Originally founded to digitize the White and Yellow Pages in South Africa, Incubeta substantially expanded its business services through diversification in other forms of digital marketing and multiple acquisitions, evolving into an award-winning, digital media powerhouse with operations and offices across the globe. Incubeta’s international acceleration began in 2013 when it acquired Net Media Planet (NMPi) and continued with its 2015 acquisition of DQ&A, which extended Incubeta’s geographical and product footprint into the UK and Europe. The company acquired creative specialist Joystick in 2018 and eCommerce expert Groundswell in March 2021. Today, Incubeta supports some of the most innovative clients in the world, including Google, Amazon, Disney, HBO, Charlotte Tilbury, and L’Oréal.
Incubeta boasts an international team of marketing, technology, data, and creative experts who are passionate about digital strategy, eCommerce, and creativity that supercharges growth. Their work spans many sectors including retail, travel, finance, FMCG, iGaming, entertainment, automotive, and app development.
The 20-fold growth in seven years shows little signs of slowing down. Incubeta plans to acquire three to four companies in 2021 alone. This rapid growth led to many operational challenges.
“When I joined in 2014, I couldn’t see any general ledgers; everyone had different charts of accounts, and I was dealing with 10 functional currencies,” says Sean Reuben, Global CFO for Incubeta. “It was a very challenging way to run the business.”
In addition to managing 10 currencies, Incubeta operated with four accounting teams that used four different financial packages: Sage 50, Sage 300, Exact, and Pastel. Getting even limited financial clarity required manually consolidating data from the four legacy systems into Excel.
“It was a real nightmare,” says Reuben who operates from the company’s office in the Netherlands. “A month-end close would take up to 7 weeks,” he adds. “It was incredibly difficult. We were very old school, operating with just email and Excel.”
As the acquisitions increased, executives realized the legacy systems couldn’t handle the mounting transactions.
“Incubeta began looking for an ERP that was user-friendly, modern, scalable, and affordable. The team evaluated SAP B1, Oracle NetSuite, Sage Intacct, Sage X3, and Acumatica Cloud ERP, which Reuben found on Gartner’s Magic Quadrant as an emerging leader.
“Ease of use was one of our top priorities,” he says. “Change management is difficult and even more so with many different languages. We also needed something scalable and opted for a SaaS solution because we didn’t want to host anything locally on-premises. Additionally, we wanted the flexibility to add users and companies efficiently.”