Transforming the Back-Office for a Government Service Provider
Challenge
A multibillion-dollar, private equity-backed government service provider grew inorganically with five major acquisitions over a two-year period. This left the provider with a collection of different disclosure statements, a complex technology landscape, and inefficient manual processes across the back-office functions. The disparity exacerbated challenges with the defense contractor regulatory audit, created significant overhead costs, and extended payroll and close schedules. In addition, the private equity firm was seeking an exit strategy, either through an IPO or strategic sale, and the lack of transparency into the combined financials was creating a significant roadblock to it.How we helped
Riveron was engaged to drive efficiency, accuracy, and cost reduction by standardizing the organization’s back-office accounting and finance functions. This included implementing new policies, processes, and a consolidated financial system as well as helping the company prepare for an IPO.
Results
As a result of the work Riveron performed, the company now operates as one consolidated entity rather than five silos, with one indirect rate strategy, one financial system, and one set of back-office policies. The combined Deltek Costpoint system simplified and standardized processes across the business units, resulting in support and licensing cost reductions, decreased time spent in both the monthly close and payroll functions, and increased efficiency and accuracy of statuary reporting. The company also successfully filed the appropriate SEC documents to embark upon a sale process with accurate financial data.
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