Helping Innovators Succeed
Our fourth success story concerns an IT consulting firm that developed a new software product. While developing a new sales channel for the company, the ISCM mentor was able to quickly react to an unexpected but welcome purchase offer by guiding the company through a successful transition.
Advance Info Systems · North York, Ontario
Advance Info Systems was founded in 2001 as a business intelligence consulting firm with a focus on helping companies to analyze information stored in computer databases, general ledgers, transactional systems and other on-line applications. Later, the company began working with Microsoft Canada of Toronto and was hired to develop analytical software on Microsoft’s behalf. Following that experience, Advance Info Systems decided to venture out on its own and in 2004, created Query By Example for Excel or QBEX, software that extends the analytical capabilities of Microsoft Excel.
Introduction to the ISCM
When Advance Info Systems began to transition from a consulting firm into a software developer, the founder and CEO recognized his team of technical experts lacked the marketing know-how required to successfully market and sell QBEX. After learning about ISCM through a government program for small businesses, he arranged an initial meeting with Director, Client Services, Rod Graham, and was assigned to work with ISCM mentor Ron Smith. Advance Info Systems was already getting the word out about QBEX through a joint marketing effort with Microsoft, but it needed a more focused selling strategy in order to start making sales.
Scope of Work
Working closely with Ron Smith, Advance Info Systems developed a strategic plan to sell QBEX to large consulting firms who would then resell the software to their clients. Leveraging ISCM’s extensive network of industry contacts, Ron arranged several face-to-face meetings for the company that would have been next to impossible for the company to obtain on its own. During this time, a large software developer based out of Paris, France, heard about QBEX and expressed an interest in purchasing the company. The selling strategy was halted and ISCM became a key partner in helping Advance Info Systems through six months of purchase negotiations, from proofreading important e-mails and letters, to developing strategies to assisting in finalizing a price.
Results
In July, 2005, Advance Info Systems successfully completed the sale of its business. As part of the negotiation, the founder and CEO, his partner and all full-time employees received employment contracts with the new company. The private sale represented a huge opportunity for everyone involved.
