Lead Transaction Services for an Analytics and Workflow Solutions Company

The Client: The Client is a publicly traded information, analytics, and workflow solutions company serving Academia & Governmental, Life Sciences & Healthcare, and many other industries. They provide structured information and insights to facilitate the discovery, protection, management, and commercialization of scientific research, inventions, and brands. The client completed its acquisition of ProQuest LLC and CPA Global with an aggregate consideration of $5.3 billion and $6.8 billion, respectively

The Challenge:

In connection with the concurrent acquisitions of two multi-billion-dollar companies, the client hired Eliassen Group to perform, on their behalf, the incorporation and integration of these companies. This included performing opening balance sheet review procedures, purchase and push-down accounting, chart of accounts and policy alignment, related SEC reporting and disclosures development, external audit preparation, implementation of Blackline procedures and integration.

The Solution and Results:

Eliassen Group held extensive discovery meetings with the client, including executive management, external auditors and acquiree management, to understand the needs of each party, current processes in place, accounting/reporting considerations, business structure and other crucial details. This allowed us to lead the lifecycle of both transactions, efficiently and effectively. Over the course of both projects, Eliassen led the project management efforts, holding daily status meetings with executive management to ensure seamless progression and minimal headaches. Based on information obtained, we developed and executed an effective scoping and testing program that identified multiple material adjustments to the opening balance sheet. We owned the facilitation and maintenance of these and all other purchase accounting entries. We documented the totality of these procedures and other related accounting and reporting conclusions within a memorandum and other related attachments/exhibits that were then facilitated with the external auditors to ensure alignment. Eliassen assisted the acquired entities in preparing for a first-time public company audit to limit the impact on client personnel and management. From there, we assisted with the integration of processes (order-to-cash, HCM, procure-to-pay and record-to-report), including control-related aspects of Blackline and pushed down accounting to ensure that the newly combined company was ready to account and report going forward. This work culminated with the Company facilitating two concurrent and material transactions yet still met all reporting deadlines with minimal issues noted by external audit.