With a limited transition services agreement (TSA) duration and an operating model not right-sized for Algenist as a standalone company, our multidisciplinary team of industry, technology, M&A carveout, and operational experts got to work to make a meaningful impact:
Algenist needed to set up its own finance and accounting function and enterprise resource planning (ERP) platform—services previously provided by a parent company. With West Monroe’s support, this newly independent company selected and implemented a core ERP platform in less than four months that will help them double in size over the next five years.
When Algenist became a standalone brand following its carveout from TerraVia by Tengram Capital Partners, it would take all hands-on deck to get the clinical skincare company self-supporting and poised for growth—in less than four months.
That’s where we came in: to unlock the power of technology to drive business forward. Algenist needed its own finance and accounting function and the right Enterprise Resource Planning (ERP) platform to meet several business needs: Support growth, improve visibility, and streamline operations and processes.
This was a multi-faceted challenge that West Monroe was uniquely positioned to tackle.
From the start, it was clear that this was a high-stakes project. Algenist had wide-ranging needs and a fast timeline, so we built a cross-disciplinary team of experts to get to work. Working nimbly and responsively, our team drew on relevant experience in technology and business—including insights into integrated back office systems leading practices from previous carve-out projects—to support, select, and strategize every step of the way.
We worked in close partnership with Algenist to create new departments and new systems that would get the job done, enhancing insight into financial and operational data and improving efficiency. We also led the core ERP implementation and integrated it with eight systems to make sure operations were up and running on the new platform at the start of Algenist’s fiscal year. All of this, right on schedule.
Lower ERP operating costs—by 65%. Greater efficiency—reducing month-end close from 15 to 5 days. Faster reporting—with more than 80 reports delivered. All in less than four months. And at a savings of $375,000 in transition costs.
With the right people in place, we helped Algenist implement and integrate systems and processes that gave them the edge they needed to succeed.