WHAT OUR CLIENTS SAY

Richard Veal
CEO, Tourism Media

Together we did it! The deal is closed and we are now engaged in a constructive planning process. Everyone is excited by the possibilities. Thank you much for all your help in getting this across the line. It was a pleasure to work with you.

Jeremy Burr
Managing Partner at Spotlight Equity Partners

“The CIM you and your team pulled together was one of the best we’ve seen – it’s clear you know the sort of information an experienced buyer focused on software company acquisitions wants to know. “

Jonathan Sposato
CEO at PicMonkey

“It takes village to sell a startup. You are the village medicine man, concocting the M&A magic. Thanks for the excellent guidance that you and your team provided in our process.”

Tore Hofstad
Non Executive Director at Tourism Media Group

“Thank you, excellent work with all the involved parties. Looking forward to completing our next deal with you”

Ari Salonen
CEO at Midaxo

“We owe you a great deal of gratitude. Thank you for offering adult supervision and being a guardian angel on our side during the crucial negotiations.”

William Carleton
Attorney at McNaul Ebel Nawrot & Helgren

“Having a pro like you driving from the seller side made it easy for everyone. Here’s to the next deal.”

Rick Cole
CEO at Cell Systems

“Nat, I’ve learned a great deal working with you and really appreciate you as a person and professional in your field. You will be my first call on my next deal.”

Steven Myhill-Jones
CEO at Latitude Geographics

“Nat, thanks for all your leadership and guidance. It's been a pleasure working with you and we are grateful for your knowledge, experience and approach. “

David Stevenson
CTO at Latitude Geographics

“What surprised me as it unfolded exactly the way that you had described that it would. I was surprised how streamlined the process was as well, how very much on rails.”

Sampo Parkkinen
CEO at RapidBlue

“I don't say this often enough but great job today. You are very, very, very good at this. Also quite competent in keeping my feelings in check. We now have a bidding war. So thank you!”

Sean Hsieh
Co-Founder, Flowroute

“Working with TechStrat was inspiring. They acted as the quarterback, calling the plays, picking the players, and helping us win the game.”

Nicholas Engelbart
Director Corporate Development and Planning, West Corporation

“Thanks for keeping things moving and helping us solve all of the challenges along the way. We have really enjoyed working with you on Flowroute.”

Kirk Smith
Vice President, Bregal Sagemount

“You guys ran a great process and ultimately ended up with the best overall buyer.”

Ryan George
CEO, Simpleview

“This could not have been done without you and I appreciate all the good work.”

Michael Borge
Managing Director, New Mind | tellUs

"Thank you for guiding us through this process. Your input has been invaluable. I am really pleased with the final result."

Tore Hofstad
Chair / Co-owner, New Mind | tellUs

“Thank you very much for your effort. I am pleased with the terms we achieved. “

Tom Bernthal
Co-Founder & CEO, Kelton Global

“Thanks for teeing this up so well, Nat. You made it simple, clean, mutually beneficial, and gave everyone the right level of excitement from our first conversation. I appreciate it. “

Scott Beizaie
Vice President, General Counsel, LRW

“You guys are the most thorough and responsive team we have worked with!”

Dave Payne
Owner, Data102

“I truly enjoyed working with you, learning from you and seeing the way you handle the art of negotiations and deal making.”

Recent transactions

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LATEST ARTICLES

Michael Bolotin promoted to Vice President

TechStrat is pleased to announce the promotion of Michael Bolotin to Vice President. Michael joined TechStrat in 2017 and focuses on supporting clients through all stages of the M&A process, in addition to expanding TechStrat’s network of strategic acquirers and financial sponsors in the tech community.
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Opus Connect’s July Virtual Roundtable: LA Chapter

Nat Burgess participated in Virtual Roundtable along with the thought leaders and discussed current M&A strategies and trends.
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TECHSTRAT ANNOUNCES INVESTMENT IN URI, INC. BY SOLIS CAPITAL

TechStrat client User Research Internationl (URI) has received an investment from Solis Capital. TechStrat acted as the exclusive M&A advisor in this transaction.
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TECHSTRAT ANNOUNCES SALE OF PEACH TECH TO GITLAB, CONTINUING FOCUS ON CYBERSECURITY

