Chief Financial Officer
WorldMate, Inc. | MobiMate, Ltd.
A mobile travel software company backed by Motorola Ventures, BlackBerry Partners Fund and world-renowned angel investors. Hired to build the Accounting and Finance Department in the US, integrate and consolidate with foreign operations. Key member of the company’s executive management team, actively contributing to corporate growth and business strategy.
- Implement a tax-free corporate reorganization pursuant a tax ruling obtained by the Israeli Tax Authority, which established a US Parent and converted the former Parent to a Controlled Foreign Corporation (CFC).
- Implement a tax strategy designed to eliminate U.S. Income tax withholdings on payments made to the CFC and avoid Subpart F income, on income transferred to the Foreign Subsidiary.
- Implement a Transfer Pricing strategy base on a tailored benchmark analysis.
- Introduce accrual accounting and software revenue recognition in compliance with SOP 97-2 and SOP 99-19.
- Introduced and implemented the “waterfall” analysis technique to track the company’s key financial data and business drivers on a monthly basis and report to the Board of Directors.
- Establish the framework for financial reporting and consolidation of foreign subsidiary, KPIs and business intelligence data requirements.
- Hire an Accounting Manager and implemented new accounting software in Israel, resulting in a quick turnaround of the monthly financial reporting package.
- Negotiated and closed a $1M venture debt funding with Silicon Valley Bank.
- Upon hiring, systematically reevaluated material vendor contracts.
- Renegotiated commitments and contracts with various vendors including the merchant services contract that resulted in the immediate return of a $40K chargeback withholding and over $70K in annual savings in merchant and payment gateway fees at 2009 volume.