About Us
In today's rapidly evolving economy, a company of any size must have a strong, well integrated finance department that continually advances the corporation's vision. Decision makers in emerging and midsize companies demand faster access to key information, requiring a high-level of data analysis from all areas inside the company, as well as outside of it.
Nextage's mission is to provide our clients with state of the art financial services by building and maintaining a strong financial infrastructure. We aid companies of all sizes maximize their ROI as we accompany them through the business world, until it becomes cost effective to bring in permanent staff. By seamlessly integrating our knowledge into our clients businesses, we become a transparent but valuable resource. We reach every location worldwide and we present ourselves as an extension of our clients' finance, accounting, and management staff.
Our People
With a team equipped with years of industry experience and proven success, Nextage is positioned to drive an advantage into every aspect of your company's financial practice.
Meet Nextage's executive team:
Ofer Katz, founder & CEO, CPA (Isr.)
Ofer Katz has extensive experience in Acquisitions, Fund Raising, Accounting, Taxation, Management, and consultancy. He has lead several financial departments of high tech companies from seed stage to acquisition. His knowledge and skills include forecasting and budgeting, monitoring and controlling, fund raising and managing lines of credit. His knowledge extends to all aspects of investors' relations and management of complex tax planning as well as implementation of financial systems.
Prior to founding Nextage, Ofer worked at PwC (Israel), specializing in audit of private and public companies and managing the Emerging Companies Services Department (investment banking, Due Diligence, Survey). Under the role of CFO at Nextage, Ofer has acted as VP Finance and CFO of several high-tech companies, including Jajah inc. (acquired by Telephonica/O2, Jan. 2010), Bitband Technologies inc. (acquired by Motorola, Dec. 2009), Snaptu (acquired by Facebook, May 2011) Wix and Kontera Technologies Inc., a leading in text web-advertising company.
Etti Hanochi, Partner, CPA (Isr.)
Prior to joining Nextage Ltd., Etti worked as a Senior Manager in E&Y for almost 11 years for many Hi-Tech companies, public and private. Etti has gained vast experience in M&A transactions, accounting and tax consultations. Etti has broad experience in implementing internal procedures and controls and specializes in US GAAP. She holds a B.A in Accounting and Management degree from the Management College, an MBA from Tel-Aviv University, a Masters degree in Law from Bar-Ilan University and is a Certificated Public Accountant.
Itzik Lev, Partner, CPA (Isr.)
Itzik has brings with him extensive knowledge in international finance and business operations. Prior to his duties Nextage, he was the CFO at Octavian Inc. and before that the Financial Director at Business Layers. Additionally, Itzik was an Audit Manager at KPMG Somekh Chaikin, where he specialized in the audit of high-tech companies. He holds a BA in Business Administration, with a major in accounting, and an MBA from Tel Aviv Business College.
Jeremy Rome, CPA (Isr.)
Prior to joining Nextage Ltd., Jeremy worked as CFO for several high-tech companies gaining expertise in starting up new operations and departments locally and internationally and implementing internal procedures and controls; He has led an IPO process, M&A due diligence processes and has been involved in several rounds of fund raisings from a diverse range of funding sources. He holds a B.A in Accounting and Economics and an MBA, all from Tel-Aviv University and is Certificated Public Accountant.
Einat Shefer, CPA
Einat has vast experience in implementing financial procedures and controls in early stage High Tech companies including management of all financial requirements. She was also involved in financial aspects of a Due Diligence process. Prior to Nextage Einat worked as a senior auditor at E&Y .Einat holds a B.A. in Accounting and Economics.
Danit Livne, CPA
Prior to joining Nextage Ltd., Danit worked as a director of finance for several high-tech companies during which she was involved, legally and financially in several rounds of fund raisings from local and foreign investors and led legal and financial aspects of a Due Diligence process done by local and foreign investors and investment banks. She has led an M&A transaction with one of the leading communication companies in the world. Danit holds a B.A in Accounting and Economics from Haifa University, a Legal Law Master degree from Bar Ilan University and is Certificated Public Accountant.
