WATCH: How Binary Stream became the global standard for subscription management

Published on: July 2, 2024

Binary Stream founder and CEO Lak Chahal recently joined ISV Success Live to discuss Binary Stream’s journey to becoming a top global Microsoft solution partner and the standard for subscription management.

Hosted by Brian Galicia, ISV Success Live is a video series that explores relevant and impactful stories in the Microsoft Dynamics 365 ISV space. During the interview, Lak looked back on starting the business in his family home 25 years ago and its growth over the years to become a Microsoft Gold Certified ISV.

Let’s take a look at some of the topics explored.

The history of Binary Stream

The Binary Stream journey began 25 years ago, in CEO Lak Chahal’s home. “Typically, a lot of companies start from a garage,” Lak says, “but as we didn’t have a garage, my company started from my son’s bedroom.” He adds that much of the early team remains with the company, including the very first employee. “That’s part of what makes us successful,” he says. “We have a lot of history, knowledge, and experience in the area we work.”

Binary Stream today

As CEO of Binary Stream, Lak sees himself as acting as a champion for the team and the company’s strategy. He identifies four key elements as being crucial parts of Binary Stream’s journey today.

Customers: With a background in engineering, Lak’s focus remains on using technology to solve consumer problems. “I’m always very close to our solutions,” he says.
Sustainability: “We’re going through a growth spurt right now, and we’re trying to do it in a sustainable way.”
People: Company culture is always a priority, he says, adding, “it’s the team that matters to us, and we’ve remained one of the best employers and top places to work.”
The Microsoft ecosystem: Beyond company customers, active participation in the larger Dynamics ecosystem is a priority for the team, from the partner advisory council to various conferences.

Binary Stream and the Microsoft Dynamics ecosystem

As an ISV, Binary Stream occupies a unique space within the ecosystem. First of all, Binary Stream’s solutions are built to leverage the Microsoft Dynamics platform and have been from the beginning. As Lak puts it, “we went all-in from day one”. Importantly, a non-selling ISV, Binary Stream works with partners or Systems Integrators to get these solutions into the hands of end-users. As a result, the company has been able to offer a wide range of solutions. “We’ve been very fortunate over 25 years to have built strong IP in a number of industries and verticals”. One of these IPs is the Subscription Billing Suite, which Lak considers the company’s flagship solution.

Binary Stream’s Subscription Management

As Lak explains in the interview, Subscription Billing focuses on agile monetization and simplifying subscription management, giving teams the flexibility to manage complex billing, revenue recognition, and deferral.

The Subscription Billing functionality was recognized by Microsoft itself, which entered into an agreement with Binary Stream in 2021 to exclusively license the product for Microsoft Dynamics 365 Finance. Since then, Microsoft has gone on to completely replace its Revenue Recognition module with Subscription Billing.

As April Olson, Head of Product at Dynamics 365 Finance, said in 2023, “Binary Stream makes working together feel effortless. Not only do they support Dynamics 365 Finance with innovative solutions, but their growth mindset means they empower our customers with highly scalable solutions for modern finance that can handle the complexity of XaaS billing.”

Other topics covered include,

  • Binary Stream’s other product offerings, including Property Lease Management (PLM), Healthcare Materials Management (HMM), and Multi-Entity Management (MEM).
  • Binary Stream’s work with municipalities
  • Binary Stream’s position on Artificial Intelligence (AI)

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