IQ Backoffice - Synopsis

About the Company:

IQ BackOffice, Inc is a US based company engaged in offering finance,
accounting and human resources outsourcing services to US based clients, since
its establishment in the year 2011 and operates as a subsidiary of HRMall Inc
The company was incorporated in 2011 and operates as a subsidiary of HRMall
Inc
The company was incorporated in El Segundo, California locations and has
additional offices in Los Angeles (California), Manila (Philippines) and Chennai
(India)
The company delivers outsourced solutions for accounting, including accounts
payable, billing and accounts receivable, financial statement preparation, payroll
services, daily deposit verification, cash and credit card reconciliation, fixed
asset reporting, electronic payment solutions and secure virtual payment and
human resources that include human resources management, human resources
information systems, payroll management and integration and Web-based talent
management applications
The company offers solutions to public and private company customers of in
various industries which include restaurants and hospitality, real estate and
property management, manufacturing and distribution, telecommunications,
utilities, energy, financial services, professional services and others
Founded: 2002 USA, 2010 - India (The company has an authorized capital of Rs
5,00,000.00 and paid-up capital of Rs 1,13,910.00 in India)
Global Presence:
California, USA
(Headquarters)

Headquarters
2121 Rosecrans Avenue,
Suite 3350
El Segundo, California
90245
USA

Services:

Chennai, India

Chennai, India
ISSC B Block, 2nd Floor
Ambit IT Park, 32 A&B
Ambit Park Road, SIDCO
Industrial Estate
Ambattur, Chennai, Tamil
Nadu 600058

Manila, Philippines

Manila, Philippines
2nd Level Street Market
Area
Market Market, Bonifacio
Global City
Taguig, Metro Manila
Philippines

Accounts Payable Outsourcing

Accounts Receivable Outsourcing & Billing and Cash Application
Comprehensive billing, cash application and collections management
Payroll Outsourcing
Full Service Accounting Outsourcing
Accounts Payable outsourcing
Billing and accounts receivable outsourcing
Financial statement preparation
Payroll Outsourcing services
Daily deposit verification
Cash and credit card reconciliation
Fixed asset reporting
Electronic payment solutions
Secure Virtual Payment MasterCard, with Cash-back revenue options
Human Resources Accounting Outsourcing
Human resources management
Human resources information systems (HRIS)
Payroll management and integration
Web-based talent management applications

Industries Covered:

Restaurants & Hospitality

Back office accounting services
Real Estate & Property Management
Managing invoice, bills and back office processes
Manufacturing & Distribution
Accounting service
Payroll outsourcing
Human resource outsourcing programs
Dental & Medical Service Organizations
Broadcast & Publishing
Media & Entertainment
Financial Services & Insurance
Legal
Energy

US Management Team:
Name
David Schnitt
Noel Bedayo
Ken Johnson
Andres Phippard
Phylis Field
Julia Ellek Donavant

Designation
President & Chief Executive Officer
Vice President for Project Management Office
Vice President, Business Development
Vice President, Client Services
Vice President, Solutions
Vice President, Transition Services

Bina Solanki
Sri Suharti Coles
Janel Bea
Ma. Chiara Lubich H.
Zotomayor
Minerva V. Cornelio

Director, Service Delivery, ISSC

Vice President and General Manager, HRMall
Chief Financial Officer
Corporate HR Director
Client Services Director, F&A Outsourcing
Operations

Indian Management:
DIN/DPIN/PA
N

Director Name

Appointment Date

05216875

Aarthi Vetrimaaran

01-Jun-12

02033102
02777388

Sunil Pundalik Garde

David Lawrence Schnitt

01-Jun-12
18-Feb-10

Designation
Whole-time
Director
Director
Director

Major Partners:

Competitors:

, Stockford Ltd
Milestones:

In 2011, IQ BackOffice processed 1.7 million financial transactions, worth

approximately $10 billion and provided human resources services to more
than 45,000 employees.
IQ BackOffice welcomed three new clients this quarter: Quality Uptime, a
critical power service organization, Ita, the global Latin American bank and
American Golf, a golf course manager and operator in 2014.
IQ BackOffice implemented a high volume of clients in 2014 including Five
Star Food Service, Vantage Oncology, CIG Logistics and Mancha
Development. With increased client demand, the firm has expanded globally
with the opening of a new office in Ambattur, Chennai, India more than
doubling the size of its previous office to increase its capacity to deliver
customized solutions to global clients.
Driving much of the company's growth, IQ BackOffice's full service accounting
solutions offering has seen an 156% increase in net revenue across clients
from various industries especially the restaurant space, which saw 196% of
growth this year
New clients in the restaurant space including CREAM, an ice cream sandwich
franchise that was selected as one of the breakout brands for 2015 by
Nations Restaurant Newsx
Partnered with Intacct, a leading provider of cloud financial management and
accounting software

Mergers and Acquisitions:

HRMall Acquisition of IQ BackOffice IN USA

On April 18, 2011, HRMall Inc., a BPO company focused on offering HR related
services to Asia Pacific customers signed an definitive agreement to acquire
IQ BackOffice, a US based company engaged in delivery of high quality,
software-enabled, real-time, SAS70 Type II-certified finance and accounting
BPO services to mid-sized companies in USA region
The investors of HRMall includes Ayala Corporations Business Process
Outsourcing (BPO) investment company and LiveIt Investments Ltd
The post acquisition will make HRMall to provide a complete suite of low-cost,
best-in-class HR, finance and accounting services to the underserved midsized enterprise sector in the US and Asian region, through a mix of proven
technology, proprietary software and processes, profound domain expertise
in multiple industries and efficient outsourced operations that empower its
customers to increase world-class back office abilities while accomplishing
30% to 50% yearly cost decrease
As a part of this deal, David Schnitt - CEO and founder of IQ BackOffice will
purchase a 17.5% ownership interest in HRMall and will be named Chief
Executive Officer of HRMall and remaining 82.5% of the company will be
owned and supported by LiveIt Investments Ltd
As of now the company retain their company names in respective regions and
the IQ BackOffice management team in India and USA has been combined
with HRMall Leadership team in Manila region
The joined companies are valued to be $ 15 Million approximately