TechStrat managing partner Nat Burgess states “As a pioneer in security testing, Peach will be a powerful component in Gitlab’s integrated DevSecOps solution.”
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TECHSTRAT PARTICIPATES IN AXIAL SOFTWARE M&A ROUND TABLE – LINK BELOW

Techstrat joined a round table discussion with a select group of software deal makers and investors to discuss strategies and trends in the software M&A market.
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TECHSTRAT ADVISES BRANDVERITY IN ACQUISITION BY PARTNERIZE

TechStrat client BrandVerity, a leading SaaS provider of search monitoring and brand compliance solutions, has been acquired by Partnerize, the leader in partnership automation. TechStrat acted as the exclusive M&A advisor to BrandVerity in this transaction.
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THE PANDEMIC HAS ALTERED YOUR M&A OPTIONS

As leaders in the sub-$100 million tech M&A market for two decades, veterans of two global economic crises, and lead advisors in over 100 transactions, we have a perspective that may prove useful to elite leaders who intend to create the best possible outcome for their teams and shareholders.
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M&A STRATEGY IN A DISRUPTED MARKET

During the last two weeks we have been in daily conversations with corporate development and investment professionals in the course of our transactional work. We have added a layer to the conversation, questioning and listening, as we continue to assess the impact of COVID-19 on the tech M&A marketplace.
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DEAL ANNOUNCEMENT: TECHSTRAT CLIENT OFFICESPACE.COM HAS BEEN ACQUIRED BY BIPROXI

TechStrat acted as the exclusive M&A advisor to OfficeSpace.com in a competitive process that led to a strategic acquisition by Biproxi.
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DEAL ANNOUNCEMENT: TECHSTRAT CLIENT ABC LEGAL RECEIVES STRATEGIC INVESTMENT FROM AQUILINE PARTNERS

TechStrat acted as the exclusive financial advisor to ABC Legal in a competitive process that led to a strategic investment by Aquiline Capital Partners.
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TECHSTRAT ACTS AS EXCLUSIVE ADVISOR TO DATA102 IN MERGER WITH QUONIX SOLUTIONS

TechStrat acted as the exclusive M&A advisor to Data102 in their merger with Quonix.
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EXCLUSIVE VIDEO: BEST PRACTICES FOR THE CEO IN AN M&A PROCESS

Video link appears at the bottom of the article. In this video Eric Harber, former CEO of Flowroute, who sold his telecom software business to Intrado with the assistance of software M&A experts TechStrat, discusses the role of the CEO in completing an M&A transaction.
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HOW TO BECOME RELEVANT TO AN ACQUIRER

Steve Jobs was obviously a brilliant product designer and marketer, but I would argue that Apple became successful by becoming relevant to their customers and by creating a business model that kept them relevant. How can your company become relevant to potential acquirers?  What is your “iTunes”?
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I WANT THE TEAM – SHOULD I BUY THE COMPANY? (QUORA)

A quick review of the pros and cons of "acquihire", identifying the pros and cons of using M&A to accelerate team-building.
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WHAT ARE THE LONG-TERM EFFECTS OF GOOGLE ACQUIRING WAZE? (QUORA)

Google's acquisition of Waze has generated interest from Waze users who rely on the service and worry about changes or EOL. We were asked to explore the rational behind the acquisition, on Quora.
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M&A VALUATIONS FOR IT COMPANIES (QUORA)

We were asked to summarize the differences in valuations between software, and IT companies, on Quora. In this article we look at the valuation differences between the segments, and also explore some of the factors that increase or decrease the valuations of IT companies.
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TECHSTRAT PRESENTS AT SOLD OUT M&A BOOTCAMP IN HELSINKI, JANUARY 10 2020

What started as an invitation-only event for a few portfolio companies quickly morphed into a sold-out event with 120 people signing up in three days, and another 80 joining the wait list in the ensuing week.
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HELSINKI M&A BOOTCAMP, JANUARY 10 2020

We partnered with Gorilla Ventures and Fondia law firm in Helsinki for two events - a presentation and breakout sessions with Gorialla's portfolio CEOs on January 9, and a presentation to the broader Helsinki tech community on January 10. The sessions confirmed our excitement about the entrepreneurial energy in Finland. Video and press coverage links to follow.
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DEAL ANNOUNCEMENT: TECHSTRAT CLIENT DEJA VU SECURITY ACQUIRED BY ACCENTURE

