Mática it's a tech firm that was born five years ago with a clear purpose: to assist companies in solving complex and impactful problems through the responsible use of data, technology, and artificial intelligence.
Source: Indra Kishinchand López, El Referente
January 2024
Marc Serra and Juan Ramón González met while working together at a national consulting firm. "We collaborated on numerous team projects, each from different positions and roles, making us highly complementary professionals. We discovered that not only did we share values and a vision for what a highly specialized data sector company could be, but we were also compatible in starting a business together, a pure 50%-50% partnership. And so, we decided to establish Mática Partners in March 2018," they share with El Referente.
In building a team, they believe it's crucial to clearly define the team's purpose. Otherwise, you might end up with a great team that isn't quite right for what you aim to achieve.
For them, the purpose is to help solve complex problems using Data, Technology, and Artificial Intelligence responsibly. 'We set this in stone before forming Mática, and it's still our guiding light,' they affirm.
How have you evolved in the past five years, and how has your purpose evolved with you?
In less than 6 years, starting from scratch, we've built one of the leading tech firms in Big Data and AI in Europe, fully owned by our workforce. Mática has been profitable since day one, maintaining a remarkably low employee turnover, less than 10%, and zero debt, with resources close to a million euros.
Currently, our focus is on expanding the company internationally. While we're already predominantly exporters (around 65% of our revenue comes from exports), we aim to tap into new markets in Europe, Asia, and the Americas.
Our purpose remains unchanged; what evolves are the geographical boundaries. We believe that what has worked in Spain can find success in other markets, and that's what we're actively pursuing from this point onward.
How would you describe your company philosophy, and how do you ensure that the team not only feels a part of Mática but genuinely identifies and aligns with that philosophy, becoming true 'Máticos'?
Mática is a company that champions hyper-specialization while actively working to foster a committed and stable professional community. Achieving this involves placing a special focus on the individuals who make up the company.
At Mática, we firmly believe that the best guarantee for satisfied clients is having teams that are happy, motivated, and engaged. We accomplish this by prioritizing the well-being of our people, investing in their training, aligning tasks with their skills, and understanding their professional expectations. Attracting and retaining talent has been a priority from day one at Mática Partners.
As a predominantly young and geographically dispersed team, we recognize the potential for feelings of disconnection. To counter this, we regularly organize gatherings in our Barcelona and Madrid offices, as well as dinners, events, and even trips to strengthen bonds among teams. Various teams and knowledge cells arrange joint sessions, and every week, we host a 'Data Talk' to discuss relevant topics.
For instance, last May, the entire company spent a weekend in Ibiza, and in December, we all gathered in Madrid for dinner and a night out. There's hardly a month where some Mática or Mático doesn't organize a dinner, 'calçotadas,' or various events, including weekends at the beach or in the snow.
In a short time, we've built a strong sense of community, resulting in a low turnover rate.
How crucial is it for Mática's values to align with those of your employees?
It's not just important, it's fundamental. That's why we pay special attention in the identification and selection processes for future Máticas and Máticos.
To work at Mática, there are two requirements: wanting to be part of one of the best "Data Teams" in the world (which requires a high level of education and knowledge) and, at the same time, wanting to be part of a community where camaraderie and collaboration become the differentiating factor. We're not interested in egos or individualism, no matter how impressive the CV may be.
Thanks to them, a culture of teamwork and excellence has been created. The market is beginning to realize that if it wants to solve a complex problem using data, technology, and AI responsibly, Mática is the best partner. Simultaneously, professionals know that at Mática, they can work with the best, both professionally and personally. As an example, in the last LinkedIn process to select 3 Data Scientists, more than 120 people signed up in less than 24 hours.
What support did you receive to start the project?
No external or third-party support, our source of funding was our savings, around 100,000 euros. This money was mainly allocated to employee salaries, investing just enough in offices and other services. We knew that the viability of the company depended on securing top professionals from the get-go.
Mática is a life project, and we were clear that we had to go all-in. As of today, Mática Partners invoices around 4.5 million euros and has no bank debt. We have credit lines to support working capital, which often remains untouched for over 300 days a year.
What is your advice for that stage?
The main advice is not to invest or spend time and money on activities not dedicated to:
Bringing the foundational purpose to life. In our case, anything unrelated to solving complex problems through Big Data and Artificial Intelligence technology.
Building a strong and honest company culture that allows you to attract and retain the best professionals.
Finding clients who genuinely believe in your project and projects that are most suitable for showcasing the company's strengths.
On a financial level, the best advice is to take care of the cash flow. Effective cash management is crucial for the survival of companies. Mática Partners, like any other organization, doesn't thrive on the income statement; it thrives on cash. If selling a lot puts a strain on cash flow, it's better to sell a little less and strengthen equity and sustainable growth."
Your revenue has been steadily growing since your inception; what has been the key?
The first key is finding clients with whom we have developed a strong partnership, and they have helped us grow. This support has manifested in both increased billing with that client and referrals to other accounts.
At Mática, we don't have a sales or business development team, and growth occurs through identifying opportunities by the founders, business contributions from our professionals, and recommendations from our clients.
Our communication strategy via LinkedIn has also played a crucial role, allowing us to establish initial contacts that have turned into business opportunities or direct business.
The second key is approaching every project as if it were the first, aligning expectations with results. We dislike long-term projects; we prefer breaking them down into projects lasting a maximum of three months and iterating. This keeps both client and Mática teams highly focused.
The third, and fundamental, key is successfully creating a stable team that evolves with the company and retains acquired knowledge. Minimizing turnover is crucial for evolving high-performance teams.
What goals do you have for 2024?
