Situation
The VC- and PE-backed unicorn technology startup faced a significant cash crunch when it was unable to raise the next funding series due to the COVID pandemic. It needed to rapidly reduce its operational cost while still maintaining a clear path to profitability.
Action
The consultant was part of the small team responsible for restructuring the company by refocusing its priorities and ensuring that it was able to deliver on its most critical commitments on the path to profitability.
The consultant worked specifically with the Software team which had the largest budget and number of employees.
The consultant was also responsible for managing the People team in the reduction of 900+ employees and contractors across nine countries.
Results
The team and the consultant restructured the company’s CapEx, OpEx, and organization structure to reduce its annual run rate from $694M to $375M.
The company survived the COVID pandemic and has since gone on to release its second product in the marketplace.
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