TechStrat acted as the exclusive M&A advisor to Deja Vu Security in their acquisition by Accenture, announced June 17 2019.
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“START WITH THE EXIT IN MIND ” WEBINAR MARCH 27, 10:00AM PT – SPECIAL PRESENTATION WITH SECUREDOCS

On March 27 2019, leading virtual data room provider SecureDocs will host a special presentation by TechStrat, “Start with the Exit in Mind.” This one hour webinar is designed to give CEOs and executives all of the information they need to align their constituents, prepare for due diligence, understand deal structures and valuation, and to take advantage of the single most important factor for maximizing valuation ...”
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“START WITH THE EXIT IN MIND ” WEBINAR – MARCH 27, 10:00AM PT – SPECIAL PRESENTATION WITH SECUREDOCS

On March 27 2019
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TECHSTRAT WAS PLEASED TO PARTICIPATE IN IINNOVATE’S COMPREHENSIVE SURVEY OF TRENDS AND RESOURCES IN THE PACIFIC NORTHWEST INNOVATION ECOSYSTEM

Congratulations to Joe Ottinger and Iinnovate for publishing the most complete and insightful report on our home market, ever.
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TECHSTRAT ADVISES INFOGEOGRAPHICS IN ACQUISITION BY AVINEON

TechStrat acted as the exclusive M&A advisor to InfoGeographics in their acquisition by Avineon.
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TECHSTRAT ACTS AS EXCLUSIVE M&A ADVISOR TO KILLER INFOGRAPHICS

Our client, Killer Infographics, was acquired by LRW. We acted as exclusive M&A advisor to Killer Infographics.
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TECHSTRAT’S NAT BURGESS TO MODERATE “LEARNING FROM FAILURE” FOR SEATTLE ENTREPRENEURS AT DAVIS WRIGHT ON 11/14

There will be a panel composed of entrepreneurs who have failed in business and then gone on to be successful. We will discuss what better way to prevent making some mistakes and failures and learn how entrepreneurs turned them into success.
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LOOKING BACK FROM THE EXIT – FLOWROUTE CO-FOUNDER SEAN HSIEH EXPLAINS HOW HE AND HIS CO-FOUNDERS ALIGNED ON VALUATION

Every deal has multiple, conflicting valuations – the goals of the shareholders (which seldom align), the intrinsic value (which is built on assumptions that are also open to debate), the desired valuation calculated by the buyer, and the value at which the transaction ultimately closes.
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LOOKING BACK FROM THE EXIT – FLOWROUTE CO-FOUNDER SEAN HSIEH AND HIS EXPERIENCE WORKING WITH TECHSTRAT

Here, Flowroute co-founder Sean Hsieh shares his thoughts on working with TechStrat in the sale of Flowroute to West.
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LOOKING BACK FROM THE EXIT – FLOWROUTE CO-FOUNDER SEAN HSIEH DISCUSSES TEAM DYNAMICS

When a company is acquired, the press release sucks the life out of the experience. We learn about multiples and synergies and we read carefully crafted position statements designed to throw competitors off balance.
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TECHSTRAT ADVISES FLOWROUTE IN ACQUISITION BY WEST

We are pleased to announce that our client, Flowroute, has entered into an agreement to be acquired by West Corporation.
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COMOTION’S “START WITH THE EXIT IN MIND: M&A PLANNING FOR STARTUPS” NOW AVAILABLE ONLINE

On February 2nd, Nat Burgess joined the University of Washington’s CoMotion Labs for their “Fundamentals for Startups” session and shared insights regarding M&A planning for startups – namely, to “start with the exit in mind”. Along the way, he described how to build a great company, when to start an M&A process, how to manage it, and more.
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LATITUDE GEOGRAPHICS: WHY WE CHOSE TECHSTRAT AS OUR ADVISOR

In this segment of 2 Minutes with TechStrat, the Latitude Geographics CTO talks about the reasons why he and his business partner selected TechStrat as their exclusive M&A Advisor.
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HOW TECHNOLOGY PLAYS IN THE M&A PROCESS