Tali Gabbay, CPA
Over the past 15 Years, Tali has held versatile positions such as Manager in PwC, Corporate Controller in Convergys Solutions, and VP Finance at Payoneer. She managed an IPO process , several private fund raising rounds and due diligence processes, and has extensive experience in e-commerce, payment processing, and implementing corporate financial systems and controls. She holds a B.A. in Accounting and Economics and an M.B.A., both from the Hebrew University of Jerusalem, and is a C.P.A. (Isr). She spent a few years in Japan and holds an M.A. in Advanced Japanese Studies from the University of Sheffield.
Gloria Yan, CPA
Zetta, our US company, is managed by Gloria Yan. Gloria brings with her years of expertise in all aspects of financial services. She has spent the past 11 years at Montgomery Professional Services in San Jose, where she managed all levels of accounting for a large client base ranging from accounting for individuals to start up companies to established revenue-generating companies. Prior to this, she was the Assistant Accounting Manager at Researchers, overseeing all A/R and A/P functions for business division consisting of three individual companies located nationally. She also held an accountant position at Vip Litho.
Our Clients
Nextage clients are some of the most well known companies in the industry and
range from venture capital firms to high-tech and seed stage companies.
Below is a list of some of our clients:
"For Ofer and Nextage, what was really clear is that they saw us as potential; they saw that
there's a good chance we will grow and become big. And they understood what it means
to be small and the growth challenges involved. And then the challenges involved in being
medium, and then growing from medium to the next level."
Nir Zohar, Chief Operating Officer, Wix.com
"To sum up the value Nextage brought to the table: Sound financial advice which is always
adaptable to the stage which the company is in now. They kept us away from making
mistakes but also kept us away from worrying about things which are irrelevant to the
growth of the company during each phase."
"On another aspect, Ofer is a magician of venture loans and he's done a fantastic job for us on that level as well."
"Nextage is an enabler for start-ups to get themselves up and running in a way which would facilitate future investment, development and growth."
Eran Baniel, CEO, HCL Cleantech.
"The real difference is that other accounting firms do not perceive themselves as partners of the client.
This is what differentiates Nextage from other firms: When Ofer is the CFO of the client he acts as a partner, other accounting firms are just service providers of the client.
When does this come to the test?
In the client's money-time, of course.
Partner, Leading Professional Services Firm
"Ofer has built a fantastic company with Nextage serving a very impressive group of companies from a wide range of domains and he himself has gained knowledge and expertise in a very large area."
"Over the years, Ofer has built a mini empire. As far as I know, the customers are all as pleased as I am. He has a group of professionals, I think around 50 people and he's gotten to a point where he his offering is quite wide in terms of services so people can pick and choose what they need."
Ervin Leibovici, CEO Bitband
"If our controller faces a question she doesn't know, she's got other resources in the company she can go to. If I had a controller or a bookkeeper in the company they wouldn't necessarily have someone to call with a question. If there's something she doesn't know there's an entire team of experts she can go to for an answer. "
Susan Davis, CFO at Olive Software
case study
Testimonial
We are on top of Finance!
Nextage has made some great progress over the years and has expanded into an organization of more than 50 dedicated professionals, offering their expertise to a growing client base. Our mission is to hire the best people and help them grow both personally and professionally. By achieving this, we ensure a bright future for our clients.
As we continue to advance and extend our reach worldwide, we are always on the lookout for more eager and excellent individuals to join our lines.
If you are interested in a career at Nextage, please send us your resume:
Shirley Yadid, HR Manager
Tel. +972 (9) 7442274/ ext. 5233
Fax +972 (9) 7401236
shirley_nextage.co.il
Nextage Offices
Ra'anana, Main office
26 Zarchin Street
Ra'anana
43662 Israel
info_nextage.co.il
Tel: (+972) 9 744 2274
Fax: (+972) 9 7401236
Tel Aviv
72 Pinhas Rozen st.
69512 Israel
itzik.lev_nextage.co.il
Tel: +972 3 6486064
Fax: +972 3 6486063
Cell: +972 54 4316220
Yokneam
Kochav Yokneam Building
20692 Israel
einat_nextage.co.il
Tel: +972-4-9590839
Fax: +972-4-9590839
Cell: +972-54-8066254
USA
Zetta Financial Services
100 Century Center Court
Suite 400
San Jose, CA 95112
gyan_zettafinancial.com
Phone: 408.320.0260
Case Study - Wix - with Nir Zohar, Chief Operating Officer, Wix.com
Overview
Wix.com is a high-tech start-up company that developed an online software platform,
through which users can build and customize their own free websites. The company was created in 2006 and has headquarters in New York, and Tel-Aviv.
