Streamlining the S-1 process

Situation

  • The company was planning to go public. It wanted a solution that provided control over its process and S-1 document and that it could build on as it moved forward as a public company.
  • The company's previous method wasn't conducive to proper feedback on the documents, and the lead time required by a financial printer was inefficient for the team when there were last-minute edits or changes.

How the company put Wdesk to use

  • Finance, the external reporting group, and legal were the primary users responsible for developing and maintaining the S-1, making updates, and managing reviews.
  • After entering all of the necessary data and information into the S-1, the team circulated the document for internal and external review.
  • External counsel hadn't used Wdesk before but was comfortable making changes to the S-1 and working in the platform.
  • The team leveraged its Customer Success Manager (CSM) during the creation of the S-1 to answer formatting and other questions.
  • When it was time, the team filed the S-1 through Wdesk rather than using a third party.
  • During the filing, the team's CSM stayed on the phone to ensure it went smoothly.
  • The ability to roll forward the S-1 in Wdesk saved time and will increase the efficiency of future filings.

Results

  • The S-1 process was fast in Wdesk and made the transition to filing with the SEC seamless, providing a base on which to build quarterly financials.
  • The greatest benefit the company has experienced with Wdesk is efficiency. By cutting out a third party, the team has saved time and gained control.
  • The team produced a high-quality final report and was happy with the extra time that allowed them to perform final reviews and catch errors.
  • Out of all Wdesk features, the team enjoys linking and collaboration the most. When everyone is working in the same environment, getting through the document and sending drafts out to external stakeholders is much easier.
  • Linking creates peace of mind, as a number changed in one place is automatically updated throughout all instances.
  • Although the company found Wdesk intuitive and easy to use, its CSM is always available to answer any questions that may arise.

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