Within 18 months, Hubly went from near burn-out to a successful strategic exit to Docupace at an above-market multiple

Hubly
|
myhubly.com
"We started working with Frankel & Co. when we desperately needed to turn around Hubly and salvage the organization's value as the broader market was entering a PE consolidation cycle. Hubly started working with Frankel when our annual net loss was $2.1mm in 2023. In just over a year, through strategic team restructuring, a new pricing model, and fixing our OpEx cost structures, we ended our next fiscal year close to breakeven. We then exited the company 2 months later to the most strategic buyer in the space. None of this was possible without Mike and the Frankel team."

Louis Retief

CEO & Co-Founder, Hubly

Who

Founded in 2019 and headquartered in Vancouver, Canada, Hubly is a workflow automation platform designed specifically for financial advisors. By integrating with leading CRMs like Redtail and Wealthbox, Hubly allows advisory teams to manage client service workflows, automate administrative tasks, and create scalable back-office operations. In March 2025, Hubly was acquired by Docupace, a strategic and private equity–backed leader in the wealth management technology space.

Situation

By the summer of 2023, Hubly was facing significant financial pressure. Burn rate was unsustainable, and attempts to raise additional capital had stalled. The company engaged us to help execute an aggressive turnaround strategy aimed at stabilizing operations, restructuring the product and pricing model, and ultimately creating a viable path to a strategic outcome.

Solution

We worked closely with Hubly’s CEO and board across a high-stakes, multi-phase engagement, which included:

  • Cost Optimization: Led a full financial diagnostic and cost-cutting initiative to extend runway while preserving core business operations.
  • Pricing & Packaging Overhaul: Redesigned Hubly’s pricing structure and product bundles, enabling the sales team to close deals more quickly and increase upfront cash collection.
  • Financial Modeling: Developed a robust financial model to track customer migration from legacy offerings to the new model (v2.0), analyze net-new sales efficiency, and monitor customer expansion and retention.
  • Exit Readiness & Negotiation Support: As the company shifted from turnaround to exit mode, we prepared key diligence materials, modeled strategic outcomes, and supported negotiations as a representative of the CEO and board throughout the acquisition process.

Results

Our work was instrumental in transforming the business and setting up a successful exit:

  • Stabilized operations and extended financial runway amid a difficult fundraising environment
  • Enabled a return to sales momentum through improved pricing and packaging
  • Improved customer economics, including stronger retention and upsell performance
  • Sold to Docupace, a strategic acquirer backed by private equity, for an above market revenue multiple

Today, Hubly continues to support advisory teams as part of the Docupace platform, bringing operational excellence to a broader network of wealth management firms.

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