In 2006-2007 Wix was still a private company backed by angels and having a simple financialoperation. At the end of the year there were 20 employees in the company. The accounting firm employed by Wix at the time, did not sufficiently invest in them the resources required to support a growing startup, with good potential to become a bigger player in the industry.
In fact, at the end- Q 3/4 2007, Wix was reaching the end of its financial resources and highly involved in an investment round, bringing the first VC money into the company. By the end of Oct 2007, they were literally running on fumes, which is a common thing that happens to a startup company. It was clear that a change was needed. At the end of 2007, Wix turned to Nextage to support its financial operation.
Solutions
Nextage's dedicated professional team seamlessly integrated into Wix, giving full supportof its CFO, accounting and bookkeeping needs. As a firm well experienced with high-techand early stage companies, Nextage understands the pressures involved in being a growing start-up, including the kind of aptitude that has to be presented to VC's, and the demandsassociated with investment rounds. Nextage's approach is to work as an outsourced firm that feels in-house.
At the top layer, Nextage's CEO, Ofer Katz, was the assigned CFO at Wix.
He brought with him impeccable expertise and a strong ability to differentiate and prioritize all financial corporate issues, helping to keep the focus on what was important. Beyond supplying Wix with typical CFO services, Ofer was always available to help with various untimely issues; from answering questions to sending reports and even making changes to business models during unconventional hours, as is often required in start-up companies.
Nextage's vast experience with strategic financial procedures was used in operations such as venture lending, aiding to make the complex process smooth and successful. This was combined with the work of an experienced professional team that spent 2-3 days a month sitting with Wix in their offices, handling every accounting and bookkeeping matter.
Nextage's team got to know the employees first hand in order to do the salaries and learned all fine tuning, likes, and inclinations of Wix's management team. This way, Nextage was able to accommodate all needs and preferences which are other than what is customary.
Nextage accompanied Wix from its early start-up phase, until it became a medium sized company and through its continued growth. When the timing was right, it was the sound advice of Nextage's professionals that drove Wix to start moving its financial operation in-house. The shift was made wisely, at the stage most accurate for Wix in all aspects.
Outcome
By today, Wix has a staff of over 200 employees and has completed the integration of a fully operational in-house finance department. Wix maintains a strong, warm relationship with Nextage, and its management still enjoys the sensible advice of Ofer Katz when need calls.
"It's not trivial to hire someone who says: I'm going to join you when you're small, I'm going
to help you grow, and at some stage I'm going to help you replace me because that's what a company needs to do as it grows. This is something not everybody would be professional
and mature enough to give you this sort of help."
"A lot of vendors can supply the bookkeeping on the accounting level. It's easy when you're
small. I think that the higher level is where you outsource somebody, to understand your
business and be responsible for your high level financials now, and going forward. It was
really was like that with Nextage"
"Accountants usually because they are so detail oriented, they like to do everything perfect.
If you try to make everything perfect you're going to end up wasting a lot of money or
spending a lot of time on things that are often not that important, or are low risk to the
organization. With Ofer it's always- what's the highest risk? What's the most important issue? Everything that's low risk and not really that important can be put aside and dealtwith in due time."
Case Study - HCL - with Eran Baniel, CEO, HCL Cleantech
HCL CleanTech Ltd is a Hi-Tech company that commercializes innovative biomass hydrolysis and extraction technologies. Founded in 2007, HCL has developed a sequence of processes to extract the valuables from agricultural waste for conversion into bio-fuels and bio-products.
