Marketing Technology
Synopsis
After being acquired by a multibillion-dollar organization in hyper-growth, previous management re-acquired the firm when the parent’s growth stumbled. Eventus was brought in to lead the transaction from a finance perspective and ensure successful and speedy stand-up of finance and accounting functions. Eventus executed this task and more.
Eventus selected operating systems (negotiated vendor contracts, bound all insurance policies for the business) for finance, accounting (ERP), and HR and ensured successful implementation as well as the installation of all critical processes within three months of engagement. The spun-out firm, which had ~$40M in revenue and ~300 employees at the time of divestiture, was then able to hire and smoothly onboard a full-time team.
Service(s) Utilized
“The company was spinning off with next to no finance and accounting team, no stand-alone historical financial records, and no TSA with the parent. The CEO brought in Eventus to address these issues and help close the spin-off.”
Strategy & Course of Action
When the acquired company spun out, it had next to no finance and accounting team and no stand-alone historical financial records. Speed was of the essence since the company did not have a TSA (Transitional Support Agreement) with the former parent. The infrastructure had to be built simultaneously while supporting transaction close and the company’s future capitalization.
The entire Eventus team was consulted for its expertise with accounting, systems, and capital raising. Eventus introduced the company to a debt financer who assisted in the funding strategy while Eventus supported the transaction and set up the new finance and accounting operation.
The Results
Eventus’ work ensured the transaction closed successfully and the new entity operated smoothly and independently from day one. The rigor with which systems and processes were put in place allowed a full-time team to take over and now run finance and accounting with ease.
- Worked with management and legal counsel to ensure successful buyout and spin-off
- Led selection and successful implementation of all key systems and processes
- Supported management to plan, execute and communicate 15% post transaction RIF
- Introduced company to their debt financing provider
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