In this segment of 2 Minutes with TechStrat, the Latitude Geographics CTO discusses his experience presenting technology to potential investors. How critical were the tech demos to the process?
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LEVERAGING THE PROCESS TO CHOOSE A PARTNER

In this segment of 2 Minutes with TechStrat, the CEO of Latitude discusses how he used the process to select a partner.
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“CHOOSING AN ADVISOR” CHECKLIST AND WEBINAR NOW AVAILABLE ONLINE

On November 15th we delivered a webinar with SecureDocs on the topic of Choosing an M&A Advisor. We outlined the process for identifying the right right category of firm, and the legal duties and liabilities of the board in connection with retaining an advisor and executing a sale.
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CHOOSING AN M&A ADVISOR – DUTIES, LIABILITIES AND BEST PRACTICES FOR BOARDS AND MANAGEMENT

Certain corporate acts happen infrequently, but have a lasting impact. Hiring an M&A advisor typically occurs once in the life cycle of a company. Boards and management teams don’t get to practice and refine their approach – they have to get it right the first time.
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CHOOSING AN M&A ADVISOR – LEADING THE CHARGE

In this segment of 2 Minutes with TechStrat we look at the role of the advisor as CEO of the process.
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HOW BURDENSOME IS THE M&A PROCESS?

Latitude CEO discusses the pressure and challenges created by running a process at a time of technology, licensing model and personnel transition.
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CHOOSING AN M&A ADVISOR – STICKING WITH IT

In this segment of 2 Minutes with TechStrat we are reminded that the process is a marathon, not a sprint, and that everyone has to commit as much time as it takes to reach the finish line.
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CHOOSING AN M&A ADVISOR: IMPORTANCE OF EXPERIENCE

This segment of Two Minutes with TechStrat addresses the importance of experience in selecting an advisor. 
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TECHSTRAT PROCESS – INTERVIEW WITH LATITUDE GEOGRAPHICS CTO

In this segment, the Latitude CTO discusses the process – what surprised him, what went according to plan, and how the process helped the shareholders achieve their goals.
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SHORT VIDEO: LATITUDE GEOGRAPHICS FOUNDER COMMENTS ON BATTERY INVESTMENT

In this episode of Two Minutes with TechStrat, the founder of Latitude Geographics talks about his motivations for seeking a financial partner, and some of the suprises that he encountered along the way.
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2 MINUTES WITH TECHSTRAT: CHOOSING AN M&A ADVISOR WHO UNDERSTANDS YOUR BUSINESS

Today’s episode of “Two Minutes with TechStrat” offers a preview of the content, and looks specifically at the importance of selecting an advisor who understands your business.
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NEW VENTURES BC EXIT STRATEGIES CLOSING PARTY

New Ventures BC through a great party on September 25th to congratulate BC Tech Association Innovation Prize winner Axsense on their win.
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TECHSTRAT CLIENT LATITUDE GEOGRAPHICS RECEIVES SIGNIFICANT INVESTMENT FROM BATTERY VENTURES

TechStrat Advises Latitude Geographics Group on Investment by Battery Ventures.
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“EXIT STRATEGIES FOR EMERGING TECHNOLOGY COMPANIES” AT NEW VENTURES BC

This presentation covers a) valuation at different stages of growth, b) unlocking value enhancers by identifying growth drivers and recurring revenue trends, and c) M&A strategies for achieving maximum value.
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VALUATIONS METRICS AT DIFFERENT STAGES OF GROWTH

Companies at different stages in their growth have different assets, quality of staff, technology maturity, and financial profiles. Therefore, it stands to reason that different valuation metrics apply to companies at different stages.
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THE IMPACT OF CANADIAN R&D TAX CREDITS ON FOREIGN BUYERS: DON’T SR&ED YOUR VALUATION!

