Ervin Leibovici, CEO at BitBand (acquired by Motorola)
BitBand, a leading technology provider for advanced video content delivery solutions, was founded in 1999 and acquired by Motorola in 2009. The company, which specialized in video on-demand for IPTV, was incorporated in the United States, with headquarters and R&D center in Israel.
Acquired by: Motorola, 2009
Description: Video on-demand for IPTV
“Outsourcing a CFO turns out to be a very successful model. As you are building your company and you are extra careful with money, every dollar you have matters. You want to be as efficient as possible in the way of supportive activities, like finance and HR. Best to outsource if you can find the high quality person you can trust.”
In 2002, BitBand was undergoing several changes and re-establishing some of its core operations. That same year, Ervin Leibovici, then CEO of BitBand, decided to outsource the company’s CFO position. The hired CFO would accommodate the company’s financial management needs while acting as advisor on all financial related decisions. At that point in time, Nextage’s services were contracted.
Ofer Katz was employed as BitBand’s CFO. Part of Nextage’s mission is to seamlessly integrate into every company it works for and to provide the highest quality of support from within- outsourcing that feels in-house. Working side by side with Ervin Leibovici, Ofer had diverse responsibilities and also took part in building the company’s financial reporting process and in presentation to the board.
As BitBand was in the process of expanding, the management team had to become familiar with new global markets and other business aspects. This includes getting to know different funding sources as well as procedures of business transactions conducted in various countries worldwide. As CFO, Ofer accompanied BitBand throughout this entire process, working closely with its management team to drive the company forward and develop strategies and policies in new markets. Over the years, BitBand expanded its business and thus its financial support needs have shifted to a much larger scope of a growing corporation.
Two years after hiring Nextage’s CFO services, BitBand contracted Nextage to administer accounting as well. Subsequently, Nextage took on the full extent of running BitBand’s financial operations and brought in expertise to all levels, from controlling to bookkeeping and wages as well. Nextage managed BitBand’s accounting department for several years until the company grew big enough and the model of outsourcing was no longer necessary. With the support of Nextage, BitBand then moved its accounting in-house, while continuing to work with Ofer as the company’s CFO.
Nextage continued to provide BitBand with financial services all the while until the year 2009, when the company was acquired by Motorola. As CFO, Ofer was highly involved in the financial aspects related to the acquisition procedure.
Nextage’s team consists of over 80 professionals, offering a wide range of services from day-to day financial management to long-term business strategy and financial leadership. In BitBand’s case, it was the whole nine yards. This model of outsourcing the financial department proved to be cost efficient and allowed BitBand full flexibility in making changes according to their needs and hiring only the services relevant for them in each phase of the company’s growth.