As an early stage start-up, HCL set out with a very limited budget at its disposal. The management's top priority was to handle their budget in a highly-organized and efficient manner, and of course, to make it last for as long as possible. They sought to hire the best professionals to keep everything in order from initial stages and going forward. In 2009, after receiving a recommendation from a trusted associate, HCL's CEO, Eran Baniel, turned to Nextage.
Nextage was contracted by HCL and its professional team immediately took over all aspects of the financial operation from accounting and reporting to CFO services. Many early stage start-ups that handle all financial issues themselves tend to make short cuts and save on details. In such cases, when the company grows, it often costs a fortune to sort out financial issues that were overlooked in earlier phases. Nextage's professionals have years of experience within the hi-tech industry, and their know-how in the matter of managing the finances of start-ups is unmatched. As Nextage came into HCL, their team of experts assured every facet of the company's financial department is handled meticulously. The transparent and easy-to-read methodologies that Nextage implements make it easier to demonstrate and deliver the required information to investors when the hour comes.
Additionally, Nextage assisted HCL with fund raising. As the first institutionalized investors came in, Nextage helped assure that HCL stays on track in terms of managing its administration. This involved analysis of proposals and term sheets, from both investors and venture lending firms in order to make the comparison easier and lead HCL to the best decision. Ofer, Nextage's CEO, worked tightly with HCL's management, as Nextage's team of professionals assisted in negotiating two venture loans.
HCL has advanced to a new stage after receiving two venture loans with good terms; one loan is with Silicon Valley Bank, and the second with Triple Point Capital.
After the investment, the company has made a first major shift and opened their main headquarters in the USA. Nextage connected HCL with one of its US associated companies and assured the American company is well cared for in every facet of its financial department. HCL's Israeli branch continues to work closely with Nextage.
"Startups want to think that they manage a lot of things, but at the end of the day they don't. They manage talents, talented people, which is the biggest most important resource of a start up. And they manage expenses; that's all, there's no income. And if you don't run your accounts properly and your option plans properly, and you don't work in a transparent and an easy to decipher way, you will be in a deep mess later on, when institutionalized investors come in. We hired Nextage to save us this trouble. I would say Nextage is a service provider that allows a start up to get to the next stage, without having to clean up a sometimes impossible mess."
Eran Baniel , CEO, HCL Cleantech
Eran Baniel, CEO, HCL Cleantech
Case Study - TayKey - with Amit Avner, CEO, TayKey
Taykey is a real-time trend based advertising platform that connects users with relevant ads across different channels. The company has created a technology that performs semantic analysis across the web and discovers the trends in different demographics, to automatically deliver targeted ads.
Taykey was founded in 2009. That very same year, the company's investor introduced Nextage to Taykey's co-founders who were looking for a professional accounting firm to give answer to all their financial management requirements.
As is the case for most start-ups, at the beginning Taykey was composed of no more than 3-4 employees working long hours to build, deliver and advance the technology at a fast moving pace. During this initial phase in the life of a start-up company, it is basically impossible to set up an in-house financial department. Moreover, a small company that aims to grow at a very high speed must have experts at its disposal, to bring in the knowledge and skills that will support and assist the company as it drives forward.
Nextage's team of professionals provided Taykey with all the expertise required; from accounting and reporting services, to managing wages, bookkeeping and CFO. This includes the full operation of budget planning, cash flow management, accounting statements, payroll administration, strategic operation planning, treasury and cash management and more. Nextage also helped with administration of option plans and all related documentation required by the Government and tax authorities.
Another corporate know-how Nextage brought is in the area of HR, as Taykey sought out new professionals to join its lines. Nextage's team helped bring in the right people to different departments, from Sales to Customer Services and Office Admin. First they assisted Taykey in defining the set of characteristics to be sought in each professional, and then they helped to bring in those professionals.
In mid 2011 Taykey opened a second branch in the US. The company continues to grow after having received a second investment of $9 Million from Sequoia Capital in June 2011. Nextage continues to work with Taykey in their American offices as well, bringing in financial expertise to a quickly growing enterprise.
"Nextage bring expertise and values from so many companies it's like getting experience from 200 people at the same time."