Every transaction involving a Canadian technology company and a foreign buyer will include a negotiation on the treatment of Strategic Research and Experimental Development tax credits (“SR&ED”), both for evaluating the historical P&L and forecasting revenue and earnings. Let's look at the impact on a foreign buyer and how to avoid any valuation problems.
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FSBO PITFALLS

I’ve heard first-time CEOs tell me they’re going to manage the sale of their company themselves. I’ve also heard experienced CEOs who are veterans of multiple successful exits tell me that they would never manage the sale of their company on their own, and that they will call in bankers either to start a process or react to inbound interest.
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THE SALE OF A FAMILY BUSINESS – A FATHER’S LEGACY PUTS THREE GENERATIONS THROUGH COLLEGE

A family business is often created for a reason. An executive turns 50 and, with a shrinking runway ahead, and strikes out on his or her own. An inventive young entrepreneur is passionate about an idea, and hast to bring it to life in the form of a new business.
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2017 SYNERGY TECH STARTUP CONTEST: PICKING A WINNER

When TechStrat was asked to participate in the 2017 Synergy Contest for startups in the Pacific Northwest, we jumped at the chance. We don’t get a lot of opportunities to hang out with startups – our clients come to us later in life – and we like the excitement of early stage companies.
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REFLECTING ON RSA 2017 SAN FRANCISCO

The RSA conference has been a highlight of my technology year since the early 2000s. As with any conference it is easy to become jaded; each year we see a new generation of freshly-funded hopefuls, their booth armies fueled by marketing dollars, their branded mint tins, glow balls and pens propagating throughout the hall.
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OPERATING DIVISION OR TECHNOLOGY TUCK-IN: BEING REALISTIC ABOUT WHERE YOU FIT IN THE ACQUIRING COMPANY

Indulge me in a ridiculous metaphor. Are you a kidney – an organ that will be transplanted into a new host? Or are you a soldier – a self-contained unit that will operate independently and report back up to the host?  This is an important distinction when thinking about selling your business. Let's take a closer look.
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ACQUISITIONS AT GOOGLE SCALE

Senior M&A staff at Google have moved on to Linkedin, Groupon, Microsoft, and countless other companies where they've applied lessons learned at Google. Their approach reflects a set of goals that apply to many large companies, and it’s useful to look at the world from their perspective. Here are some of the criteria that I’ve seen.
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RELEVANCE

Steve Jobs used was obviously a brilliant product designer and marketer, but I would argue that Apple became successful by becoming relevant to their customers.
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THE QUESTIONS ENTREPRENEURS ARE ASKING: WHERE IS THE MARKET GOING?

Only a fool tries to time the market. But only a fool ignores the importance of market timing. I know many entrepreneurs who tried to sell too late – but not many who sold too early. If you are a hammer, everything looks like a nail.
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EXIT PLANNING: WHEN TO START?

If you’re wondering when you need to start thinking about exit planning, you might have some catching up to do. You should think about the exit from the very beginning. Start with the exit in mind. Here's how to go about exit planning the right way.
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WHY AMAZON M&A DROPPED 7X IN 2016 – CONVERSATION WITH GEEKWIRE

Why did Amazon’s M&A activity drop 7x from 2015 to 2016? Geekwire’s Todd Bishop explores this topic in depth, with input from TechStrat.
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THE QUESTIONS ENTREPRENEURS ARE ASKING: WHAT IS MY COMPANY WORTH?

In the M&A world, we at TechStrat hear the same questions pop up time and again. Today, we’re tackling one of the most common on our list.
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THE QUESTIONS ENTREPRENEURS ARE ASKING: HOW TO BUILD VALUE

Most of our clients are entrepreneurs. When they ask questions, we listen. Then we keep track of recurring themes so we can answer those questions here. This is one of our favorites.
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MAXIMIZING THE VALUE OF THE M&A PROCESS

The M&A process takes time and money. But the good news for M&A targets is that M&A can produce lasting value in your organization, if you plan and execute your process correctly. Here's how.
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TECHSTRAT JOINS STARTUP LAWYER JOE WALLIN FOR A PODCAST ON THE M&A ADVISORY BUSINESS, AND PREPARING FOR M&A

We had an opportunity to sit down with Joe and Mike on their heretofore highly regarded weekly podcast for a freewheeling discussion on the M&A business, and how to prepare properly for a transaction.
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MIDAXO RAISES MONEY FROM FII AND EOC; TECHSTRAT ACTS AS FINANCIAL ADVISOR TO MIDAXO

Midaxo’s journey has accelerated with fresh capital from Finnish Industry Investment Ltd and EOC Capital.
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ON CNBC TODAY – PUTTING ANOTHER STARTUP IN THE “COLD SEAT”