Our fiscal year runs from March 1 to February 28. For the current year (2023-2024), we are set to close with a Net Income of approximately 4.5 million euros, representing nearly a 40% growth compared to the previous fiscal year. For the 2024-2025 fiscal year, we aim to reach the magical figure of 6 million euros with a team of over 100 professionals by year-end, striving to maintain gender parity.
A key aspect is keeping the After-Tax Profit above 10%, allowing us to continue financing our own growth.
In terms of business, we hope to have expanded with five new clients, three of them on an international scale. We are also considering exploring the establishment of our first office outside of Spain, most likely in the UK.
And regarding investment, do you expect to seek support? Are you attracted to this form of growth?
For now, we'll continue self-financing our own growth. We've reinvested all profits since the company's founding, allowing us to have sufficient equity to fund our growth without having to answer to third parties.
This independence is part of the freedom we sought in entrepreneurship. It might take us a few more years to get there, but we'll arrive with 100% of the Cap Table in the hands of the founding partners and the professionals at Mática Partners.
In the next Strategic Plan 2025-2030, which we'll develop throughout the 2024-2025 fiscal year, we'll explore entering new markets, such as Asia and the USA. In both cases, we may find the need to pursue this growth with capitalist partners, but at present, they are mere conjectures.
Aseguráis que las empresas que os eligen mejoran su rendimiento. ¿Qué cambios experimentan cuando empiezan a contar con vuestros servicios?
At Mática, we tackle projects that bring clarity to uncertainty, providing a precise vision of what will happen in the future or the outcome of certain actions or changes in their processes.
We not only inform them about what will happen in terms of business but also about what will happen to their closest competitors. This allows them to anticipate and gain a competitive advantage that can be crucial for the client's future.
Moreover, measuring the results of our advanced analytics algorithms or the application of our AI models is straightforward; it just needs to be compared with reality. In many cases, our forecasts exceed a 95% accuracy rate.
Companies working with us can accurately predict, with a success rate of over 90-95% (depending on the available data), their sales for the next month, the impact of a new marketing campaign on sales forecasts, or the improvement resulting from optimizing a logistics or operational process on the profit and loss statement.
Results are measured against reality in the short term, and accuracy is the best indicator of performance improvement. We can confidently say that companies collaborating with Mática Partners are capable of outpacing their competition both from a commercial and operational management perspective.
What kind of clients come to you? How do they find out about you? What feedback do you get from them?
At Mática, confidentiality is a core principle. We never disclose the end client's identity, name, or image unless explicitly requested by them.
Our clients range from companies with annual revenues of less than 100 million euros to corporations with market capitalization in the hundreds of billions.
Our growth is a result of delivering quality work. We expand through word of mouth and our active presence on social media, particularly LinkedIn.
The most significant feedback is the ongoing trust and partnership with each client year after year. Our churn rate in the last three years is 0.00. In some cases, we've increased our revenue by a factor of 20 within less than three years.
In this regard, what improvements would you like to introduce this new year? What aspects of Mática will undergo transformations?
This year, we plan to invest significantly in enhancing the functioning of internal services, focusing on people, training, and team relationships, as well as in the economic-financial aspect. Until now, we have decently survived by dedicating a lot of passion and some extra effort, but we have now reached a size that requires greater professionalism and maturity.
Another area where we will invest is in building a team more oriented towards business development, considering those engineers who want to enhance their commercial activity. At Mática, we don't conceive business development without a high technological and functional knowledge of the solutions and services we offer.
Within Mática, you have various brands/tools. What advantages does this structure bring you?
If the OMMA Data solution were part of Mática Partners, it would likely get diluted among other products and services. By creating a SpinOff with its name (OMMA DATA), we ensure that it maintains its foundational objectives, aiming to be the best Data Quality tool in Big Data environments in the international market.
In the case of Daus Data, something similar happens but in the realm of services. Daus Data is on the path to becoming the leaders in Data services under the AWS platform. The Daus team is fully dedicated to this; it's their goal.
We believe in creating independent business units, smaller but infinitely more agile. Additionally, and not insignificantly, STEAM professionals entering the market nowadays prefer this model to that of a large corporation. At Mática, we never get bored.
How do you engage with the rest of the entrepreneurial ecosystem? What do the events you attend bring to Mática?
The entrepreneurial ecosystem is and has been crucial for Mática Partners and its group of companies. Small companies like ours must be open to collaborating at 200x100, and it's easier to do so with the companies that are part of this ecosystem. If the top three in our areas of expertise join forces, we will be much better than a large company that tries to do everything, not only technologically but also in terms of productivity.
For instance, when Mática Partners tackles Data Governance projects with our partner Anjana Data, we become the best alternative. Anjana provides the best Governance product, we offer the best Data Quality tool (OMMA), and top-notch Data professional teams for implementation.
The events we participate in, like the upcoming MWC 2024, edition, generate numerous opportunities in two aspects: first, establishing relationships with potential partners who can complement us with their products, solutions, services, and/or localization. Second, ensuring the market continues to associate Mática Partners with specialization in the data segment, productivity, and excellence in service.
What does the future hold for Mática in the next five years? What are the plans, objectives, and goals?
As mentioned in a previous question, Mática aims to continue its growth process both nationally and internationally, entering new markets in countries such as Germany, Italy, among others, and expanding to both America and Asia (primarily South Korea). All of this while maintaining the current satisfaction levels of our professionals and clients, and our extremely high level of specialization and knowledge.
We will continue to invest in our internal entrepreneurial process, allowing the creation of new spin-offs within the group, oriented, for example, towards the application of Generative AIs.
At the group level, we aim to reach 350 professionals with a turnover close to 35 million.
To achieve this, it may be necessary to seek external financing, but without giving up our values and founding principles at Mática. We won't sacrifice our key to success for growth that jeopardizes our future. If we have to choose between size or quality, we will clearly choose quality.