Sema Technologies, Inc. Chooses World-Class Accounting Partner
Industry: Software
Services Provided by Kruze: Startup accounting, Tax accounting, Financial modeling, Accounts receivable management.
Background
Sema Technologies, Inc. provides innovative products that analyzes software and software teams for legal and regulatory risks. Bridging the gap between technology and non-technology audiences, Sema makes code understandable for C-suite management and Boards of Directors, while generating precise and defensible analyses for computer engineers. A seven-year-old company, Sema has achieved profitability with two products: Comprehensive Codebase Scans, which allow management, investors, and acquirers make sure code bases are safe and ready for acquisition, and AI Code Monitor, which evaluates and assesses developers’ use of GenAI when creating code. Sema has an impressive customer list, including seven out of nine of the world’s largest investors. To date, Sema has analyzed over a trillion dollars’ worth of companies.
Challenges
Sema’s growth was the catalyst to start working with Kruze Consulting. “We outgrew an individual contributor accountant,” said Matt Van Itallie, CEO. “While our accountant was absolutely great, our company was maturing and it was time to move to a firm. Kruze Consulting was very well recommended by our lead investor.”
Some of the specific reasons for the move to Kruze included:
- Venture capital investors set high standards for startup accounting.
- Sema serves a wide range of customers with complex state and federal tax requirements.
- Sema needed high-quality financial models for potential fundraising.
- Sema’s accounts receivable process needed updating.
- As a cash-conscious startup, Sema needed affordable accounting services.
Kruze delivers impactful financial solutions
Results
“Kruze was able to deliver very high quality, and very high reliability, financial processes and outcomes. We don’t have a COO or a head of administration. There’s a direct correlation between Kruze freeing up my time, and our business achieving our goals.”
Van Itallie explained that Kruze’s support for Sema included:
- Startup accounting expertise. “We took on investment from some world-class venture capitalists, and that demands a world-class level of accounting expertise. Kruze was able to provide that in a way that was accessible to an early-stage startup. We could take advantage of a financial team that has experience with companies that have gone through rapid scaling. The accounting team partners with me, understanding trends, looking for outliers, and making sure the books are absolutely right.”
- Experienced tax accounting. “We serve a very broad set of customers, and I can absolutely trust and rely on Kruze to handle our taxes. It’s one less thing I have to worry about, and it’s just so worth it.”
- Financial modeling. “When we were anticipating a fundraise, Kruze built an extremely high-quality financial model that was really good. They made it so easy for me as a busy CEO to just provide input without having to build the model itself.”
- Accounts receivable. “Kruze’s accounts receivable team has completely overhauled our process, taking the weight off my shoulders operationally. They built a really well running machine that’s reduced our aging receivables by more than 70%.”
- Affordable services. “For a company of our size and stage, Kruze delivers very fair value at the cost.”
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