Check out our show today with Restore Cryotherapy. A little off the beaten path from software, but a cool little company. I learn something every time I see a pitch.
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THE PARADOX OF TECH M&A

A successful tech M&A firm sells companies that are not for sale to people who are not in the business of buying companies. Small technology companies have value to a wide number of industry partners, many of whom do not have active M&A programs or have M&A teams that are dedicated to larger transactions. We take a unique approach to solving these common M&A challenges.
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END OF YEAR MESSAGE – WELCOME TO 2016

Greetings from the first month of what will be the biggest year ever in tech M&A. I’m late with my end of year email, which means I’ve had the benefit of updates from friends around the world.
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REDISCOVERING PHOTOGRAPHY, AND RECAPTURING A LIFE, IN A LOST PICTURE OF BILL GATES AND PAUL ALLEN

Click through to Geekwire for an article that I published this morning, on a photo my father took of Bill Gates and Paul Allen.
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WHENEVER I READ THAT COMPANIES ACQUIRE STARTUPS PRIMARILY FOR “TALENT” – I THINK TO MYSELF WOULDN’T IT BE CHEAPER TO SIMPLY HIRE AWAY THA…

In theory it is cheaper to hire people individually. In practice, when the job market gets competitive as the economy improves (2000, 2007, 2013), large companies with specialized needs have no choice but to acquire teams through acquisitions.
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WHAT IS EVENT STUDY APPROACH (RELATED TO M&A PROFITABILITY MEASUREMENT)?

The event study question is timely (December 2013) because we are in an M&A bubble, where acquisition announcements drive stock price – similar to in 2000 and 2007.
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WHAT ARE THE PRO’S AND CON’S OF MICROSOFT ACQUISITION OF NOKIA?

The $7.2 billion identity crisis; should MSFT be a hardware company, a software company, or both? Selling software at 90%+ margins to drive low margin hardware created by third parties is the model that turned MSFT into the behemoth they are today.
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WHAT ARE THE LONG TERM EFFECTS OF GOOGLE ACQUIRING WAZE?

For Google to drive their ad network down to the local level, delivering geo-targeted ads, offers and assistance in real-time, they need the majority of Android users to "ALLOW" location to be enabled on their devices.
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HOW DO YOU VALUE AN IT COMPANY FROM AN M&A PERSPECTIVE?

Quora – Valuing an IT company. Answer by Nat Burgess: Valuation methodology depends on the maturity of the business, the market segment, and the revenue model.
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RSA SECURITY CONFERENCE – SAN FRANCISCO, FEBRUARY 2013

I used to speak at the conference every year, but deal flow and administrative duties got in the way. After a 4 year absence I was able to go down and spend a day at this year’s event. Not much has changed, and that is a good thing. It is one of the best run conferences I have frequented in any industry, with high-quality attendees, presenters and exhibitors. It is one of the few tech conferences routinely attended by CEOs. Art Coviello’s vision remains alive, even after the integration with EMC.
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HOW TO REACT TO AN INBOUND M&A APPROACH

In this post, we bust some of the myths surrounding inbound M&A inquiries and highlight the right way for buyers and sellers to approach the deal.
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COOKING IN THE NORDICS – TWO CLOSINGS, MORE TO COME

We have closed two transactions in Finland – the A&W divestiture from Glaston to Constellation, and the sale of Fastrax, also in Helsinki, to U-Blox.
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ENGHOUSE IN TORONTO ACQUIRES ZEACOM IN NEW ZEALAND

Second announcement in a week – two deals that each consumed over a year, announced within two days of each other. This time the field is telephony, the buyer is Canadian, and the terms are disclosed.
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ANSYS ACQUIRES ESTEREL TECHNOLOGIES IN FRANCE

Yesterday ANSYS (NYSE: ANSS) announced that they had signed a definitive agreement to purchase our client, Esterel, for euro 42 million, subject to certain working capital adjustments at close.
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THE IMPACT OF THE FACEBOOK IPO ON TECH M&A

Facebook Frenzy: What does the Facebook IPO mean for tech M&A? Brokers at Morgan Stanley and the other underwriters of the Facebook IPO didn’t realize how many Facebook friends they had until they were allocated shares for individual accounts.
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WHAT IF YOU GAVE US YOUR COMPANY?

