Boasting a powerful platform where businesses can manage and analyse media coverage across print, TV, radio, online news and social media in real-time, Streem hit the ground running as soon as it launched.
But with such rapid growth came a variety of challenges – here’s how Incorp Australia helped Streem on its journey of rapid growth.
Problem: Growing Pains
Plugging a gap in the media analytics and intelligence market meant Streem had a strong product to sell from the very beginning. Major technology and financial giants soon followed suit to adopt the technology, and today Streem services over 600 customers across both corporate and government.
“We are now part of the intelligence group worldwide, backed by one of the largest private-equity firms globally. That allows us to constantly improve and innovate the quality of our product platform and management capabilities,” says PK Rai, Chief Financial Officer.
However with rapid growth, Streem’s back end operations grew significantly across a range of accounts, systems, and ever evolving processes. While the team managed things effectively, there was opportunity to drive efficiencies in the business in terms of consolidating certain operational activities, and allowing the team to allocate more time to broader strategic business activities.
Doing the heavy lifting: Managing due diligence outsourcing ongoing compliance needs
In the lead up to its acquisition, Streem had the goal of simplifying its administration of research and development
“The team at InCorp Advisory offered a very comprehensive back end operational approach that was streamlined in order to reduce the amount of time required by Streem employees and management. This meant we could identify the real value drivers across the business.”
“Navigating the complexities of tax and compliance isn’t always a straightforward task,” says PK. “InCorp Advisory was very helpful in having all the documentation and being able to quickly understand a range of financial processes we had already taken on.”
Taking on compliance
Such was the immediate synergy between the companies that Streem has continued working with InCorp Advisory on issues of tax compliance, end-of-year journals and ongoing financial reporting.
“Ongoing collaboration with InCorp Advisory allows for inter-organisational and departmental flexibility, as their partnership complements the existing roles within our team,” says PK. “We can rely on InCorp Advisory to manage much of our compliance, especially during particularly busy periods.
“It’s super reassuring to know we have a partner who can keep everything in line to support our efforts.”
Outcome: Capability means everything
Two key factors make InCorp Advisory the ideal partner:
- Proximity: It made sense to partner with a Sydney-based firm with global backing. “It helps immensely to have a partner close by, knowing they are able to visit our office when needed, but also more than capable of doing remote work effectively,” says PK.
- Reliability: a level of trust is paramount when it comes to ensuring all activities are managed with a level of professionalism, speed, and consistency we can be comfortable with. This means peace of mind across the organisation while Streem focused on strategic growth activities.
Working wonders in the background
At the end of the day, Streem values most the cohesion between their own team and InCorp Advisory’s. They are able to manage the high-level reporting and provisions while InCorp Advisory manages their backend and compliance needs.
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