"You have to be an expert in order to do finances if you want to do it well and that's not possible for a start-up company that sets out. We needed the know-how and the expertise. That's why we hired Nextage."
Amit Avner , CEO,TayKey
Nextage Testimonial
Over the years Nextage has earned and maintained an excellent reputation within the Israeli market and worldwide. We are a trustworthy, ethical company with high standards and quality staff.
The following testimonial comes from a Partner of one of the world's leading professional services organizations. Due to the nature of our industry, we cannot reveal the name of the firm. The testimonial is part of a recorded interview and everything written is 100% word-for-word.
Testimonial by a Partner in a global leading firm in advisory services
Our firm helps companies across the globe to identify and capitalize on business opportunities. We are a global leader in assurance, tax, transactions and advisory services. Our offices provide consulting services to different verticals in the Israeli industry and we work with many technology companies.
I've worked with Nextage and Ofer Katz since 2006, across many channels. Our clients hire companies like Nextage to run their bookkeeping and CFO services. This means my firm works with many companies like Nextage on a day to day basis. They help our clients to be ready for our reviews and to recognize the issues for which they need consulting.
Our clients come from all corners of the business world, they aim to develop their businesses but they don't always know what kind of effect each one of their activities has, whether performed in Israel or anywhere globally. They require someone with a vast financial background to help them recognize and meet various issues. This is what Nextage does. Our paths as firms converge in many places. Ofer Katz, as an outsourced CFO, takes on the roll of financial management. This means that Ofer is my client's long arm. To me, he represents the client and wears different hats all the time, depending on the client's needs. This defines our work relations.
When you have a market as big as ours, you work with a lot of accounting firms and you get to experience different types of service providers. I enjoy working with Ofer. I honestly and truly believe that he delivers a service which is very different than all the other service providers in his industry.
Ofer knows how to recognize all the small critical issues before they escalate and surprise me or the client. This gives the client a very big advantage. Most alternative service providers in the market deliver a solution which is much more commoditized. Every company offers bookkeeping, budget management, CFO and other such services. These are very important solutions and all businesses need them. But the real difference is that other accounting firms do not perceive themselves as partners of the client. This is what differentiates Nextage from other firms: When Ofer is the CFO of the client he acts as a partner, other accounting firms are just service providers of the client. When does this come to the test? In the client's money-time, of course.
For example, during fund-raising the client needs to close many loops, there's due diligence and everyone gathers in. Let's say it this way, in those critical times, Ofer certainly has a voice. In discussions, the client doesn't need to open his mouth, he sees that the outsourcing he did works terrific. Other service providers are usually not present when they are needed.
It's the depth of commitment and the client sees it. This is why when a new client asks me about companies that give financial services, though I never give just one referral, I do emphasize the difference Nextage delivers as a service provider. I recommend Nextage to my clients because I believe they bring the best value to any company. When their teams set to work on a client's case they leave no open ends. They act as part of each firm they serve and take care to bring into awareness all vital issues in advance.
"Every company offers bookkeeping, budget management, CFO and other such services. These are very important solutions and all businesses need them.
But the real difference is that other accounting firms do not perceive themselves as partners of the client.
This is what differentiates Nextage from other firms: When Ofer is the CFO of the client he acts as a partner, other accounting firms are just service providers of the client. When does this come to the test?
In the client's money-time, of course."
Case Study- Bitband
BitBand, a leading technology provider for advanced video content delivery solutions, was founded in 1999 and acquired by Motorola in 2009. The company, which specialized in video on-demand for IPTV, was incorporated in the United States.
In 2002, Bitband was undergoing several changes and re-establishing some of its core operations. That same year, Ervin Leibovici, then CEO of Bitband, decided to outsource the company's CFO position. The hired CFO would accommodate the company's financial management needs while acting as advisor on all financial related decisions. At that point in time, Nextage's services were contracted.
