Centroid Systems, LLC

Case Studies

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Centroid Client - Lending Club - Success Story


Lending Club is a US peer-to-peer lending company, headquartered in San Francisco, California. It was the first peer-to-peer lender to register its offerings as securities with the Securities and Exchange Commission (SEC), and to offer loan trading on a secondary market. Lending Club operates an online lending platform that enables borrowers to obtain a loan, and investors to purchase notes backed by payments made on loans. Lending Club is the world's largest peer-to-peer lending platform. The company claims that $15.98 billion in loans had been originated through its platform up to 31 December 2015. 

Lending Club enables borrowers to create unsecured personal loans between $1,000 and $40,000. The standard loan period is three years. Investors can search and browse the loan listings on Lending Club website and select loans that they want to invest in based on the information supplied about the borrower, amount of loan, loan grade, and loan purpose. Investors make money from interest. Lending Club makes money by charging borrowers an origination fee and investors a service fee. 

Lending Club raised $1 billion in what became the largest technology IPO in 2014 in the United States 

Headquartered out of San Francisco, CA, Lending Club is a publicly traded company on the New York Stock Exchange.  

Revenue

$213 Million 

Number of Employees

About 1000

Industry

Personal Finance 

Client Statement

"After a slow start to our Cloud implementation, we decided to switch implementation partners to Centroid. Centroid got our project back on track and with immediate results. Their team of Oracle Cloud experts was extremely professional and spent time with our finance and accounting teams to fully understand our needs and direction. When we have future consulting needs around Oracle Cloud Products and Solutions we will continue to engage Centroid."

Kal Majumdar, VP Corporate Technology 

Challenges and Opportunities

1.  Fusion Financials implemented by another vendor was not meeting business needs

2. Lending club wanted to expand the business footprint and add additional business units, but they were very concerned about the stability and maturity of the product and even considered pulling the plug.

3. Another big concern for Lending Club was the lack of in-house skillset 

Oracle Products and Services currently being used

• ·        Cloud General Ledger

• ·        Cloud Payables

• ·        Cloud Fixed Assets

• ·        Cloud Cash Management

• ·        Cloud Procurement

• ·        Cloud Self-Service Procurement

From Unstable, Unhappy Cloud Implementation to a Stable and Successful Oracle Cloud Financials experience

Centroid did an initial Health Check to identify and prioritize deficiencies in the initial setup. We stabilized the platform, rolled out additional Business Units along with additional functionality and currently continue to work with the client to utilize more features.

Results

Centroid enabled Lending Club to stay on the implemented Cloud Financials platform by stabilizing the initial implementation. We continue to support the customer over the last 2+ years of expanded use, new modules and a continuous rollout of new features through 4 release upgrades.

 




 

Centroid Client - OpenX - Success Story


Founded in 2008, OpenX is a programmatic advertising technology company. The company has developed an integrated technology platform that combines ad server and a real-time bidding (RTB) exchange with a standard supply-side platform (SSP) ensuring the highest real-time value for any trade. According to Pixelate, OpenX      Marketplace had the highest quality ad inventory in 2015, beating Google's ad marketplace (Google Adx). OpenX integrations are widely distributed / long tail and currently sees the second most impressions (2%) on the internet, after Google. Its new traffic quality platform for viewability and fraud detection technology has the ability to leverage this position by seeing impressions earlier than existing ad verification / pre-bid solutions used by DSP and agency trading desks

•  OpenX had the second largest publisher ad-server install base behind Google in 2013 
• OpenX’s current products include the OpenX Exchange, Ad Server, and SSP (supply side platform) with Demand Fusion 
• 96% of top 100 brand advertisers and 58% of Comscore 100 publishers work with OpenX conducting 250 billion monthly transactions and 12 billion daily bids from buyers 
• OpenX competes with Google’s AdX and AdServer 
• OpenX is headquartered in Pasadena, CA and had offices in New York, Tokyo, London and Munich

Number of Employees

About 500   

Industry

Online Advertising 

Decision to move to Cloud

OpenX decided to implement Cloud Financials and quickly shed infrastructure costs and eliminate old technology. Additionally, the other advantages of moving to the cloud were clear to the OpenX decision making team. With biyearly releases providing the luxury of being on the most recent version of the software was very appealing and an important feature in the decision making process.  

Additional Consideration

• Existing Managed Services customer for Centroid

• OpenX had a limited budget and an aggressive timeline to switch from EBS R12.1.3 to Cloud Financials due to hardware licensing considerations

• OpenX was also struggling with some of the inflexibility of EBS for reporting, FSG’s and Chart of Accounts due to multiple acquisitions

• Need for more flexible financials reporting 

Oracle Products and Services currently being used

• ·        Cloud General Ledger

• ·        Cloud Payables

• ·        Cloud Receivables

• ·        Cloud Fixed Assets

• ·        Cloud Cash Management

• ·        Cloud Tax

• ·        Cloud Intercompany

From R12 EBS to Oracle Cloud Financials in 4 months

Centroid provided the turn-key migration services from EBS to Cloud Financials, and OpenX went live on-time and within budget in November of 2015. The project kick-off was in July, with actual work on the project starting in August of 2015. Pleased with the implementation experience, OpenX signed Centroid’s Managed Services agreement for production support on the cloud!

Results

Cloud based enterprise resource planning streamlined reporting, consolidating and accelerated the financial period close. The leadership team was pleased with the cost-effective and flexible solution that continually meets the needs of a fast paced and growing organization.

 




 

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