Armanino LLP, one of the 25 largest accounting and business consulting firms in the U.S., is teaming with NightDragon, a dedicated cyber, security, safety and privacy (CSSP) platform that helps scale companies from incubation to IPO, to launch a first-of-its-kind SPAC Accelerator advisory service.
In 2020, special-purpose acquisition companies (SPACs) broke funding records, representing close to half of the IPOs in the U.S. market. By providing companies with easier access to capital, liquidity for shareholders, flexibility and increased speed to market, SPACs will continue to be an attractive option. For companies looking to utilize a SPAC, partnering with Armanino and NightDragon can help mitigate deficiencies in expertise, PCAOB compliance readiness and overall strategic direction.
“By aligning our M&A, go-to-market and operational experience with Armanino’s leadership in finance, accounting and business process technology, we can now address every possible angle to help private companies avoid the pitfalls we’ve seen during the recent surge in SPAC transactions,” said Dave DeWalt, founder and chairman of NightDragon. “Through our alliance, companies will have access to a team of experts who will provide a strategic advantage for any company moving from private to public company.”
As a holistic offering, Armanino and NightDragon assess every part of a company’s operations, identify areas for improvement and deploy a team of specialists to make recommended changes. Considerations include:
- Management team and boardroom – Identify and place top talent from the C-suite to department leaders
- Sales and marketing strategy – Craft a sales and marketing strategy that reaches core audiences
- Finance preparedness – Prepare organization to meet PCAOB audit standard and provide strategic tax advisory services
- Engineering and technology maturity – Implement best-in-breed technology solutions that meet every need of the organization, from ERP to CRM and beyond, and advise on internal controls and cybersecurity
“In recent years, most companies acquired through a SPAC have seen a number of deficiencies and weaknesses discovered through the public audit,” said Tom Mescall, partner-in-charge of consulting at Armanino. “Our advisory service is designed to preemptively address any potential issues, including leadership, personnel, operations, accounting and financial reporting, internal controls and more.”