The client
E78 Partners was engaged to plan and implement integration and process improvements for a $50MM revenue private equity-backed healthcare IT company. The sponsor acquired a $50MM revenue carve-out from a large, multinational conglomerate.
The challenge
The company had limited in-house finance, technical accounting, or treasury skills. The company had never been audited (out-of-scope for the large parent) and had extremely limited reporting capabilities.
The solution
E78 Partners was brought in pre-closing to develop a post-closing plan to enable the company to operate on a stand-alone basis and to deliver scalable accounting, financial management and reporting capabilities. E78 developed a new chart of accounts for the company and implemented a new ERP (NetSuite) for the company.
The result
E78 Partners successfully led the company through their first ever audit, developed cash flow projections and created their first stand-alone budget.
E78 Partners managed BOD and lender reporting requirements. E78 improved the company’s operational accounting processes (e.g., scrubbed all vendors and SKUs to facilitate invoicing, converted the company from paper invoicing, implemented balance sheet recs) and hired & trained internal accounting and finance staff to manage the accounting and finance functions of the organization going forward. In concert with the sponsor, E78 also developed a multi-year forecast model for the company.
