Region: Philadelphia
Industry: Transportation
Service Line(s): Accounting Services
Prepared company for an initial public offering, and eventual sale to Roper Industries; support ongoing accounting and reporting requirements.
“When I joined Transcore, the accounting staff was used to operating as a private company preparing bank-based financial statements with relatively long deadlines. Our financial backers wanted us to go public and I didn’t have the time to bring the staff up to speed. AC Lordi helped us to prepare our S-1 and reduce our closing period from 15 to four days. They also gave us help in accounting for a foreign acquisition and helped us get a handle on some international accounting issues. AC Lordi worked with my staff to transfer their knowledge. They were very competent and responsive to our needs and their rates were very reasonable. I would (and have) confidently recommend them.”
Bill Hennessey, Former VP & Corporate Controller
Company Background:
With installations in 39 countries and 104 patents, TransCore provides technology-based services and products that enable customers to efficiently manage ground transportation systems, assets, and transactions.
Business Challenge:
TransCore was preparing for a public offering and needed help filing their S-1 statement. When the offering did not go through they were instead acquired. The company needed help with the acquisition process including transitioning to a new method of financial reporting and completing other accounting initiatives.
AC Lordi Consulting Solution:
AC Lordi began assisting TransCore with the filing of its S-1 statement for a public offering. When they were acquired by Roper Industries instead we were able to help them through the acquisition process including filing statements in SEC format and preparing court documents for the closing date. We managed the intercompany account reconciliations with foreign entities, solving currency translation issues and differences between the accounting systems. We also helped transition the company to a new month end reporting schedule and helped to implement a new consolidation method with Roper.
Value Delivered:
AC Lordi has helped TransCore meet numerous accounting needs related to being acquired. They were able to smoothly transition how they perform financial reporting including reducing the month end close process from 10 to 4 days. We continue to provide support during the month end close process.