Watching Enfusion; Spruce Point Capital Management Issues Short Report On Co, Says "Based On Our Investigation, We Estimate A 40% To 60% Downside Risk"
Watching Enfusion; Spruce Point Capital Management Issues Short Report On Co, Says "Based On Our Investigation, We Estimate A 40% To 60% Downside Risk"
观看 Enfusion；Spruce Point Capital Management 发布关于公司的简短报告，称 “根据我们的调查，我们估计下行风险为40％至60％”
After conducting a forensic review of Enfusion, a technology provider for the investment management industry, Spruce Point believes that financial restatement risk is high and that the company is likely to disappoint investor expectations. Based on our investigation, we estimate a 40% to 60% downside risk.
在对投资管理行业的技术提供商Enfusion进行法务审查后，Spruce Point认为财务重报风险很高，该公司可能会令投资者的预期失望。根据我们的调查，我们估计下行风险为40％至60％。
The report highlights several key concerns with the Company, including:
该报告强调了公司的几个关键问题，包括：
- Enfusion claims to be a high-growth SaaS provider of financial software with multi-year contracts, but we don't believe it to be a high quality one
- The company has experienced significant executive turnover including the CEO, CFO, Chief Revenue Officer (CRO), and Chief Strategy Officer (CSO) roles
- Industry consolidation and weak new fund launches will likely make customer growth difficult
- We believe revenue is at high risk of misstatement as we find accounts that appear to have been quietly revised or do not reconcile
- Enfusion声称自己是一家拥有多年合同的高增长SaaS金融软件提供商，但我们认为它不是高质量的
- 该公司经历了大量的高管流动，包括首席执行官、首席财务官、首席营收官（CRO）和首席战略官（CSO）的职位
- 行业整合和疲软的新基金推出可能会使客户增长变得困难
- 我们认为，收入存在错报的风险很高，因为我们发现账目似乎已被悄悄修改或不对账