Case Study: Fintech
Billing and Revenue Automation Helps Mosaic Exit to Strategic Buyer
Centralizing all customer contracts, invoices, and revenue schedules in a single platform proved critical when the company was acquired by a strategic buyer.
The client
Mosaic is a strategic finance platform that enables rapid decision making.
Mosaic was founded by three leaders from the Palantir finance team. Frustrated by the complexities and inefficiencies of the finance tools they were using, they decided to found a new company to solve the problem. Mosaic was born in 2019 with a vision to create a compass for business leaders that could enable rapid decision-making.
Mosaic raised several rounds of funding from investors such as General Catalyst, Peter Thiel’s Founders Fund, Fifth Down Capital, and Goldcrest Capital in its first few years. In 2025, the company was acquired by HiBob, creating the first integrated HR and financial planning solution for middle-market companies.
The challenge
Mosaic was using spreadsheets to generate customer invoices
In the early stages of the company’s lifecycle, Mosaic’s finance team used spreadsheets to manage its billing and revenue recognition processes. Line item charges were calculated in Excel and then uploaded to QuickBooks to generate customer invoices. The team was spending several days per month manually performing calculations, reconciling payments to invoices, and tracking deferred revenue balances.
In 2023, Mosaic hired a new finance leader who recognized that the company needed to implement a more scalable approach to billing and revenue recognition to support its growth plan. The Ordway implementation took a few months, but along the way, the finance team was able to centralize and standardize all the historical information about contracts, invoices, payments, and revenue.
”“Ordway helped us accelerate our monthly close process by a day and saves us at least 20 hours per month on billing. It also helped tremendously during due diligence when we were acquired.”
Daniel KangHead of Finance.
The solution
Connecting Ordway to QuickBooks, Salesforce, and Mosaic’s Tech Stack
- QuickBooks Online—Ordway publishes summaries of the journal entries, invoices, and payment transactions in its subledger to QuickBooks. As a result, all the collections, AR balances, and revenue schedules from Ordway are rolled up into the company’s income statement, balance sheet, and cash flow statement.
- Salesforce.com CRM—Mosaic’s sales team manages new customer deals as well as renewals and upgrades in its Salesforce CRM. Once a deal is “closed won,” the contract is published to Ordway, which uses the data to generate invoices and deferred revenue schedules automatically.
- Anrok Sales Tax Automation – In some jurisdictions, Mosaic’s SaaS applications are subject to state and local sales taxes. During billing runs, Ordway makes an API connection to Anrok to determine economic nexus and calculate the tax amounts for customer invoices.
Key Features used by Mosaic
Ordway provides a platform to automate order-to-revenue processes for Mosaic’s customer community. The strategic finance platform provider is using Ordway to:
- Subscription billing – Line item calculations for its multi-tiered subscription plans, as well as uplifts for additional users and data connectors.
- Accounts receivable – Dunning workflows to communicate with customers about new invoices, upcoming payment deadlines, and failed payment transactions.
- Revenue recognition – Deferred revenue schedules for SaaS contracts. Generation of journal entries for deferred and recognized revenue.
The outcome
Ordway helped Mosaic complete due diligence with a strategic buyer
In 2025, Mosaic was acquired by HiBob, one of the fastest-growing SaaS companies in the human resource management space. Prior to the announcement of the acquisition, HiBob’s finance team and external auditors performed a detailed level of due diligence on Mosaic’s financials. As with any audit, revenue, contracts, and invoices were among the most closely inspected supporting documents during the review process.
Mosaic’s finance team was a little nervous entering the diligence cycle, as the company had not yet undergone a formal external audit of its GAAP financial statements. However, the concerns were quickly allayed. With all contracts, invoices, and revenue schedules centralized in Ordway, the auditors could inspect the history of each customer subscription and perform all necessary verifications quickly and efficiently.
