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CASE STUDY

Find out how Agasus used Accountfy in consolidation and optimization of results to navigate the complexities of Corporate Acquisition.

Karolina Reis, controllership manager at Agasus, discusses some of the main challenges in acquiring and consolidating economic groups and how Accountfy has helped.

About Agasus

Even with the declining market trend during the pandemic, Agasus doubled in size, both in employees and sales. This growth was fueled by the work from home (WFH) model adopted by the company. With their main offices in São Paulo, Agasus serves clients across the whole of Brazil, providing short- and long-term leasing options for IT equipment. They have been considered a major full-service outsourcing company for hardware and sales of semi-new equipment on the Brazilian market since 2000.

Agasus’ portfolio is composed of over 110 thousand leased assets, including notebooks, desktops, smartphones, and tablets. Presently in a phase of expansion, the company counts with ISO 9001 and ISO 14001, SAP system, Big Four annual audit and corporate governance certifications.

 

Corporate acquisitions amid the pandemic

According to PwC, from January to November 2020 in Brazil, a record number of fusions and acquisitions took place. Reasons for this increase included the accelerated recovery of the economy and opportunities for companies to take advantage of the prevailing market scenario, as was the case with Agasus.

Presently, Agasus has two registered corporate numbers: its own and the one obtained through acquisition of JRI Informatics, a semi-new equipment resale company. This acquisition increased its business synergy, while also promoting circular economy. However, the challenges of this type of operation are multi-faceted and complex. Accountfy helped to centralize and consolidate the financial data of both companies.

Accounting and controllership procedures differ from company to company. In an acquisition, the main challenge is often the alignment and standardization of different processes and financial data.

Despite the disparate accounting systems, Agasus was able to streamline and centralize information with Accountfy. Karolina Reis, controllership manager at Agasus, notes that her routine became much easier by using a platform that helps filter information from each company and consolidate it, as well as carrying out deletions, management adjustments and definition of the equity equivalence.

“The company we bought in 2020 is already 100% implemented with Accountfy, and even with a different ERP (Enterprise Resource Planning) we were able to consolidate the data based on the ledgers as well as to define equity equivalence.”
Karolina Reis – Controllership manager at Agasus

Given Agasus’ company growth, another concern was employees’ learning curve to fully utilize the Accountfy potential. Reis shares that this actually happened very quickly and easily, largely due to the fact that the platform was created for use by financial teams.

 

Transparency with shareholders

In 2019, Agasus was acquired by an investment fund, which left the company poised for the growth in the next year. To maintain good investor relations, all presentations of results take place right on the Accountfy platform, beginning with assembly of the book all the way through control of access to the platform by directors and shareholders. This simplifies a process that was once stressful and required an exhausting amount of paperwork.

Due to the volatility of the market during the pandemic and the variability of economic and financial prospects, another functionality the company utilizes is the creation of different budgetary scenarios. This gives Agasus the freedom and flexibility to create trial revisions by applying different indicators for any situation.

Agasus is confident that the WFH modality will persist and, as a result, so will investment and growth in its services. This means they will need a robust financial structure and Accountfy will continue to be an essential element in that structure, supplying the best analysis of results and helping chart a course for the future.

“Reports improved much with Accountfy. It’s not just another closed result; now directors and shareholders are able to discuss with much better background information.”
Karolina Reis – Controllership manager at Agasus

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