Astonished by the time and resources being spent in a fragmented system, they set out to build a solution that would connect investors and underwriters via a neutral platform delivering integrated equity capital market data and workflow efficiencies.
In order to meet the growing demands of the platform, CMG needed to quickly and efficiently scale their product development team.
In 2019, following their Series A fundraising round, Greg, Mike, and Stamo found themselves facing a common challenge among startup founders in the growth stage: how to efficiently and cost-effectively secure exceptional engineering talent. The US market, with its high competition and saturation, presented a significant challenge as it was difficult to recruit local talent at a reasonable speed and price.
To add top-level talent to their in-house product development team while keeping operational costs low, the founders sought a solution and decided to partner with our OAK'S BOOST division and tap into the European labor market.
OAK’S BOOST enabled CMG to tap into the European tech talent pool, engage a senior product development team, and set up office space to accommodate the European team.
The co-founders entrusted their expansion to our OAK'S BOOST division and initiated a long-term partnership in September 2019.
Our plan consisted of three main phases: Strategy, Kick-Off, and Execution & Oversight, with the goal of creating a European tech hub for CMG. Throughout the process, thorough analysis, communication, and mutual agreement between OAK'S BOOST and CMG were crucial as we worked independently but in close collaboration.
Based on CMG's business needs and tech stack, we selected the Czech Republic as the ideal location for CMG's new European product development team. The city of Brno, known for its excellent computer science program and large pool of recent graduates, was selected for its high-quality technical talent, affordable cost of living, and significantly lower salary ranges compared to the US.
After the location was selected, OAK'S BOOST created a detailed operational and recruitment roadmap that aligned with CMG's strategic goals and a budget that reflected the planned growth of the European team. Upon approval of the roadmap and budget, OAK'S BOOST independently executed the following phases.
(September - October 2019)
To establish CMG's European tech hub, OAK'S BOOST was responsible for creating a European entity that complied with the Czech legal system, including the preparation of all necessary legal documents such as employment and data processing agreements.
We selected an office space in a beautiful historical building in the heart of Brno, which could accommodate up to 25 staff members. We designed the office to inspire in-person collaboration and equipped it with ergonomic furniture, high-tech hardware, and modern decorations to create a welcoming environment for staff.
Utilizing our local market know-how, we then kicked off recruitment and started hiring new CMG team members according to the recruitment roadmap.
(November 2019 - Present Day)
We hired the first role for CMG in the Czech Republic in November 2019, and the team has since continued to grow. To ensure a smooth staff onboarding experience, we created a structured onboarding process that enabled new members to be effective within a few weeks of their starting dates.
To foster a positive and engaged team culture, we organize regular team-building activities and schedule visits from CMG US leadership to the Brno office. These efforts, along with other culture-building initiatives, contribute to a motivating atmosphere and above-average staff retention.
As part of the Tech Hub package offered by OAK'S BOOST, we currently manage all aspects of its operation, including recruitment, office management, hardware and equipment, and team-building activities. We also handle all administrative tasks such as personnel agreements, insurance, onboarding processes, operational expenses, payroll, and bookkeeping and taxes.
OAK'S BOOST gradually expanded CMG’s European team and brought onboard 25 experienced software engineers, product designers, and product managers.
Greg, Mike, and Stamo now have a productive European hub that is fully integrated into their engineering culture and delivers top results, even supporting the platform during US off-hours.
As a result of this expansion, CMG’s European office now also serves as a launchpad for the possible future offering of their product in the European market.
Today, the CMG platform is used by over 100 buy-side companies and 15 investment banks in the United States, and they continue to grow and expand their team in the Czech Republic.
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