Barak Perelmen, CEO & Co-Founder at Indegy
Company: Indegy (acquired by Tenable)
Description: Indegy, is a leader in industrial cyber security, protecting industrial control system (ICS) networks from cyber threats, malicious insiders and human error.
At what stage did you start working with Nextage?
We started working with Nextage before we raised money for the company.
They were with us from day one. At that point, they mainly helped us with two things – building a budget for a seed company and also meeting investors. After about 4 months, the company was up and running.
What services did Nextage provide you with?
They basically managed all the financial aspects of the company. As the CEO and cofounder, they worked with me on budget planning, prepping for board meetings, our hiring plan, etc.
On the operations level, they took care of salaries, paying our suppliers, collecting money from customers – all our day-to-day finances. When we incorporated our U.S. entity, they took care of all the taxation and global financial issues.
How did working with them benefit you?
They were especially valuable in the first 2-3 years of the company – they helped us understands the financial standards within the startup sector.
As a founder, you don’t have all the data about average salaries, typical growth rates, vendor agreements, etc.
Nextage has worked with so many startups that they really help you with the planning – they know the benchmarks for startups across various aspects, such as R&D,
salaries, and how much the company should be investing in sales and marketing as a percentage of the overall budge. These kinds of benchmarks are key.
How was your working relationship with them?
It was great. On my level, we mainly talked before board meetings every 2-3 months to develop serious road maps for each meeting.
As a growing company, they worked very well with us. They’re super supportive, committed and engaged. They’re still working with us, post the acquisition.
They handle the accounting in Israel and the day-to- day operations. Personally, I think the team is great. As a first-time founder, they provided me with tremendous support and access. They gave us the experience and the data we needed to plan our budgets properly and present them to the board.