CASE STUDY

From brink of bankruptcy to B2B cyber security success: A turnaround journey of a NYSE-listed mobile handset business

Company

HQ

Canada

SIZE

Large enterprise

INDUSTRIES

Technology

VALUE CREATION

Customer acquisition, Customer lifetime value, People & talent, Pricing, Product market fit, Technology & process

PUBLIC LISTED

NYSE

What they wanted

This NYSE-listed mobile handset business was on the brink of bankruptcy and haemorrhaging cash. The challenge was to stem the revenue decline and turnaround the company to being a profitable, and growing B2B enterprise cyber security software business.

What we did

  • Streamlined the Go-To-Market (GTM) model and product portfolio by consolidating eight companies into one integrated enterprise software platform.
  • Implemented business transformation and sales initiatives, including strategic programs, sales enablement, strategic deal support, customer discoveries, compliance and value selling, and sales qualification methods such as BANT and MEDDIC.
  • Rebuilt and re-enabled the GTM team, replacing 40% of sales reps with high-performing individuals, and expanding the field team by over 120 headcount across sales, channel, business development, inside sales, pre-sales, customer success, and field marketing.
  • Established a scalable partner program with 600+ resellers, encompassing distribution, service providers, and systems integrators.
  • Expanded into new markets, including emerging markets in the Middle East, Africa, and Eastern Europe.

What was achieved

  • Annual recurring revenue (ARR) increased to $169 million, averaging 23% year-over-year growth.
  • Annual revenue generated via channel partners reached $123 million, constituting 73% of the total.
  • Achieved $53 million in annual net new business from partners, representing 130% year-over-year growth.

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