Cloud NC switch to Ledgy for a more flexible and approachable solution
"Ledgy was a standout alternative. The user experience is a lot more intuitive than with our previous software, and our initial dealings with the Ledgy team were positive and friendly. This has continued all the way through."
About CloudNC
CloudNC is a deeptech software startup based in London. Founded in 2015, CloudNC works to help global manufacturers who work with hard metals adopt artificial intelligence and automation in the precision engineering sector. In June 2022, they raised a $45 million Series B round to continue on their mission to “enable efficient manufacturing processes with a single click”.
About Brian and Gabby
Gabby Poole and Brian Parkes are both relatively recent hires in the people team at CloudNC. Brian joined as Chief People Officer at CloudNC in late 2021 and leads on all things people, hiring, employee satisfaction, and HR tech. Gabby joined in July 2022 and is in charge of the systems and processes within HR - one of which is the management of Ledgy.
Equity moves
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When Brian joined CloudNC, he kicked off a process to renovate and simplify the technology stack used by the people team. Having many different systems that were not “talking to each other”, he decided to make new software purchases and let go of legacy systems.
In addition, after CloudNC’s Series B round, the company’s leadership started looking into more creative ways of using equity to incentivize and retain top talent. This led to a slightly more complicated approach to equity, requiring the support of a flexible and approachable equity management solution to facilitate the CloudNC team’s processes.
CloudNC, therefore, made the decision to switch from using a UK-based equity management provider to Ledgy. “Ledgy was a standout alternative. The user experience is a lot more intuitive than our previous experience and our initial dealings with the Ledgy team were positive and friendly. This has continued all the way through.” says Brian.
Migrating the data from their previous solution to Ledgy was a learning process as the CloudNC team and Ledgy team worked together to figure out the best way to transfer data from one platform to the other. Even though the data was difficult to reconcile, the collaboration with Ledgy’s team proved to be worth the effort, as they made the migration as seamless as possible for CloudNC. “On our side, we were trying to better understand the data that was coming out of our previous system, and the Ledgy team was helpful and proactive in offering to get on a call and provide solutions.” says Brian.
In comparison with their previous equity management software, Brian also found Ledgy easier to manipulate and use to access the information they needed. The intuitive approach to the cap table and equity transactions was very helpful in the migration to Ledgy. “The move to Ledgy was a great way for us to audit and clean up our data. We ended up with a very accurate, real-time picture of what we have, that is also much easier to update compared to our previous provider.” says Brian.
Learn about our equity management software.
Easy admin, all in one place
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Gabby joined at a time when Ledgy was already being implemented. She was happy to have a tool that helped with issuing documents and maintaining them all in one platform instead of being scattered in different places. Working with Ledgy on a regular basis, she finds Ledgy’s integration with DocuSign especially useful. “The integration with DocuSign has to be the stick-out feature for me. The signed documents are all automatically saved on Ledgy, and available for the employees to see anytime. There’s no more back and forth.” says Gabby.
Gabby has also saved significant time using Ledgy’s document templating workflows. “Setting up the documents is very straightforward. It takes me 5 minutes to do what would take 20 minutes before.” she says. To this, Brian added: “We recently got 60 EMI documents created, signed, and witnessed through Ledgy and their integration with DocuSign. It was a really easy process that we were unable to do with our previous system.”
Working with Ledgy
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Since CloudNC started using Ledgy, employees have been invited to Ledgy to sign documents, view their options, and engage with the platform in a way they didn’t before. Employees and investors can navigate the platform easily, find the information they need, and understand what it means. “Before, people didn’t have a lot of interest in accessing information about their shares because they didn’t know how it worked. There’s definitely been an uptick in engagement from both our employees and investors since we switched to Ledgy, and we’ve gotten a lot of positive feedback.” says Gabby.
In addition, Brian and Gabby had a great experience collaborating with Ledgy’s team to get the best use out of Ledgy. “As a buyer, I’m genuinely happy. It’s refreshing to see the degree of care that’s been maintained after we signed the contract. It’s a good sign for us, and it’s a key thing I recommend all customers to think about when searching for a service provider.” says Brian. To this, Gabby added: “The customer care has been amazing. We have the responses we need within a day, and even when our dedicated CX manager was out of office, we got the answers we needed as fast as we needed them.”
Exciting times ahead for CloudNC
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CloudNC’s recent Series B round, with strategic partners and investors Autodesk and Lockheed Martin, is just another step in their path toward success. Brian and Gabby are enthusiastic about the years to come, even in the current market environment. “Our valuation has increased 10 times in the last five years and in the current market, we expect for it to continue on an upwards trajectory.” says Brian. The whole Ledgy team is behind them and we look forward to supporting them as they continue on their growth journey.
Read more stories about Ledgy’s customers here.
