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Steve Klei

CFO

Jigsaw/Salesforce

25 years of financial and executive experience, the last 15 years as CFO for 4 successful SaaS based companies - one public and three private and all venture-backed. To date – three of the four have been acquired for a combined total of more than $1 Billion and the fourth is progressing nicely. ProBusiness Services: PRBZ grew from $7M to $175M in revenues completed an IPO and successfully operated as a public company for 6 years before being acquired by ADP for $500M+. Jigsaw Data Corporation was acquired by salesforce.com for $175M representing one of the largest revenue multiples for SaaS M&A. ZANTAZ grew from $30M to $125M in revenues, operated privately and was acquired by Autonomy for $400M+ and the fourth company where I operated as interim part-time CFO, Xactly Corp, is progressing nicely. Experiences include functional and strategic management of a fast growing and rapidly changing company and all facets of growing from < 100 employees to >1,000 employees. The stage of the companies dictate a combination of the tactical and the strategic focusing equally on overall strategy and execution across all disciplines, financial roadmap development and management, IPO prep and execution, M&A (Buy and Sell), private and public equity/debt financing (>$250M raised), Budgeting, Financial Planning & Analysis, sales/pipeline/revenue forecasting and modeling, investor relations, activity and customer-based profitability tools and measures, treasury, metrics development and management, and everything in between.

SaaS, FPA, Benchmarking SaaS, M&A, IPO, Raising Money, Metrics

 

Experience

CFO : Jigsaw/Salesforce - [2009-08 to Current]
Jigsaw was acquired by salesforce.com in 2010. Recruited as the Company’s first CFO to prepare the Company for explosive growth and raise additional capital. Led the acquisition of the Company without any Investment Bankers. Modified the financial reporting structure to more accurately reflect the operating characteristics of the business. Established and formalized the Budgeting/Forecasting systems, processes and tools. Benchmarked the Company against SaaS peers across all key metrics. Developed/Revised accounting policies after benchmarking and research. Enhanced the pipeline and sales management systems and tools and reporting. Developed detailed Bookings and Revenue forecasting models. Developed models to accurately predict how revenue and costs will behave over time. Developed the long term business / financial model and integrated into planning.

Interim P/T CFO : Xactly - [2007-09 to 2009-05]
Recruited in a part-time role to establish a solid financial and administrative infrastructure, prepare the Company for growth and raise additional capital. Raised $40M in a combination of debt and equity. Represented one of the largest SaaS investments to date. Led the successful acquisition of the chief competitor in an all-stock private to private transaction. Rebuilt the finance and administration organization Established the Budgeting/Forecasting systems and processes Prepared the Company for its first audit – attracted KPMG as auditors. Developed the pipeline and sales management systems including the database and implemented a web based reporting tool for KPI’s and key reports.

CFO : ZANTAZ - [2004-08 to 2007-07]
Responsible for Finance, IT, Facilities, Security and General Administration. Led the successful sale of the Company for $400M+ to Autonomy Rebuilt the finance organization and recruited senior level leadership Reviewed and revamped all accounting policies Implemented a disciplined forecast approach providing more accurate and timely forecasts. Integrated 3 different acquired companies Developed sophisticated Sales and Pipeline reporting system Developed comprehensive Financial Roadmap with detailed models Significantly improved capital structure – Established lease lines of credit, restructured Lines of Credit and Term Loans - increasing availability and improving terms. Developed automated and standard reporting package for business unit and departmental owners.

CFO : ProBusiness - [1995-07 to 2003-06]
Led IPO, Secondary Stock Offering, Two PIPES and multiple debt facilities. Led the sale of the Company to ADP for $500+ million Managed through varied and significantly changing economic environments. Implemented structured budgeting and forecasting approach leading to a financial model which never disappointed Wall Street for 5 ½ years. Followed by 8 Wall Street sell-side analysts, presenting at 8 – 10 conferences per year. Developed innovative financial statement presentation for unique financial model allowing the Company to grow faster than otherwise would be possible. Introduced Profitability Models utilizing Activity Based Costing Developed a predictive profitability model for potential clients, Completed 3 acquisitions Created an atmosphere of cost containment during periods of high growth Focused on ensuring the control environment was adequate during the periods of extremely high growth.