Case Study:
Jumio
Engagement: Jumio
Sonoran's Role: Interim Chief Financial Officer
Situation
Jumio is a facial recognition software company based in Silicon Valley. The company was unable to raise additional growth capital because the SEC was investigating actions of the previous management team. Jumio filed for Chapter 11 protection in order to protect the company from alleged misdeeds. One day prior to filing for Chapter 11 bankruptcy, Jumio’s VP of Finance resigned and the company was without financial leadership. Within 48 hours of the VP’s resignation, Matt was hired as Interim CFO.
Role of Sonoran
Matt Foster was hired as Interim CFO to oversee all financial aspects of the business while it navigated the bankruptcy process and prepared itself for a sale. Matt managed liquidity, oversaw day-to-day management of the accounting/finance team, liaised with potential bidders, and oversaw the bankruptcy court reporting.
Result
Jumio was successfully acquired by Centana Growth Partners. Matt was asked to remain as CFO of the newly acquired company until a permanent replacement could be found. During the nine months prior to the new CFO starting, Matt managed day-to-day accounting/finance and created a monthly cash flow budget for the new board to determine when additional capital was necessary for this rapidly growing company. Shortly prior to Matt’s departure, the company completed a follow-on round at an increased valuation.
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