The problem: Migrating billions of dollars worth of assets
A major investment banking company acquired a commercial bank, which came with billions of dollars of assets that needed a home. Multiple lines of business were included within this acquisition - including consumer commercial investment, banking, wealth management, and even social media. There were a lot of moving parts within this acquisition that needed to be handled and orchestrated. The anticipated number of users involved in the acquisition was about 800.
The solution: Using Cutover to orchestrate the acquisition
The bank had a year to prepare for the acquisition. They decided to use Cutover to manage the orchestration of the event to ensure that all lines of business involved had converted their plans into executable runbooks that could be managed and tracked within Cutover, so there were hundreds of people managing everything in Cutover.
In addition to Cutover, the bank also hired consultants to assist with the conversion in the acquisition, so there was a lot of collaboration needed between the bank, Cutover and the consultants.
The bank used a merge runbook, taking all 50 lines of business and merging their individual runbooks into one, with cross-runbook dependencies mapped out clearly. They leveraged The Cutover Academy to ensure all 800 users were proficient in the platform and ready for the acquisition date. Once that was done, runbook admins were able to assign individuals to the tasks that needed executing and rely solely on the Cutover platform to ensure migration plans were conducted with efficiency and zero disruption.
The outcome: 100% acquisition success
They are now officially migrated over with 100% success. Users commented that the visibility and transparency they had over the entire weekend was unparalleled thanks to Cutover and they were able to do things that they could never have done with any other tool.
