DealCloud’s Ben Harrison was recently interviewed by Private Equity News‘ Selin Bucak on the affects of COVID-19 and its impact on technology transformation processes at global private equity and other capital markets firms. The article highlights how buyout houses are using technologies like DealCloud to get through the lockdown and to plan new ways of working when they are lifted.
In the article, DealCloud’s private equity client, The Riverside Company, is also interviewed, and their senior team member shares how their firm has adapted to the “new normal” more easily with their technology backbone in place pre-pandemic. Click here to read the full article, titled: “Firms adapt technology for life after Covid-19” and see below for key highlights:
Private equity ﬁrms haven’t missed a beat adapting to working from home, but some groups are taking this a step further and using the opportunity to invest in their technology to emerge from the crisis in a stronger competitive position.
Buyout groups are re-allocating as much as 20-40% of their staﬀ towards technology infrastructure improvements for their own ﬁrm and for their portfolio companies, according to data from technology provider DealCloud. As a result of that trend, the company, which provides a platform to 800 capital markets ﬁrms, has seen a 22% increase in daily consultation requests from private equity professionals.
“There is general consensus among the market today that making sure your infrastructure backbone is better than your competition is a key way to diﬀerentiate your ﬁrm in the eyes of clients and prospects,” said Ben Harrison, co-founder of DealCloud.
He added that clients were previously busy working with portfolio companies to see them through the crisis, but now have put plans in place. Therefore they now want to “spend some time doing infrastructure planning and investment” for their own ﬁrms.
Businesses in ﬁnancial services are also starting to think of what life will be like after lockdowns are lifted. Harrison says they are reconsidering how they engage and interact with their clients.
“There is a new belief that even if you’re not getting on a plane, you can connect with them in a meaningful way and develop a relationship but maintain a sense of normalcy,” Harrison said.
To learn more about DealCloud’s technology transformation capabilities and offerings for private equity firms, investment banks, credit/leveraged finance firms, corporate development teams, and others, click here.
To see a full list of DealCloud’s recent press and news announcements – including new capital markets client announcements and other media interviews – click here.