Entrepreneurs and startup CEOs, it’s time for a little perspective. Your revenue is meaningless. The efforts required to create it are a distraction. Your pricing is too low. You have undertaken excessive support obligations. If you start to scale, your processes and technologies will all fail, destroying the existing goodwill with your customers. Let's look at your business from the outside in.
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CASUAL CONNECT SEATTLE, 2011

Here is a link to the buyers panel at Casual Connect Seattle. Congratulations Jessica and team on the best Casual Connect ever, and one of the best industry conferences I have attended.
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ADDING MY 2 CENTS ON CNBC POWER LUNCH, WITH HERB GREENBERG – “THE TECH DATING GAME.”

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2011 E3 REPORT – BACK TO THE FUTURE OF GAMING

I worked for Activision in the mid-’90s, when the Internet got fast enough to support multi-player gaming. Mech-Warrior 3 over the net played a little slower than Doom over Dwango, but it was good enough.
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BRINKSMANSHIP IN PUBLIC, HORSE TRADING IN PRIVATE

I have five transactions in the final stages. Every deal dies 3 times, and that adds up to a lot of near-death experience in a highly compressed time frame.
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QUOTED TODAY IN DOW JONES MARKETWATCH

M&A activity is catching the attention of retail investors. I was quoted in today’s MarketWatch, pointing specifically to BMC as a takeover target, and generally to the tech landscape’s rapid evolution.
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GOOGLE ACQUIRES INSTANTIATIONS

On Wednesday of last week we announced and closed the sale of our client Instantiations to Google. This was my third experience with the Google M&A team over the last 5 years (having worked on the Phatbits and Picnik deals).
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GOOD NEWS AROUND THE CORNER

Look for exciting deal announcements in the coming week. Summer is a tough time to initiate deals, but a great time to get them closed – and to launch new engagements.
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AN INTERESTING ARTICLE ON THE PICNIK ACQUISITION BY GOOGLE

Time.com ran an interesting article today on the Picnik acquisition by Google. When I was interviewed for the article I was thinking about how poorly some companies manage acquisitions, and how every initiative gets snuffed out in turf wars. Not so with Google. I hope they can sustain their culture.
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CONGRATULATIONS TO THE PICNIK CREW

Yesterday Google announced that they have acquired Picnik. As a member of the advisory board I have been engaged with the team during the run-up to the transaction, and have closed this chapter with renewed faith in the ability of a small, dedicated team to change an industry.
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THE DAM IS STARTING TO BREAK

M&A deals suddenly picking up traction in the US and Europe. A half dozen NDA’s lined up for signature on my assistant’s desk. Conference call wtih product groups lining up after the first corp dev call. Hopefully this signals momentum for the second half.
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“THE CLOUD IS THE NEW NORMAL.” (PETER COFFEE, GROWTH AND EXIT STRATEGIES CONFERENCE)

The 2009 growth and exit strategies conference was a huge success by any measure. Headlining speakers from VM Ware, Google, Yahoo, VeriSign, salesforce.com, and other leading companies brought insight and excitement to the event.
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FRANK TALK IN THE DOWNTURN

Comparing notes with a private equity guy in London this morning, we reached the same conclusion. Conversations in the trough have are more frank and transparent than the cagey exchanges of a hot market.
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TRANSLATING M&A SPEAK

An exchange on with the CEO of an security software at RSA San Francisco this morning. He recently lowballed a small deal and lost it to a competitor.
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10 KEYS FOR SUCCESSFUL DIVESTITURES – NETWORK WORLD ARTICLE

An article from Network World on divestitures, still relevant today, encourages companies to pay attention to 10 critical factors for succesful divestitures: 1) Think backwards from the press release, 2) restructure the business before you sell it, 3) contain the process to the division being sold, 4 run a process, 5) reach out to international buyers and private equity funds, 6) be realistic on timing, 7) pay attention to customers during deal, 8) put someone in charge of the deal, 9) be realistic but firm on pricing, and 10 close quickly.
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OPPORTUNITY IN CHAOS

