I’ve been in the financial industry a long time. Some may disagree, but I believe in transparency. I believe it enables businesses, organizations—and governments—to work better, together.
With the tragic Covid-19 pandemic since last year, the emergence of remote-based work is now fully upon us. Like any working environment, this “new normal” has its plusses and minuses. Viewing the glass half-full, remote work has allowed employees the chance to spend less time commuting and more time on productivity. On the other hand, it can be difficult to achieve the same level of personal camaraderie amongst a project team, for instance, when all of its members are physically separated.
The special purpose acquisition company (SPAC) market has boomed over the past several years, with continued increases in IPO activity and record completions of de-SPAC transactions. More than 50% of total IPOs in 2020 were SPACs, this represents a 4x increase from the previous year. As of March 25, 2021, 445 SPACs have filed with the SEC with 296 SPACs pricing, raising over $89 billion*. This surpasses 2020's record number of 248 SPACs raising over $76 billion* for the full year of 2020.
This is the time of year when we in New York wonder if spring ever will arrive. But arrive it will, and fast on its heels will come corporate proxy season.
Author: Craig Clay
SPAC records were crushed in Q-1 by count and value with roughly $88B raised from 298 SPACs, more than all of last year’s record volume. With the news today of a potential change in accounting for some SPACs recommended by the SEC – what will happen to the robust pipeline of more than 260 SPACs looking to make their debut?
Recent regulatory developments have the potential to impact LIBOR transition plans. In addition to navigating these changes, some business leaders are thinking about what comes next - not just for alternative interest rates, but also for future opportunities regarding the processes and technology implemented during the challenging LIBOR transition. Rather than simply being a cost, the innovation required for LIBOR transition could help digitally transform and create greater efficiency in many parts of an organization.
Craig Clay, president of global capital markets at Donnelley Financial Solutions (DFIN), a Chicago-based financial compliance company, speaks with Acuris Capital Intelligence about virtual data rooms—one of their core products—post-COVID-19 as well as its partnership strategy.
Interview by Rachel Stone
Q. What has changed in the M&A process during the pandemic?
There’s no doubt that 2020 has been a year like none other, marked by world events that have brought about pivotal changes at every level. Eric Johnson, DFIN’s president of Global Investment Companies has identified the five themes that will have the greatest impact on regulatory and compliance within the FinTech industry in the year ahead.
Donnelley Financial Solutions [NYSE:DFIN], a risk and compliance solutions company, could seek partnerships to further build out its technology offering, said Craig Clay, president of global capital markets.
The Chicago-based company could turn to partnerships rather than acquisitions as assets can be “pretty expensive,” Clay said. On its path to becoming a one-stop shop for transactions, it could, for instance, consider partnering with a market leader in US Food and Drug Administration (FDA) approvals, he added.
Anyone responsible for leading large-scale, organizational change, particularly involving new technology tools, is likely familiar with the multifaceted challenges and opportunities that emerge along the way. Surprisingly, the technical and organizational requirements for implementation can sometimes be easier than managing the earlier stages of gaining internal support and building momentum for the change.