Hardesty Partner, Ken Cragun, provides Interim CFO services supporting the RISA sale transaction

RISA, leading U.S. Software provider for structural engineering, acquired by Nemetschek

Irvine, CA – October 13, 2017 – Software provider Nemetschek SE has agreed to acquire RISA Technologies, Inc., headquartered in Foothill Ranch, California, in an asset deal with a purchase price of $24.9 million.

RISA offers one of the most popular structural engineering software suites in the US. With over 10,000 users, RISA leads the market with top tier design firms in the US. RISA was acquired by the Nemetschek Group as part of Nemetschek’s worldwide structural engineering software strategy. Nemetschek has a leading market position in the European structural analysis and design market via its brand SCIA.

Hardesty, LLC was referred in by special M&A counsel, Jim Scheinkman, corporate transactional attorney at Snell & Wilmer and quickly deployed Hardesty CFO Partner, Ken Cragun to assist in preparing RISA for the sale. Cragun, a technology industry veteran, immediately bolstered the management team ahead of the sale process and handled many aspects of the due diligence and closing process. Ken, a Partner with Hardesty’s Southern California Practice, has over 25 years of management experience, primarily in the technology industry.

“Ken’s work as Interim CFO was critical to preparing us for the rigors of the sale process,” says Bruce Bates, founder and current CEO of RISA. “Ken was able to make an immediate impact, providing insights into our business and preparing us for the challenges of due diligence and all the work required to successfully close a sale to a sophisticated, strategic buyer.  Bringing Ken in was a great decision and made the process much smoother.”

During the engagement, Ken provided many services including:

  • Preparation of US GAAP financial statements reviewed by a reputable accounting firm
  • Identification and monitoring of key performance indicators
  • Development of a robust financial model forecasting the business results for the next five years including income statements, balance sheets and statements of cash flows
  • Population of a virtual data room including detailed financial data and legal information such as corporate formation documents, leases and contracts
  • Working together with investment bankers, attorneys and other advisors to assist with the due diligence and closing
  • Preparation of accurate and timely monthly financial packages
  • Completing the roll out of NetSuite including the advanced revenue recognition module
  • Hiring and training of a competent Controller

About Hardesty, LLC

Hardesty, LLC is an executive services firm providing experienced executives, chief financial officers, controllers and other management professionals to companies ranging from emerging growth to large public entities. We offer on-demand financial professionals who have deep financial, strategic and operational management experience. Whether the solution is an interim placement, a special project engagement, or a permanent placement, Hardesty can accommodate any client’s needs.The Hardesty team is comprised of both senior industry executives and experienced financial staff recruiters. We excel in delivering highly effective talent who are experienced in rapidly integrating into our clients’ operations. Our CFO partners, principals and other professional staff generally includes CPAs and/or MBAs selected for their extensive experience as seated CFOs, VPs of Finance, and Controllers.

Hardesty LLC has offices across the country, including locations in Orange County, Los Angeles, Northern California, Atlanta, New York, Miami, Tampa, Toronto, Seattle, Phoenix, Dallas, Boston, and Portland.

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