Adapture - Fintech Contract Consolidation

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Success Story Adapture Optimizes IT Strategy for Leading FinTech Payment Solution Provider

Adapture cuts number of contracts to nearly a quarter of the original number, saving its client tens of millions of dollars while providing increased visibility.

Customer Overview The client is a financial technology and software company that carries billions of transactions annually, worldwide. It employs over 24,000 people with offices in 40 countries. Their goal is to support simple, fast, and secure payments between businesses of all sizes and their customers. Adapture, a leading technology solutions provider, holds Cisco certifications in customer experience (CX) and enterprise agreements (EA).

Business Challenges The FinTech giant knew it was over-spending on its IT services. It had over 195 active maintenance agreements comprised of roughly 63,000 line items coupled with licensing their IT equipment. The payment solutions provider was procuring from more than 15 resellers, and because of the sheer number of agreements, its environment lacked visibility, control, and predictability.

It was in desperate need of a clear and systematic approach that would increase the quality of its service and visibility while also reducing unnecessary expenditure.

Solution Requirements The solution needed to be visible, manageable, and predictable, allowing the commerce platform to know what it was getting and to make informed decisions about its technology moving forward. The solution also needed to be reasonably flexible, not holding the company back as it grows.

Our Solution With its Cisco Customer Experience (CX) and Enterprise Agreements (EA) certifications, Adapture had the knowledge and experience to create a long-term strategy that would reduce expenditure and increase visibility, elevating the FinTech provider’s service levels and reducing costs. The first phase involved consolidation and reduction of contracts from 195 to 50-60, organized so that more could be consolidated upon renewal. The second step was to add in the software licensing components. Working over months to determine the company’s needs, Adapture was able to establish a system to give the client visibility and predictability across their entire suite of software solutions. It was able to reduce an expenditure of more than 100 million to 65 million with a long-term agreement. This agreement was designed to add consistency in consumption and provide better education for those using it. To ensure that the company would be able to grow, the contract allows for ways to add new users and acquired businesses into the agreement as required. For better visibility, Adapture attends monthly and quarterly meetings while supplying reports containing information on spending and usage, so that the company better understands their IT needs and can adjust going forward.

Benefits of Solution With this solution, the FinTech giant was able to reduce the number of contracts from 195 to a number in the low 50s and save tens of millions of dollars. Adapture was able to give the company more than just a temporary fix—it helped the commerce platform to create a strategy moving forward.

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