A global energy leader transforms a liquidity crisis into rapid recovery

Summary

Sector: Energy

The challenge: A $1B+ acquisition quickly became a liquidity crisis. For 150+ days, the organization could not invoice, halting revenue and forcing borrowing to sustain operations. Leadership lost visibility and confidence.

The solution: A rapid stabilize-and-transform approach restored invoicing, rebuilt order-to-cash, and reintroduced governance and visibility.

Key results:

$178M in cash realized in 90 days, restoring liquidity and eliminating reliance on short-term borrowing
90%+ improvement in invoicing cycle times, dramatically accelerating revenue realization
Transition to near real-time invoicing (<5 days), providing reliable and actionable cash flow visibility
Resolution of 150+ days of invoicing backlog, fully restoring revenue collection capabilities
Stabilization of a $1B+ acquisition, reversing a failing integration trajectory

178M in cash realized within 90 days
after 150+ days of disruption invoicing was restored
90%+ acceleration in invoicing cycle times

The challenge

Post-Merger Integration Challenges

A global energy technology company, had recently completed a strategic $1B+ acquisition aimed at expanding its capabilities and market reach. However, what should have been a growth milestone quickly became a critical operational breakdown. Following the integration, core financial systems failed to align, and the order-to-cash process collapsed, leaving the business unable to invoice for more than 150 days.

As invoicing halted, revenue collection stopped entirely. Cash flow deteriorated rapidly, forcing the organization to rely on borrowing to sustain day-to-day operations. At the same time, leadership lost visibility into financial performance and forecasts, creating uncertainty at the executive and investor levels. What began as a transformation opportunity became a direct threat to liquidity, stability, and the success of the acquisition itself.

The approach

Stabilizing operations while rebuilding the foundation

The client asked Wavestone to intervene at a critical moment, asking the firm to first focus on restoring cash flow. A structured interim invoicing engine was rapidly deployed, combining manual processes, targeted system workarounds, and clear workflows. Within days, invoicing resumed, stopping further revenue leakage and enabling the business to begin collecting cash again.

In parallel, attention turned to long-term recovery. The team redesigned the end-to-end order-to-cash process, addressing fragmented systems and inconsistent workflows while introducing standardized operations and automation opportunities. Governance and reporting frameworks were implemented to give leadership real-time visibility into cash flow and performance, restoring control and enabling confident decision-making.

The results

From crisis to control in 90 days

Within just 90 days, the energy technology company achieved a rapid and decisive turnaround from a severe liquidity crisis to a position of operational control and financial stability. What began as a breakdown in invoicing and cash flow quickly transformed into a high-velocity recovery, with the organization realizing $178M in cash, eliminating the immediate need for borrowing and restoring liquidity. Invoicing operations, which had been halted for over 150 days, were not only reinstated but fundamentally improved—accelerating by more than 90% and transitioning to near real-time billing cycles of less than five days.

As revenue collection resumed and cash flow normalized, leadership regained visibility into financial performance, supported by structured reporting and governance. Confidence was restored at both the executive and investor levels, and the failing $1B+ acquisition was stabilized. Beyond the immediate recovery, the intervention created lasting value: they emerged with a more disciplined, scalable, and resilient order-to-cash operating model, positioning the organization for sustained performance and future growth.