Context

A $40M ARR enterprise SaaS business had been carved out from a strategic seller approximately six months prior. Initial post-close performance was running below the sponsor’s underwriting case. The Transition Services Agreement was running longer and more expensive than planned: the company remained dependent on parent infrastructure for billing, customer support, and certain product engineering functions for longer than scoped.

Cash burn was running materially higher than the model. The sponsor was evaluating a $15M follow-on equity injection to bridge to a revised hold period plan, but needed a credible re-baseline of the operating model, a realistic TSA exit roadmap, and reporting that would support the LP capital request.

Role

Senior finance operating lead during the post-close stabilization phase. Reporting into the sponsor deal partner and the company CEO. Direct coordination with the TSA exit team, product and engineering leadership, customer success, and the sponsor’s LP relations function.

Work Performed

  • TSA exit re-baselining. Diagnosed the TSA exit plan against actual progress, re-scoped the remaining work, and built a revised exit roadmap with realistic milestones across billing, support, and engineering separation.
  • Operating model. Built a revised three-year operating model reflecting actual performance to date, updated TSA exit assumptions, and a re-baselined bookings and retention plan.
  • 13-week cash forecast. Stood up a weekly liquidity tool covering TSA payments, transition costs, severance and ramp-down, capex for new infrastructure, and underlying operating burn.
  • Sponsor capital request package. Developed the materials supporting the equity request: revised plan, sensitivities, TSA exit roadmap, customer retention analysis, and the path to revised case milestones.
  • KPI package. Stood up SaaS-grade reporting: net revenue retention, gross margin by customer cohort, sales productivity, CAC payback, and gross dollar churn.
  • LP-facing materials support. Supported the sponsor’s capital call process with LP-facing context on the revised plan and the equity use of proceeds.
  • Finance integration during TSA exit. Coordinated the standup of the new billing platform and the finance close infrastructure as the company exited parent systems.

Outcome

  • $15M equity raise completed within the planned window.
  • TSA exit completed on the revised timeline. Finance, billing, and customer support infrastructure stood up independently from the parent.
  • Cash burn brought in line with the revised plan within two quarters of engagement.
  • KPI package and reporting cadence retained as ongoing management instruments after handoff.