Ofer Katz was employed as Bitband's CFO. Part of Nextage's mission is to seamlessly integrate with every company it works for and to provide the highest quality of support from within; outsourcing that feels in-house. Working side by side with Ervin Leibovici, Ofer took part in building the process of financial reporting and presentation to the board. As Bitband was growing bigger, many new business domains had to be ventured into and made familiar. This includes different funding sources as well as business transactions conducted in various countries and markets worldwide. Over the years, Bitband expanded its business and thus its financial support needs have shifted to a much larger scope of a growing corporation. As CFO, Ofer accompanied Bitband, working closely with its management team to drive the company forward and develop new strategies and procedures in new markets.
Two years after hiring Nextage's CFO services, Bitband contracted Nextage to administer accounting as well. Subsequently, Nextage took on the full extent of running Bitband's financial operation and brought in expertise to all levels, from controlling to bookkeeping and wages as well. Nextage managed Bitband's accounting department for several years until the company grew bigger and the model of outsourcing was no longer necessary. With the support of Nextage, Bitband then moved its accounting in-house, while continuing to work with Ofer as the company's CFO.
Results
Nextage continued to provide Bitband with financial services all the while until the year 2009, when the company was acquired by Motorola. As CFO, Ofer was highly involved in the financial aspects related to the acquisition procedure.
Nextage firm includes over 50 professionals delivering a wide range of services from ongoing day-to day financial management, to projects on specific issues that require deep expertise such as venture lending or strategic operation planning. In Bitband's case, it was the whole nine yards. This model of outsourcing the financial department proved to be cost efficient and allowed Bitband full flexibility in making changes as required and choosing the services most relevant to them.
"Outsourcing CFO turns out to be a very successful model. As you are building your company and you are scrambling for money, every dollar you have you want to use out there in the market to get customers or to develop your products. You want to be as efficient as possible in the way of supportive activities, things like finance and HR. Best to outsource if you can find the high quality person you can trust."
Olive Software Case Study
Olive Software is a leading provider of digital publishing solutions that enable organizations to publish rich, interactive, and searchable media by automatically transforming documents into intelligent content components, or micro-content. The company was founded in the year 2000 and has offices in the US and in Israel.
In early 2010, the company was re-establishing some of its divisions and undergoing cost reduction. An organization the size of Olive Software requires all roles of the finance professional chain but to differing degrees. Often it means a bit bookkeeping, a bit of controlling a bit of CFO. Finding an in-house professional willing or able to do the variety of roles needed is difficult. The idea of contracting an outsourced accounting firm was brought to the table by one of the members of Olive's management and though the team was parted on the matter, they had eventually decided to hire Nextage.
Olive software has branches in the US and in Israel. The company's CFO, Susan Davis, oversees the entire financial operation. Nextage began working with Olive Software in February 2010 taking care of 90% of all bookkeeping and accounting requirements of the Israeli subsidiary.
Amy Nisman, Nextage's assigned controller to Olive Software has brought great value. For some companies, the main concern when considering outsourcing an accounting service involves response speed issues. If the employee is not working in-house, it may cause gaps in response and delays in treatment of matters.
Nextage is very client- oriented and the team works effectively to reduce that time gap and assure that there is not a question or an issue that goes unanswered. Besides providing the high attentiveness of a skilled professional, Amy Nisman and Susan Davis, have worked out a system of reporting that delivers the required financial data in advance. Efficiency is maximized and issues relating to time and location are resolved.
Additionally, Nextage's assigned controller has assisted in making Israeli accounting issues better understood. This is important for a company that has to manage offices in different countries, owing to different accounting systems.
Nextage's large professional team has vast experience in all aspects of the financial operation of a business. This is one of the advantages any organization that hires Nextage enjoys. Any single professional working for a company is backed up by a pool of knowledge. When a question arises for the assigned controller regarding any financial issue in Olive Software, there is always additional expert support to be reached on the spot.
Olive Software continues to employ Nextage for most of its accounting and bookkeeping requirements and enjoys a great service. The entire management team is now fully convinced that contracting Nextage has paid off.
"I have nothing but glowing things to say about Nextage. I can't say enough about them. they are very good people, very customer oriented and they're certainly competent."
"The people at Nextage make all the difference. I couldn’t ask any more from our Controller, Amy Nisman. She is so competent, intelligent, responsive, responsible and such a pleasure to work with. Ofer Katz must be very good at hiring and training his staff."
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