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"
觀看 Enfusion；Spruce Point Capital Management 發佈關於公司的簡短報告，稱 “根據我們的調查，我們估計下行風險爲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.
在對投資管理行業的技術提供商Enfusion進行法務審查後，Spruce Point認爲財務重報風險很高，該公司可能會令投資者的預期失望。根據我們的調查，我們估計下行風險爲40％至60％。
The report highlights several key concerns with the Company, including:
該報告強調了公司的幾個關鍵問題，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聲稱自己是一家擁有多年合同的高增長SaaS金融軟件提供商，但我們認爲它不是高質量的
- 該公司經歷了大量的高管流動，包括首席執行官、首席財務官、首席營收官（CRO）和首席戰略官（CSO）的職位
- 行業整合和疲軟的新基金推出可能會使客戶增長變得困難
- 我們認爲，收入存在錯報的風險很高，因爲我們發現賬目似乎已被悄悄修改或不對賬