Founded in 1994, Lightspeed has grown into a successful software company supporting the majority of America’s state-run guaranty fund associations, in addition to some of the largest financial institutions’ back-office banking infrastructures. 10 years into the company’s operations, the original founder handed the reins to his best friend, Marvin Sauer. When it came time for Marv to retire in 2018, he was determined to continue the legacy of Lightspeed by finding a new home the founder would approve of.
Before meeting Banyan, no other offer Marv entertained felt like the right fit to carry on the founder’s legacy - a strong business built upon great customer relationships and blue- chip customers. Marv chose Banyan because he was confident that it would be the best permanent home for the company, the employees, and the customers.
“The outside perspective has given new insight into opportunities for growing the business. Our future is bright and I feel confident the legacy of the company will continue for a long time to come.”
Marvin Sauer former owner, Lightspeed Data Solutions
Putting top talent at the helm
The first thing we did was recruit a talented, sales-focused CEO, which gave Marv the confidence to transition into a part-time consulting role within the first year.
Unlocking new sales opportunities
The new CEO, an experienced executive with an extensive sales background, helped build a refreshed go-to-market strategy, implemented sales processes including a CRM and lead tracking, and was able to drive new sales opportunities almost immediately.
Investing in enhanced product development
To tackle customer requests and enhanced functionality, we focused on creating a formal product roadmap - responsibly addressing several key client issues within the first few months. An increased development budget allowed Lightspeed to attract a product and industry expert, who spearheaded the redevelopment of the core platform and helped the company stay on a path of continued growth.