07.01.15

Purchase Accounting and Integration Services for a Global Software Company

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Business Issue:

Riveron’s client, a global software company with annual revenues in excess of $2 billion, was purchased by a $40 billion global technology company. The acquisition required our client to make significant changes in order to successfully integrate with the buyer. Some of the most significant changes included completing purchase accounting, converting the financial reporting calendar from monthly to 4-4-5, and redesigning its processes to shorten the close cycle from ten days to three days. 

With finance and accounting resources stretched to fulfill daily obligations, our client engaged us to assist in the planning and execution of the required changes.

Riveron Approach:

We sent a team of consultants to the client’s site within a couple of days. The uncertainty of the close date and the conversion to a 4-4-5 calendar added significant complexity to the process. Our team worked not only with the client’s accounting and finance teams, but also with its IT team, to understand the client’s ERP system functionality and limits. The cross-functional team determined the scope of the required work, brainstormed possible solutions, formulated conversion plans, tested the plans, and adapted as necessary. Once the process design and testing proved successful, we helped to execute the conversion plan and communicate changes and impacts to affected groups within the client’s organization.

Benefit to Our Client:

Our experience allowed the client’s personnel to continue performing day-to-day responsibilities, while still providing important management oversight of the conversion efforts. After months of significant planning and testing, the final conversion was successfully completed on a very tight schedule at the end of the fiscal quarter, allowing our client to make a positive first impression by meeting its obligations for financial reporting to the new parent company.

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