We had the pleasure of visiting with CompStak just before the COVID-19 social distancing efforts took hold in both New York City where CompStak is headquartered, and Ordway HQ in Washington, D.C.
CompStak, a scaling startup with around 100 employees, is the leading crowdsourced platform for commercial real estate data. Growing quickly with a fairly complex business model, CompStak realized that they needed to replatform parts of their finance stack to keep up with their growth. During this transformation, they knew they wanted to stay on QuickBooks as their general ledger if they could. Their adoption of the Ordway billing and revenue automation platform meant they could continue to use QuickBooks and also “say yes” to complex Enterprise deals with unique pricing and terms.
Saying “yes” to your customers shouldn’t be hard
We are really proud that we could say yes to CompStak when others couldn’t. Prior to Ordway, CompStak was using SaaSOptics software to manage their metrics and billing efforts. The CompStak team realized that as their business was changing, the SaaSOptics tool was not going to be viable in the long run.
They surveyed the available software in the market and discovered only Zuora and Ordway offered enough power and flexibility to manage their recurring subscriptions. Fortunately for us, CompStak quickly ruled out Zuora when the Zuora team basically told CompStak that their system wasn’t the right fit for them.
CompStak’s decision timeline
- Realized they were up against a contract renewal for SaaSOptics and knew the software would not work in the long run
- Evaluated and compared Ordway and Zuora for contract and SaaS subscription management
- Chose Ordway based on the team’s willingness to partner with CompStak as well as understanding that they could continue utilizing QuickBooks in the next phase of growth
As the SaaSOptics contract renewal deadline approached, we put a team in place, and over the course of a weekend, we configured the Ordway platform to meet the needs of the CompStak business. From our side, the outcome was never in doubt. Ordway's next-generation subscription management functionality and configurability gave us the confidence to "say yes" to the CompStak team.
Watch Terry Talerman, VP of Finance at CompStak, explain why they chose Ordway [1:39]
Designing the finance stack that works best for you
Our colleagues at CRV (who led Ordway’s Series A) wrote an interesting article about the future of the finance stack. We believe Ordway is a bridge between sales and finance/accounting and a critical piece of a company's finance stack. Because Ordway manages all the account receivables, and transaction-level detail, within the platform, CompStak was able to extend the life of QuickBooks for their business. They decided that moving to a new general ledger might be something they have to do eventually, but replatforming that piece of their business, at this moment in time, was a costly and risky endeavor. An investment in Ordway meant they could streamline their operations quickly and effectively and stay on QuickBooks.
Ultimately, CompStak built a finance stack that will continue to scale over time. They didn’t need to overbuild a system with higher upfront costs, as well as unknown, and likely high consulting and maintenance costs. We were very happy CompStak chose to work with Ordway and we plan to support their business for the next decade as we both continue to scale our operations.