SkyStem Company Profile

Background

Founded in 2009 and headquartered in New York City, SkyStem specializes in delivering month-end close solutions that streamline financial processes for organizations. The company's flagship product, ART, is designed to assist CFOs, controllers, and accountants in simplifying financial closing and reconciliation processes. ART is utilized in over 15 countries and is available in multiple languages, offering real-time tracking capabilities, smoother audits, and faster month-end closing processes.

Key Strategic Focus

SkyStem's strategic focus centers on automating and enhancing the efficiency of the month-end close and reconciliation processes. By leveraging their proprietary web-based solution, ART, the company aims to reduce manual activities by up to 90%, thereby strengthening internal controls and corporate governance. Their primary market includes financial institutions and organizations seeking to optimize their financial close processes.

Financials and Funding

As of the latest available data, SkyStem has an estimated revenue between $1 million and $10 million. The company has secured funding amounting to approximately $425,000.

Technological Platform and Innovation

SkyStem's flagship product, ART, is a web-based enterprise technology that automates balance sheet reconciliations, manages month-end tasks, performs flux and variance analysis, and provides insightful reporting. The solution is designed to integrate seamlessly with an organization's existing account reconciliation and financial close processes, enabling quick and efficient deployment over the web, often implemented within days.

Leadership Team

Shagun Malhotra, Founder and CEO

Prior to founding SkyStem, Shagun held positions such as Senior Manager at Freddie Mac and consultant roles at Resources Global Professional and Fortis. She brings extensive experience in project management, audit, and SOX compliance.

Nancy Wu, Head of Sales and Support

Nancy leads sales and customer success for SkyStem. She has a background in consulting and auditing various accounting departments' financial close processes for public and private organizations. Her published work on leveraging user behavior to design internal controls is archived in the Cornell University Library.

Competitor Profile

Market Insights and Dynamics

The market for financial close and reconciliation software is characterized by a growing demand for automation solutions that enhance efficiency and compliance. Organizations are increasingly seeking tools that can reduce manual processes, improve accuracy, and provide real-time insights into financial data.

Competitor Analysis

SkyStem operates in a competitive landscape with several key players offering similar solutions. One notable competitor is iGenius, which provides AI-driven financial solutions. iGenius has a global presence and offers products that cater to various aspects of financial management.

Strategic Collaborations and Partnerships

SkyStem has established partnerships with organizations such as the American Bankers Association (ABA) and the Credit Union Executives Society (CUES). These collaborations aim to provide members with access to SkyStem's solutions and educational resources, including webinars and training sessions.

Operational Insights

SkyStem differentiates itself through a customer-centric approach, emphasizing prompt and knowledgeable support. The company offers unlimited customer support via telephone and email without additional charges. ART's user-friendly design allows for training within hours, facilitating quick adoption and minimal disruption to existing processes.

Strategic Opportunities and Future Directions

SkyStem continues to focus on enhancing ART by incorporating user feedback and introducing new features to meet evolving regulatory requirements. The company aims to expand its market presence by targeting organizations seeking efficient and reliable month-end close solutions. Participation in industry events and webinars further positions SkyStem as a thought leader in financial process automation.