Private investment firm improves disaster recovery, streamlines accounting with Acumatica
Company Size
11-200
Region
- America
Country
- United States
Product
- Acumatica
Tech Stack
- Cloud-based ERP
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Productivity Improvements
Technology Category
- Infrastructure as a Service (IaaS) - Cloud Computing
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
Use Cases
- Remote Asset Management
Services
- Cloud Planning, Design & Implementation Services
About The Customer
Seaport Capital LLC is a private investment firm headquartered in New York City. The company was founded in 1997 as part of another organization and provides capital to middle-market companies in the communications, media, and information and business services sectors. Seaport Capital has been operating on the same accounting system since becoming independent in 2000. However, the company's operations were interrupted and some of its data was corrupted when Hurricane Sandy hit New York City in 2012. The company's office on the 27th floor didn't flood, but the company lost access to its data for a week and had to operate by cell phone for two weeks.
The Challenge
Seaport Capital, a private investment firm, was using an outdated accounting system that was severely affected by Hurricane Sandy in 2012. The hurricane caused flooding in the basement of Seaport Capital’s lower Manhattan building, shutting off electricity to the 29-story building and the company’s on-premises servers. This resulted in the loss of access to their data for a week and had to operate by cell phone for two weeks. The aftermath of the storm revealed that much of the data in their main company was either corrupted, lost, or inaccessible, as was some of the data for some of their funds. The company was doing a substantial amount of their accounting in Excel and manually managing and allocating money among as many as 40 entities.
The Solution
Seaport Capital decided to replace their old accounting system with Acumatica, a cloud-based ERP platform. The company's top requirement was finding a platform with remote, device-independent access. In addition to a cloud-based platform, Seaport also ranked affordability, the ability to handle and integrate multiple entities with ease, and custom reporting high on its list of requirements. Acumatica’s flexible pricing structure coupled with its easy-to-use and intuitive user interface and intercompany features sealed the deal for Seaport. Acumatica helped Seaport streamline the process of running checks, allowing them to preview the check run before printing and easily void and reprint if needed. Seaport streamlined its bank reconciliations, quickly updated its chart of accounts and subaccounts, and consolidated reports that previously consisted of 20 pages into two to three pages.
Operational Impact
Quantitative Benefit
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