A private equity firm acquired three independently operated clinical trial management businesses. Each entity was small and operated on disparate ERP systems, complicating the combined entity’s ability to have accurate historical financials. There was also a lack of standardized financial processes as a combined entity.
With ambitions to build a scalable platform for clinical trial site management, the company faced immediate pressure to remedy financial reporting gaps and establish a cohesive finance function. The demands of their new PE sponsor added urgency, requiring timely and accurate reporting, enhanced operational visibility, and readiness for accelerated growth through both organic expansion and further M&A activity.
We served as an extension of both company leadership and the PE sponsor, bringing strategic and tactical support to lay the foundation for a professionalized finance function. Our work included creating a unified revenue subledger derived from contract and patient data, enabling accurate revenue recognition and financial forecasting. We took charge of critical post-close financial activities, such as finalizing the closing balance sheet, managing working capital true-ups and instituting cash management protocols.
To ensure transparent and consistent communication with stakeholders, we implemented board, bank and internal management reporting processes, acting as the primary liaison between the company and its lenders. Simultaneously, we partnered with the CEO to design the company’s entire finance function from the ground up.
Recognizing that recruiting and onboarding the right resources would be pivotal, we successfully placed a CFO, controller and senior accountant. To further support scalability, we defined ERP system requirements, led the RFP process and managed the onboarding of a cloud-based financial management software platform (Sage Intacct). Additionally, we developed diligence procedures and financial protocols to streamline future acquisitions.
Today, the company operates as a unified and scalable clinical trials management platform. With a modern finance function in place, supported by the right talent and systems, the business is now positioned for sustainable growth. Our involvement not only stabilized operations but also created the financial and operational infrastructure necessary to support ongoing M&A activity and the evolving demands of private equity ownership.