasant to work with by some distance.

– Mark Kerrison
CEO at New Net Technologies

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