Mustad Eiendom, a family-owned real estate company in Oslo, Norway, sought a reliable consolidation solution to support their growth. They own and develop real estate in the area between Lilleaker and Lysaker, Norway. Today, Mustad Eiendom manages more than 350 000 square meters of real estate and receives 55 MEUR  in rental income.

“We started in Lilleaker in 1875. We have been there for almost 150 years – and we have a similar long-term perspective for the future as well. We’ve developed a sustainability program that sets out the long-term sustainability goals for Lilleaker, and includes all three dimensions of sustainability; social, economic and environmental sustainability,” Jeanette Andersson, Financial Director at Mustad Einedom, tells about Mustad Eiendom.

Mustad Eiendom needed a reliable and scalable consolidation solution

Mustad Eiendom embarked on a journey to modernize its consolidation and reporting processes to support its aggressive growth strategy. With plans to acquire and establish multiple entities swiftly, Mustad needed a reliable and scalable solution.

Previously, Mustad had performed basic annual consolidation in Excel, which resulted in static reports and a heavy reliance on individuals. The need for a reliable consolidation solution that was dynamic and scalable was evident, along with their familiarity with IBM Controller from previous experience.

Mustad Eiendom chooses IBM Controller

Jeanette Andersson and Jan Magne Aune had Roy Alvin Jenssen as a consultant at their previous workplace. Shortly after joining Mustad Eiendom, they they contacted Roy for assistance with the implementation of IBM Controller. The implementation project started in September 2023, making Mustad Eiendom Intito’s first Norwegian customer.

“Our previous good experiences with both IBM Controller and Roy’s work made it easy to choose Mustad Eiendom’s consolidation tool and implementation partner. We wanted to make a quick transition from cumbersome Excel-based consolidation to a consolidation solution to save time and get better management reports,” says Jeanette Andersson.

The implementation was completed in a few months with minimal customer involvement

The implementation project started with a kick-off meeting to understand the status of the consolidation as it was and to understand the goals for the consolidation process renewal. A detailed design structure document was approved by Mustad Eiendom, followed by the build phase, which required minimal customer involvement. Historical data for Q2 and Q3 2023 was consolidated into the new system, preparing Mustad Eiendom for year-end reporting.

The renewed consolidation process is owned by Mustad Eiendom’s Finance department

Intito delivered IBM Controller to Mustad Eiendom in time for year-end reporting. The renewed consolidation process is faster and more agile than the previous Excel-based process. Mustad Eiendom now has a structured data flow and a strong audit trail, as well as improved data import, reconciliation and intercompany eliminations. As well as improved legal and management reporting.

“We chose the IBM Controller Cloud for its adaptability and finance department ownership, reducing our reliance on consultants. The finance team now manages the account and consolidation structures independently, which improves efficiency. We appreciate that we can get support from Intito in Norwegian when we need it,” says Jan Magne Aune, Group Chief Accountant at Mustad Einedom.

Following the implementation process, Mustad Eiendom is refining the data import processes for IBM Controller. This partnership exemplifies Intito’s ability to deliver customized, scalable solutions to meet evolving business needs. This successful collaboration underscores Intito’s commitment to providing customers with robust, scalable financial solutions.

We are very pleased with IBM Controller. It’s a scalable and reliable consolidation solution that gives us the confidence and scalability we need to control our financial data and support our decision makers,” Jeanette Andersson concludes.