Cedric Bru is CEO of Taulia, a fintech provider of working capital management solutions headquartered in SF, CA. In March of 2022, Taulia became part of SAP. We talk about his management and board journey, from large tech companies to startups, and the exit strategy behind the acquisition of Taulia by SAP. We also dive into boardroom dynamics, the impact of AI in business, geopolitics, and the current economic landscape. If you like this show, please consider subscribing, leaving a review, or sharing this podcast on social media. You can also contribute as a Patron on the link patreon.com/BoardroomGovernancePod or you can subscribe to the Boardroom Governance Newsletter at evanepstein.substack.com This podcast is sponsored by the American College of Governance Counsel.
(0:00) Intro.
(1:03) About the podcast sponsor: The American College of Governance Counsel.
(1:50) Start of interview.
(2:24) Cedric's origin story.
(4:30) U.S. talent management insights (cultural differences with other countries): current merit.
(6:00) On his management career with HP, Visa, and Syncada from Visa (a joint venture between Visa and U.S. Bank).
(8:13) His transition to Taulia, a venture-backed company, in 2013.
(11:04) On managing board dynamics as CEO and Chair of Taulia as a venture-backed company. *Reference to VC-Backed Board Academy (VCBA) on Oct 29, 2024 at Nasdaq in NYC.
(15:20) The role of the Chair, and challenges of managing a large board, even when the business is thriving. "[It is] important to have a couple of directors that can anchor the entire group in addition to the chairman or the CEO."
(17:32) The exit strategy behind the acquisition of Taulia by SAP in 2022 and the business of Taulia and Supply Chain Management. "[I]t's all about free cash flows and moving liquidity across the economy." "Cultural fit is one of the number one success indicators of an M&A transaction." "I think someone will write a book at some point about this M&A transaction because it has been successful on all fronts." "Taulia is managed independently and autonomously, which is not maybe a standard setup."
(23:28) On transitioning from a VC-backed board to a board of a fully-owned subsidiary of SAP. Going from private to public: "[T]he first advantage is that we don't have to do capital raise anymore if we wanted to invest in some areas. If we need some capital, we have access to a line of credit that SAP can provide." "If I was spending 20% of my time on investors, capital raise, and so forth in the the past. Now I spend 20% with SAP executives, regional presidents, to make sure that we can sell Taulia to as many clients as possible."
(28:56) Decision-making on exit strategies for Taulia (and in general): i.e. IPOs, SPACs, M&A, and PE.
(33:50) The impact of AI in business.
(37:14) On managing geopolitical risks. "Two angles: 1) customers, and 2) compliance, law, and governance."
(40:53) On the current economic landscape. "The number of M&A transactions is actually picking up, especially with companies that have a good bottom line." "I think that the best companies have built agility in their financial architecture to really adjust their business profile based on what the market can cope with."
(44:48) On director education for board members, particularly venture-backed companies. "I would encourage VCs to recommend [not mandate] their [portfolio] CEOs to go through a training about governance, how to manage a board, how to make the board evolve, how to recruit board members, how to interview board members."
(45:39) Books that have greatly influenced his life:
(46:13) His mentors.
(47:37) Quotes that he thinks of often or lives her life by.
(50:15) An unusual habit or absurd thing that he loves: cold plunges.
(53:13) The person he most admires.
Cedric Bru is CEO of Taulia, a fintech provider of working capital management solutions. In March of 2022, Taulia became part of SAP. Before Taulia, Cedric served as Global Head of Sales, Marketing, and Business Development at Syncada from Visa. Cedric has over two decades of experience in financial services and software industries, including positions at Visa and Hewlett-Packard.