Standing Up Scalable Finance and Accounting Functions for an Education Technology Company
Challenge
When a SaaS-based education technology company was transitioning from a founder-run business to a private equity-backed enterprise, it needed to improve and evolve its finance and accounting functions in order to scale. The company also faced challenges with integrating several newly acquired companies and accounting for its complex debt arrangements and equity-based rewards. With limited resources and technical capabilities, the company needed leadership and hands-on support to evolve the back office and provide its Big Four audit firm with the financial information and analysis needed for the recent transactions.With a robust and scalable infrastructure in place, the company was well positioned to deliver timely and accurate financial information to lenders, investors, and auditors.
How We Helped
Having previously worked with the private equity sponsor and the company’s auditor, Riveron was engaged to serve as the company’s interim CFO. In this role, we worked closely with other members of management to assess current priorities and capabilities and supplement the team with the right leadership and skill sets. As part of this process, we were involved in the interview process for several key finance and accounting roles and helped bring in the right talent needed to grow the team.
Additionally, during our tenure as CFO, we revised the company’s debt arrangements and developed tax planning strategies for its equity-based awards. As the company was preparing for further acquisitions, we created a platform for integrating new portfolio companies and identifying synergies and areas for optimization. In addition to debt and equity, our teams managed all technical accounting and external financial reporting, including business combinations, revenue recognition, pensions, and other post-retirement benefits.
Results
With a robust and scalable infrastructure in place, the company was well positioned to deliver timely and accurate financial information to lenders, investors, and auditors. Over the course of three years, we have continued to support the company through the integration of eight transformative and tuck-in acquisitions. Additionally, we completed five year-end audits for three different entities at various legal entity levels. Riveron continues to lead the technical accounting function and liaise with the company’s auditors on technical accounting and complex financial reporting matters.
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