Challenge

In 2006-2007 Wix was still a private company backed by angels and having a simple financial operation. At the end of the year there were 20 employees in the company. The accounting firm employed by Wix at the time, did not sufficiently invest in them the resources required to support a growing startup, with good potential to become a bigger player in the industry.

 

In fact, at the end- Q 3/4 2007, Wix was reaching the end of its financial resources and highly involved in an investment round, bringing the first VC money into the company. By the end of Oct 2007, they were literally running on fumes, which is a common thing that can happen to a startup company. It was clear that a change was needed. At the end of 2007, Wix turned to Nextage to receive support for its financial operation.

 

Solution

Nextage's dedicated professional team seamlessly integrated into Wix, providing full support of its CFO, accounting and bookkeeping needs. As a firm well experienced with high-tech and early stage companies, Nextage understands the pressures involved in being a growing start-up, including the kind of face that has to be presented to VC's, and the demands associated with investment rounds. Nextage's approach is to work as an outsourced firm that feels in-house. 

 

At the top layer, Nextage's CEO, Ofer Katz, was the assigned CFO at Wix.

He brought with him impeccable expertise and a strong ability to differentiate and prioritize all financial corporate issues, helping to keep the focus on what was important. Beyond supplying Wix with typical CFO services, Ofer was always available to help with various untimely issues; from answering questions to sending reports and even making changes to business models during unconventional hours, as is often required in start-up companies.

 

Nextage's vast experience with strategic financial procedures was used in operations such as venture lending, aiding to make the complex process smooth and successful. This was combined with the work of an experienced professional team that spent 2-3 days a month working with Wix in their offices, handling every accounting and bookkeeping matter.

Nextage's team got to know the employees first hand in order to do the salaries and learned all the fine tuning, likes, and inclinations of Wix's management team. This way, Nextage was able to accommodate all the needs and preferences which are other than what is standard or customary.

 

Nextage accompanied Wix from its early start-up phase, until it became a medium sized company and through its continued growth. When the timing was right, it was the sound advice of Nextage's professionals that drove Wix to start moving its financial operation in-house. The shift was made wisely, at the stage most accurate for Wix in all aspects.

 

Results

By today, Wix has a staff of over 400 employees and has completed the integration of a fully operational in-house finance department. Wix maintains a strong, warm relationship with Nextage, and its management still enjoys the sensible advice of Ofer Katz when needed.