Everyone says we are in a buyers’ market – especially buyers. I say, if you think this is a buyers’ market, just wait a few months. It is almost impossible to get deals done right now because management teams, boards and investors are unpredictable.
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INTERESTING LETTER FROM WALL STREET

Recently I received a note from an old school friend who went on to establish overseas operations for a bulge bracket investment bank in several emerging markets. He sent a note out to friends and colleagues that serves as a defense of the financial sector, and a reminder that capitalism practiced properly should be a heartless and profitable endeavor.
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2009 TECH M&A OUTLOOK

My annual end of year editorial (to be published in the quarterly Merge Briefing) provides an opportunity to identify trends and dynamics that characterized the prior period, to figure out which ones will carry forward, and to speculate on new trends that will take hold.
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MERGE BRIEFING, PALO ALTO, DECEMBER 4TH

I hosted a Merge Briefing at the Four Seasons in Palo Alto today. There were 35 attendees, most of them corporate development professionals from large companies, with a few entrepreneurs and VCs sprinkled in. Taiwan, Japan, UK, India and France were all represented – another reminder that the world is, indeed, flat.
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FEAR AND GREED

Corporate development groups have been whipsawed on a similar scale as investors, going from all-in to all-out and then back again.
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STATE OF THE M&A MARKET

I don’t normally broadcast a “state of the M&A market” message to my contacts, but these are abnormal times. On October 2nd I received an email marketing message from a SAAS CRM vendor with the tagline “Business as usual won’t cut it.”
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PROFILE 01

I can’t think of a short-hand term for that certain type of negotiator who breathlessly swings at issues and treats every new redline clause as a personal affront, like the overbearing neighbor who chases a bee into the house and swings at it with a hammer, smashing all the fixtures and furniture until the room is a shambles and the bee is finally dead and who then smiles and wipes his brow and waits for congratulations from his adoring fans.
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STAYING AHEAD OF THE CURVE

I spoke yesterday with the founder of a bootstrapped software company in the network infrastructure space. He started a software company from his dorm room in the late 1990’s, then went to work for a dot.com.
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LOSING FAITH

What happens when an investor loses faith in a management team, or a management team gives up on their investor? In a booming market everyone smiles through the board meetings because money is being made.
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GREED AND DRAMA

M&A Deals usually involve money, and money can bring out the worst in people.
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WEB 2.0 TOUR – SEATTLE

I hosted the M&A team from a major Internet company for two days in Seattle, taking them to 11 meetings in two days. The focus was Web 2.0. Every meeting prompted a new perspective on the Internet company’s business, and offered potential partnership opportunities.
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We see M&A as a powerful tool for growth

We specialize in midmarket technology transactions.
And we only put senior dealmakers on the job.

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A Seattle-based M&A FIRM with a global outlook

TechStrat is an advisory firm that helps technology companies grow through M&A. Through our work, we are transforming the tech landscape, improving careers, and enhancing organizations.

Learn more

We see M&A as a powerful tool for growth

We specialize in midmarket technology transactions.
And we only put senior dealmakers on the job.

Learn more

A Seattle-based M&A FIRM with a global outlook

TechStrat is an advisory firm that helps technology companies grow through M&A. Through our work, we are transforming the tech landscape, improving careers, and enhancing organizations.

Learn more

WHAT SETS US APART?

Our Process

Creating and executing an M&A strategy requires a multidisciplinary approach that includes legal, financial and management expertise.

Our Values

We help clients open new chapters in their lives and create opportunities for others. When a deal closes, we want you to say, “I’m glad I did that.”

Our EXPERIENCE

In our 20 year history we have closed over 100 transactions with Microsoft, Google, Intel, Accenture, and other leading strategic and financial buyers.

Team

Nat Burgess

FOUNDER

Nat Burgess, founder of TechStrat has been an M&A adviser since 1989, angel investor and startup mentor since 1994, and a licensed attorney since 1998.

Michael Bolotin

Vice President

Michael joined TechStrat in 2017 as a senior associate, supporting clients through all stages of the M&A process.

Steve Peltier

SVP, Finance

Steve joined TechStrat in 2018 as the lead advisor for financial due diligence.

Ed Ossie

Sector Advisor

Ed joined the TechStrat advisory committee in 2016 as a sector professional, and expanded his role in 2018 to include direct participation in client engagements.

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