Case Study: Consona (formerly Made2Manage)
Take-Private Leads to High Growth
Situation
- M2M sold ERP software for small to medium-sized manufacturers
- Trapped between
Wall Street’s need for growth and a stagnant market,
became an underperforming orphan
- Structured transaction with a 1:1 equity:debt
ratio
The Battery Difference
- Re-oriented business from growth at-all-cost to profitability
- Installed former
Battery Executive-In-Residence as CEO, recruited new VP Sales & Marketing
- Significantly
rationalized expense base, kept customer-facing personnel intact
- Refocused
resources from new customer acquisition to
maintaining and cross-selling
to large installed customer base
Result
- After successful restructuring of M2M, turned to growth by acquisition
- Completed 8 acquisitions to date, including CRM vendor Onyx Software
- Quadrupled revenue
- Strong financial performance with 30% EBITDA margins
- Renamed company Consona Corporation

www.consona.com
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