Donnelley Financial Solutions (DFIN) provides software and services that help public companies, investment companies, and capital markets deal participants manage SEC regulatory compliance and execute transactions. DFIN's two core software platforms are ActiveDisclosure, a cloud-based SaaS tool for public companies to draft, tag, and file SEC documents like 10-Ks and proxy statements, and Arc Suite, an end-to-end compliance platform for mutual funds and regulated investment companies covering financial reporting, regulatory filings, and investor communications. On the transactional side, DFIN's Venue virtual data room (VDR) enables companies executing M&A, IPOs, and debt offerings to share documents and manage due diligence securely. Beyond software, DFIN provides tech-enabled services such as document composition and EDGAR filing agent services, plus a declining print and distribution business for physical regulatory documents. DFIN sells directly to public companies, investment banks, law firms, and private equity firms. Revenue comes from three sources: recurring SaaS subscriptions, reoccurring service packages, and event-driven transactional fees tied to capital markets activity. Software is now roughly half of total revenue and carries materially higher margins than services or print, so mix shift toward software is the key margin driver. DFIN's long-term target is ~60% software revenue by 2028, with growth driven by Arc Suite adoption, expanding into private funds via its new ArcFlex module, and embedding AI tools into its compliance platforms.