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ATLAS TECHNICAL CONSULTANTS CASE STUDY
Unlocking time & value so leadership can focus on the SPAC IPO ahead
Introduction
Formed from a three-way merger, Atlas Technical Consultants set an ambitious goal: to become a publicly traded company as quickly as possible. But with a tight IPO timeline and significant prep work ahead, they needed expert guidance. Enter Embark, ready to tackle every hurdle and help Atlas reach its lofty goals—and beyond.
Our Solutions
Embark's expertise covered a lot of ground—its Accounting & Reporting, Capital Markets, and M&A Activity solutions—to give Atlas a smooth path to public status and leadership the space to focus on growth.
Index
The “Big Wins”
1. With Embark's assistance preparing financials, Atlas management was able to devote its attention to running the business & taking the company public
2. Embark helped prepare two years’ worth of audited financials for an SEC filing, all within a four-week deadline
Our clients are happy. We’re happy. Everybody’s happy.
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We have had great experience with highly competent people in all projects we have engaged them for. In my experience the competence of the folks has been hard to replicate consistently with other companies.
Melanie Merritt, Corporate Controller of Helmerich & Payne, Inc.
The team is on top of it. They have been understanding and flexible with pricing and timing the engagement. The team, at all levels, is very competent in regards to the project. They stay in constant communication and engage us in a very personal yet professional manner.
Terry Nwosuocha, CPA - Senior Director of Financial Reporting & Accounting of SecurityScorecard
Amazing supportive attitude supported by a deep and broad knowledge and skill. Our requirement is always 1000% fulfilled by Embark team.
Bruce Suzuki, Lyseon North America Inc. (LNAI)
Embark sends the best people, so much so that it makes us think that these people grow on trees. We know they don't and we are grateful for all Embark does for our team.
Brandon Walls, CPA - Vice President, Controller of Ashford Hospitality Trust
Executive summary
On the heels of a three-way merger that formed the company, Atlas set its sights on the road ahead, identifying public entity status as a short-term goal with long-term benefits. Leadership initially engaged Embark for audit preparedness but, due to Embark’s exceptional work quality, speed, and dependability, Atlas extended the engagement to include pre-IPO/SPAC preparation and SEC filing assistance as well. Embark provided both the insights and hands-on assistance that ultimately resulted in a successful business combination and public company status.
About the client
Atlas Technical Consultants is a public company headquartered in Austin, and with more than 100 locations across 40 states. The firm specializes in providing infrastructure solutions to both the public and private sectors with its team of over 3,200 professionals. Its year-over-year net revenue grew by over 25% in 2019, and the company continues to be active in the acquisitions market.
Challenges & objectives
The Atlas management team was on an extremely tight schedule, needing to prepare two years’ worth of audited financials for an SEC filing, all within a four-week deadline. Since both the company and its operations are spread out across numerous locations, testing for audit purposes – revenue in particular – was an immediate concern for Atlas leadership. The company also had pressing financial reporting needs, all of which needed fast and effective solutions.Management needed a partner that could take these different responsibilities off of its plate so it could focus its time, attention, and energy on ramping up for its SPAC IPO. Therefore, Atlas had a handful of specific objectives it wanted to meet by engaging with Embark:
- Audit preparedness, working in conjunction with the company’s auditor
- Address various financial reporting issues, including reporting consolidation, acquisition accounting, and all items in the auditor’s checklist
- Prepare the financials for the pre-IPO and SEC filing process
How Embark helped
The Atlas engagement consisted of two phases – audit preparedness and pre-IPO preparation. Over the course of both, Embark was able to identify and address underlying issues and create solutions that allowed Atlas to achieve each of its objectives.
Audit Preparation & Efficiency
- Built out its unbilled and billed revenue testing, working in conjunction with Atlas’ auditor
- Streamlined overall testing, identifying unneeded or redundant tests to increase back-end efficiencies
- Ensured sufficient testing for SEC audit purposes
- Analyzed the company’s systems to identify new workflow and task efficiencies
- Coordinated projects and tasks with Atlas management and its auditors for fast, flexible, and streamlined solutions without inefficient back-and-forths, bottlenecks, or silos
Financial Reporting & SEC Filings
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Conversion to accrual basis for subsidiaries still using cash, as well as ramping those subsidiaries up on GAAP financials
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Prepared financial statements in its proxy for recent acquisitions
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Embark rolled prior year financials into the current year, adding or rewriting footnotes as needed
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Consolidated two years’ worth of financial reporting into a consolidated statement for acquired entities
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Worked directly with the Atlas CFO on financial statements and audit support, freeing valuable time so he could focus on growing the company
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Bridged the work between the company’s hired tax specialist, auditors, and financial reporting
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Identified and addressed all necessary pro forma adjustments, prepared the pro forma financials, as well as the required footnotes and MD&A disclosures
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Assisted with the legal review of all SEC filings
Results: a successful IPO
Embark provided Atlas with the wide-ranging experience and expertise it needed – ranging from audit readiness and financial clean-up to pre-IPO SEC filings – to accomplish all of its objectives. Just as importantly, Embark shouldered all of those responsibilities so management could devote its attention to running the business and taking the company public.
That’s just one of the ways Embark generates value in each of its engagements – leadership can rest assured that key projects, processes, and pain points are in good hands, freeing CFOs and their teams to invest critical time and resources elsewhere.
Related resources
The Definitive Guide to Financial Audit Preparation
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IT Due Diligence Checklist
Embark’s IT Due Diligence Checklist is a practical tool forged from real-world insights and genuine M&A expertise. It will help you identify and prioritize potential IT risks, estimate costs, and spot any systems, data, or staffing gaps, all to help you develop a comprehensive IT integration roadmap.
The Blueprint For Building a Data Culture in the Office of the CFO
Embark’s blueprint details every step you’ll need to build a dynamic, insightful data culture, even if you’re starting from scratch. Filled with tips and techniques from the frontlines of finance, our practical, hands-on approach to building a data culture is fast, efficient, and effective.
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