Business Turnaround Led by Transformation Office at a Payments Company

Business Situation

• Remittance Processing business unit doubled in size in three years to $135M in annual revenue due to acquisition, but EBITDA margins eroded from 18% to -11%.
• 8 locations throughout the US in major metropolitan areas spread across the country.
• Every Site was underutilized
• 56 versions of software in production.
• Our equipment was outdated, which led to a great deal of manual data entry
• Not all customers and service offerings were profitable.

Key Results Delivered as Head of Enterprise Transformation

• Organized a quick overall discovery of the business including a location analysis, equipment analysis, and a talent assessment of leadership, to identify a strategy for the turnaround with a structure to govern the execution and a communication plan to manage the changes.
• Developed a customer profitability analysis
• Dropped unprofitable service offerings delivering $500K+ in EBITDA
• Implemented targeted price increases
• Implemented new technology in scanning and leveraged offshore partnerships in Ops
• Reduced and consolidated Site footprint to 5 locations
• Consolidated Technology and Application Infrastructure
• Achieved 1400 bps improvement in EBITDA in 8 months and had the business achieving a 20%+ EBITDA margin in year 2