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    US Accounting Support for European Portfolio Company

    Snowplow Analytics - Post-Series B Investment

    Technology Industry
    Series B ($40M)
    GAAP Conversion
    Delaware Flip

    At a Glance

    Client Profile

    Snowplow Analytics, a UK-based data company that had just completed a Series B fundraise of $40M led by US Private Equity (NEA) and a venture round with Databricks.

    Project Duration

    6-month phased approach with ongoing support

    Key Outcomes

    • 50% cost savings compared to big accounting advisory firms
    • Successfully transitioned from UK GAAP to US GAAP
    • Empowered internal team through knowledge transfer
    • Implemented a pragmatic phased approach

    Challenges

    • 1

      Transitioning from UK GAAP to US GAAP

      Following a Series B fundraise of $40M led by US Private Equity (NEA) and a venture round with Databricks, Snowplow needed to transition their accounting standards to meet US investor requirements.

    • 2

      Complex Delaware Flip Structure

      The investment was structured as a "Delaware flip" - creating a new US parent company for the existing UK entity, adding significant accounting and reporting complexity.

    • 3

      Cost-Effective Consolidation Requirements

      Needed to prepare consolidated accounts meeting US investor and audit requirements while managing costs and working within budget constraints.

    Objectives

    1

    Implement US GAAP

    Successfully transition from UK GAAP to US GAAP to satisfy investor and stakeholder requirements.

    2

    Knowledge Transfer

    Build internal capabilities within Snowplow's finance team through education and documentation.

    3

    Cost Optimization

    Deliver high-quality advisory services at a significantly lower cost than traditional Big 4 firms.

    Solutions: Three-Phase Approach

    1

    Assessment Phase

    Comprehensive Review & Documentation

    • Reviewed Snowplow's financial structure and operations
    • Prepared detailed matrix identifying key differences between UK GAAP and US GAAP
    • Created audit-ready technical memos for high-risk accounting areas
    • Delivered clear documentation of Delaware flip accounting implications
    2

    Implementation Phase

    Guided Internal Execution

    • Snowplow's team handled quantitative adjustments and journal entries
    • Provided ongoing advisory support as a retainer service
    • Created knowledge transfer sessions to build internal capabilities
    • Developed templates and tools for ongoing compliance
    3

    Finalization Phase

    Audit & Reporting Support

    • Supported US GAAP financial statement preparation
    • Created comprehensive disclosure checklist for compliance
    • Provided technical support during auditor reviews
    • Ensured smooth post-implementation transition

    Results & Benefits

    50%

    Cost Savings

    Achieved 50% reduction in advisory fees compared to larger accounting advisory firms

    Empowered Internal Team

    Knowledge transfer enabled Snowplow's team to maintain US GAAP compliance long-term without continuous external support

    Key Achievements

    • Successfully transitioned from UK GAAP to US GAAP

    • Adopted a phased approach enabling in-house finance team participation

    • Provided audit-ready documentation for complex accounting areas

    • Effectively managed the Delaware flip accounting complexities

    Client Testimonial

    TM

    Tom Morgan

    Snowplow Analytics

    "Katrina was proactive and pragmatic in her approach, gaining a good understanding of our business and delivering the agreed documentation to underpin the financial statements and support the audit process. She was very helpful in guiding me through a complex and technically challenging project and I would definitely recommend her!"

    Need Similar Support for Your European PortCos?

    I specialize in helping European portfolio companies with US GAAP conversions, Delaware flips, and ongoing compliance - all at a fraction of the cost of Big 4 firms.