When a company grows through a merger or acquisition, the finance team can be faced with various legacy systems and conflicting procedures. Kim Estes, Vice President, Accounting, The Knot Worldwide, spoke during a recent TMI and Coupa webinar about how her organisation overcame these challenges and found the perfect marriage of technological transformation and streamlined processes.
The Knot Worldwide is a global leader and authority in the digital wedding planning industry. The company provides wedding marketplaces, including relevant content, planning tools, and registry services to more than 20 million unique monthly visitors across 16 countries.
“Our mission is to help couples around the world plan a wedding that is uniquely theirs in every aspect,” explains Kim Estes. “The accounting and finance team helps to support this through our key corporate goals – to maintain a first-class accounting function to support management decision-making, to streamline processes and ensure we have adequate controls in place, and be great business partners within the organisation to create enterprise value.”
The role of the accounting and finance team has been pivotal in supporting the rapid growth of what The Knot Worldwide is today. Back in 2018, legacy company WeddingWire recapitalised with a $350m investment from Permira Funds. It then merged with XO Group, the holding company for The Knot and many other smaller brands. XO Group was a public company and significantly bigger than WeddingWire. The combined executive and management team was a mix from both legacy companies, and The Knot Worldwide was born in the spring of 2019.