Integrating Multiple FinTech Businesses
The Situation
A global leader in the FinTech gift card industry wanted to grow inorganically and expand into other products/solutions. The Company entered into a purchase agreement for two separate transactions that closed within 30 days of one another – enlisting Accordion’s services for both transactions. Our Accordion team was engaged to help create an integration roadmap to combine/integrate the two acquired companies onto the existing business platform.
Services
Merger Integration Planning & Execution
100 Day Planning
Carve-out Planning & Execution
The Execution
- Developed the integration office management (IMO) governance structure to combine the existing business platform with two acquisitions – paying particular attention to risk and issue mitigation.
- Created Day 1 Readiness and 100 Day plans and negotiated Transition Service Agreements (TSA):
- IMO critical path consisted of a platform and product roadmap which drove the overall integration roadmap
- Worked with functional leads and team members to develop TSA exit strategies
- Implemented processes and provided resources for the client to track progress towards the TSA exit strategies and to track costs for such services
- Developed communication processes that emphasized cross-functional dependencies, flagging of key risks and issues, and updates to the overall integration plan (e.g., milestone achievement).
- Utilized a bottoms-up approach to develop business cases for synergies and one-time costs to further drive the client’s investment thesis.
- Left behind an IMO process, governance, and cadence to help track integration and synergy achievement progress.
The Results
Accordion’s IMO created cross-functional processes and cadences to drive communication and collaboration, which was a dramatic shift for the client who typically operated in corporate functional silos. Establishing communication ensured that the integration plans incorporated cross-functional feedback and that we were able to test the feasibility of such plans – laying the down a solid foundation for the Company’s integration strategy. Coupled with the synergy model, the communication plan greatly facilitated the Company’s ability to recognize the pre-deal investment thesis.