Case Study

Solucient: Consolidating Financial Data for Improved Control and Reporting

Mergers and acquisitions have been part of Solucient’s business model from its inception. While M&A has been an effective growth strategy, the finance department inherited the inefficiencies of three companies, ending up with multiple spreadsheets tracking each of its 30 to 40 products. To bring order to the chaos, Solucient turned to SOFTRAX. As a result, it has achieved substantial efficiencies in its invoicing, accounting, contract administration, and revenue management processes.

When Solucient completed its last acquisition in 2001, the finance team realized that it was going to be incredibly tough to manage the business. None of the various corporate entities had an enterprise system and spreadsheets were proliferating throughout the finance department.

Solucient sells multi-year subscriptions to its database products and analytical tools. All software, content, support, and maintenance fees are covered in the subscription license. It also provides consulting and publishing services that it bills for based on delivery. Even though this approach simplifies the billing schedule, there are significant complexities. 

“SOFTRAX has made our audit a lot easier. Even though we’re a private company, as far as internal controls are concerned, auditors do not have substantially different standards for us than they do for a public company.”
Jon Greifenkamp
VP of Finance

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