Isosceles grows global EPM provider to a successful exit

Isosceles grows global EPM provider to a successful exit

A case study on how Isosceles supported insightsoftware.com from infancy, through maturity to a successful exit to TA Associates; here’s how we helped them grow and achieve a premium valuation.

Isosceles’ Role

insightsoftware.com has been a client of Isosceles for 18 years; it has grown from a business employing a handful of people in Ealing, South West London with a turnover of less than $2M to an international corporation, generating $40M revenues with close to 200 employees and, customers worldwide.

Provision of the finance function

Isosceles was insightsoftware.com’s finance function. In addition to a nine-person finance team (located in the UK and the US), the Isosceles service included the Group CFO, who sat on the insightsoftware.com board, and the UK CFO, a member of the executive management team.

A structure for global reach

  • Isosceles set-up insightsoftware.com’s international structure; a US entity, as well as the Irish and Australian entities
  • Managed the smooth transition of key UK employees to the US
  • Built and managed joint venture partnerships in other countries
  • Developed and agreed on the transfer pricing structure, rules and rates for inter-company transactions
  • Implemented the Group’s ERP system
  • Developed a reporting infrastructure which included KPI reporting and a rolling forecast to support their growth

Corporate and business advisory

  • Contributed to the development and evolution of the 3-year plan
  • Protected the group’s intellectual property and trademarks
  • Handled the acquisition of Antivia and their integration within the company
  • Performed company secretarial duties, operated the treasury function and maintained the corporate tax structure
  • Set up and operate the share option scheme and all shareholder and option reporting

Strong commercial support

  • Reviewed all customer and supplier contracts
  • Provided decision support to all department heads running their P&L and cost centres
  • Handled all customer maintenance renewals

Isosceles provided HR support too

  • Undertook the annual pay increase process and set commission plans for employees with a sales quota
  • Selected, set up and maintained on a day-to-day basis the health, medical and pension plans and other benefits

Getting insightsoftware.com exit ready

One of Isosceles’ key strengths is preparing their clients for exit.  In anticipation of an exit everything required for due diligence was always in order, documented and readily accessible.

Ensuring a successful exit to TA Associates

For this transaction the Isosceles team, who have considerable M&A expertise:

  • Took the role of the primary interface between the US-based investment bankers (Pagemill Partners), the legal advisers (DLA Piper) and the auditors and tax advisers (PWC)
  • Responded to all financial and tax queries
  • Undertook a significant amount of the legal due diligence response
  • Mike O’Connell, CEO of Isosceles represented the shareholders in their negotiation of the SPA (Sales and Purchase Agreement) and acted as The Seller’s Representative
  • Contributed to the preparation of the disclosure letter
  • Led the negotiation of the net working capital position

The results

successful exitinsightsoftware.com grew from a small development shop in Ealing to become an international market leader in corporate performance management and reporting.  During the period insightsoftware.com grew quickly

insightsoftware.com’s acquisition went very smoothly and very quickly without any problems.  Isosceles met every requirement and every deadline.

The future

Following the acquisition, TA has asked Isosceles to continue to support the European operation of insightsoftware.  We are excited to support the next stage of the Group’s evolution.