Case Studies
Mergers & Acquisitions
Walking away twice before the right acquisition.
A software group needed to add a data capability. Two live processes were already under way, both competitive and both expensive.
- Service
- Mergers & Acquisitions
- Sector
- Technology
- Engagement
- 7 months
The Problem
What stood in the way.
- The stated thesis described a product gap, not an economic one.
- Both live targets required synergy assumptions the acquirer had never delivered.
- Integration capacity was already committed to a prior deal.
Our Approach
How we worked.
- 01
Rewrote the thesis around the specific economics the capability was meant to change.
- 02
Mapped the full universe of targets, including twelve that were not for sale.
- 03
Led diligence and negotiation against a walk-away price agreed with the board in advance.
Outcomes
What the work produced.
- 2
- processes exited on discipline
- -28%
- vs. competing bid multiples
- 11 months
- to synergy run-rate
The group acquired a proprietary target sourced outside any process, at a multiple well inside the competitive bids, and reached its synergy run-rate a quarter early.
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