PIWW – Subscription Based Software

The Situation

Based in Massachusetts but with offices in dozens of countries, PIWW is a fast growing, science and technology based Company that offers behavioral and cognitive assessments to users around the globe with a $60m subscription based software revenue stream (SAAS). The Company was in the process in of being acquired by private equity firm when the CFO and controller suddenly resigned. With a fast approaching closing date and a tight timeline, both the investment bank and acquiring PE group were unable to obtain the company’s complex financial information for their due diligence process and the company was struggling to maintain their books. In addition, the company lacked the financial reporting standards needed by their new owner and faced a number of complex financial reconciliation issues.

Role(s)

Interim Sr. Leadership

  • CFO

The Work

With less than three days notice, we jumped-I as Interim CFO. We managed buyer and seller diligence requests to keep sale process on tight-timeline. Managed staff of six (including new controller); improved timeliness and reporting. Stayed on after the acquisition to recruit permanent CFO. Interviewed and replaced audit firm. Changed and improved reporting standards. Reconciled complex, international receivables.

Set-up new banking arrangement.

The Results

  • The sale closed on-time, with no delay
  • Significantly improved company’s financial reporting, exceeding the PE firm standards
  • Reconciled and negotiated the repayment of millions of dollars of foreign receivables from Brazil and India that had been unresolved for years
  • Migrated to a new financial year end and improved the methodology for revenue recognition
  • Successfully hired new, permanent CFO post-close

Back to case study search

Overview

  • Software/Technology
  • Interim Management

Engagement Team