DFIN and FloQast Announce Partnership to Transform Financial Reporting

Rhea-AI Summary

Donnelley Financial Solutions (DFIN) has partnered with FloQast to enhance financial reporting processes for companies preparing for an IPO. This strategic alliance will integrate DFIN's ActiveDisclosure platform with FloQast's accounting automation software, streamlining the record-to-report process and improving accuracy and transparency in financial reporting. The partnership aims to support clients across various sectors, including pharmaceuticals and technology, in North America, Europe, and Asia, ultimately reducing risks and increasing efficiency.

Positive

• Strategic partnership with FloQast aims to enhance financial reporting for IPO-bound companies.
• Integration of ActiveDisclosure with FloQast's software will streamline the record-to-report process.
• Improved accuracy and transparency in financial reporting expected to mitigate risks.
• Partnership serves various key sectors including pharmaceuticals and technology.

Negative

• None.

CHICAGO and LOS ANGELES, March 11, 2021 /PRNewswire/ -- Donnelley Financial Solutions (NYSE: DFIN), a leading risk and compliance company, and FloQast, a provider of accounting workflow automation software, today announced a strategic partnership to transform the financial close and reporting processes, especially for companies planning to go public.

Through the partnership, companies utilizing both FloQast and DFIN's new ActiveDisclosure will be able to streamline the record-to-report process. Working together, this integrated approach will save time and mitigate risk by improving accuracy and transparency in financial reporting while reducing overlapping functions.

"This partnership demonstrates our ongoing commitment to enhance our private and public company offerings, while also seamlessly complementing our ActiveDisclosure software," said Craig Clay, president of global capital markets, DFIN. "Not only does FloQast's business model align with DFIN's strategy, but its suite of accounting automation tools enables us to bring a best-of-breed technology solution to our clients from private company through post-IPO compliance reporting."

"DFIN not only provides the necessary technology to private companies on the path to IPO, but also the expertise and services needed for their continued success," said Mike Whitmire, CEO and founder, FloQast. "Our partnership with DFIN and its ActiveDisclosure platform arms the office of the CFO—at both private and public companies—with the tools necessary to streamline the record-to-report process without taking their team out of Excel."

Together, FloQast and DFIN will serve clients across key industries and vertical markets, such as the pharmaceutical, biotech and technology sectors in North America, Europe and Asia.

"FloQast and DFIN are both critical partners to the GrubHub family. They play an integral role as we close our books and report our financials," said Brandt Kucharski, Chief Accounting Officer, GrubHub. "This partnership between two great companies gives us ActiveDisclosure and FloQast, the necessary tools to keep pace in these unprecedented times."

About FloQast
Recognized as a 2020 Technology Fast 500 by Deloitte, FloQast is the leader in accounting workflow automation created by accountants for accountants to work smarter, not harder. The cloud-based, AI-enhanced software is trusted by more than 1,000 accounting teams, including those at Lyft, Twilio, Instacart, Zoom and The Golden State Warriors—and proud to be rated #1 across all user review sites. By automating common accounting workflows and helping to streamline and make them more efficient, FloQast is the place where accounting teams want to work so they can focus on what matters most, even when that's just going home on time. Whether automating reconciliations, documentation requests or other workflows such as the month-end close, financial reporting or payroll, FloQast enhances the way accounting teams already work to help them work smarter. Learn more at FloQast.com or follow us on Twitter and LinkedIn.

About Donnelley Financial Solutions (DFIN)
DFIN is a leading global risk and compliance solutions company. We provide domain expertise, enterprise software and data analytics for every stage of our clients' business and investment lifecycles. Markets fluctuate, regulations evolve, technology advances, and through it all, DFIN delivers confidence with the right solutions in moments that matter. Learn about DFIN's end-to-end risk and compliance solutions online at DFINsolutions.com or you can also follow us on Twitter @DFINSolutions or on LinkedIn.

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SOURCE Donnelley Financial Solutions

FAQ

What is the significance of the DFIN and FloQast partnership announced on March 11, 2021?

The partnership aims to streamline financial reporting processes for companies preparing to go public, enhancing efficiency and reducing risks.

How will DFIN and FloQast's collaboration benefit companies in financial reporting?

By integrating DFIN's ActiveDisclosure platform with FloQast's automation tools, the collaboration will improve accuracy and transparency in financial reporting.

Which industries will be served by the DFIN and FloQast partnership?

The partnership will cater to key industries such as pharmaceuticals, biotech, and technology across North America, Europe, and Asia.

What technology does DFIN offer to support IPO-bound companies?

DFIN provides technology solutions and services necessary for compliance and reporting, aiding companies on their path to becoming public.