How we helped
Overview
A growth-stage SaaS security technology company, specializing in AI-powered weapon detection systems, went public through a $1.7 billion de-SPAC transaction. Shortly after, the company faced a crisis when a whistleblower report led to an internal investigation, resulting in a non-reliance notice on its financial statements, the termination of the CEO, the resignation of the CFO, and the dismissal of several sales, finance, and accounting staff members.
AlixPartners was engaged as interim management to stabilize the organization and facilitate the restatement of three years of financial statements. The team provided strategic options and visibility to the board of directors, identified the correct accounting treatment for problematic sales transactions using detailed GAAP methodology, and completed the restatement of seven quarterly and corresponding annual financial statements.
The intervention enabled the company to onboard a new executive team, including a CEO, CFO, and CAO, thereby restoring confidence in its public filings. It also brought the reporting schedule back on track. AlixPartners provided comprehensive auditor support, including data validation and process walkthroughs, ensuring regulatory expectations were met and positioning the company for renewed growth and stability.