A fortune 500 chemicals company was selling a $300 million segment of its business to a European company and, as part of the sale, had agreed to perform interim financial reporting and accounting services for the buyer during the extended transition period. The buyer was planning to port all financial and operational data for the purchased business segment to its own SAP system at the end of the four month transitions period and all required data would have to be “carved out” from the selling company’s system. The selling company had never performed these types of services before and realized that the task would be very time consuming with many unforeseen issues. It was decided that experienced outside financial services support would be necessary to fulfill the agreement.

A Relevante professional with this type of divestiture and “carve-out” experience was called in to help. Expectations included coordinating and monitoring the efforts of a large team of internal client accounting professionals to ensure that day to day accounting transactions continued to be recorded properly for the segment. Relevante professional services also included preparation and issuance of monthly consolidated financial statements for the segment on schedule and as required by the buyer. Day to day accounting and analysis was performed via the client’s SAP R/3 enterprise accounting system. Monthly consolidated financial reporting required utilization of Hyperion Enterprise. Throughout the transition period, additional unusual issues were addressed, investigated, and resolved to assure a smooth transition for the buyer.

At the end of the transition period, the buyer experienced a smooth transition and successfully ported all required information to its own SAP system. All significant issues were resolved timely and to the satisfaction of both the buyer and selling company.