Mergers & Acquisitions

M&A Talk Podcast

M&A Talk is the #1 podcast on mergers & acquisitions. At M&A Talk we bring you exclusive interviews with experts in business sales, valuations, mergers and acquisitions, and more. We talk to the most experienced professionals in the industry to uncover their secrets.

Home Podcast Behind the Scenes – Acquisition of a Tech Company by a Public Company

Behind the Scenes – Acquisition of a Tech Company by a Public Company

Behind the Scenes – Acquisition of a Tech Company by a Public Company

M&A Talk Ed Gardner & David Leland

Acquisition Process

A successful partnership was recently formed when Ed Gardner of Descartes led the acquisition of GroundCloud, founded by David Leland. They both discuss the acquisition process, from David’s decision to look for a partner to Descartes’ decision to make an offer. This discussion walks through the process from management presentations through the offer stage, due diligence, closing, and post-closing, with tips, advice, and insight into the thought processes that went into each stage of the acquisition.

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Behind the Scenes – Acquisition of a Tech Company by a Public Company

Ed Gardner

Ed Gardner is Executive Vice President of Corporate Development with Descartes, an SaaS solutions provider, where he is responsible for the development and execution of Descartes’ M&A strategy. Before joining Descartes in 2003, Ed’s previous work included both practical logistics experience, where he worked in a senior leadership position at a third-party logistics provider, as well as deal execution and integration experience as part of Ernst & Young’s Transaction Advisory Services practice in London, England.

Behind the Scenes – Acquisition of a Tech Company by a Public Company

David Leland

David Leland is a technology innovator and entrepreneur with a passion for transportation safety and over 30 years of experience creating solutions that help companies become more efficient, compliant, and safe. He is the founder and CEO of GroundCloud, a cloud-based platform that automates operations for logistics providers proven to increase safety, ensure compliance, and optimize efficiency. GroundCloud was recently acquired by Descartes in February 2023.

Topics Covered

  • What is the background of GroundCloud, an all-in-one safety, productivity, and compliance ecosystem for logistics? [1:20]
  • What does Descartes do? [11:35]
  • How can a company improve safety, at a very high level, with technology? [13:25]
  • What was the process like for GroundCloud to decide how to grow to the next level and then prepare the company for sale? [15:57]
  • How did GroundCloud choose an investment bank to work with and what was the experience like? [18:51]
  • What’s the number one piece of advice for entrepreneurs who are about to go through the sales process and don’t know what to expect? [22:15]
  • What caught Descartes’ eye when they were approached about GroundCloud? [24:07]
  • What do most teasers look like, and how long are they? What information do they include? [27:46]
  • How was the management presentation done between Descartes and GroundCloud during the first meeting? [30:16]
  • What are the differences between an acquisition being viewed as a partnership rather than an exit? [32:55]
  • What was Descartes’ plan of action after the first management presentation? [39:02]
  • What should entrepreneurs expect during management presentations to potential buyers? [40:48]
  • How confident was GroundCloud in sharing its financial information with potential buyers? [45:06]
  • Advice to business owners in terms of sharing business and financial information when the potential buyer is a competitor. [47:03]
  • What is the importance of the 2-step process of presenting an IOI (indication of interest) before the LOI (letter of intent)? What happens after each step? [49:42]
  • What happens during the offer stage? [53:47]
  • What was the due diligence process like for both GroundCloud and Descartes? [58:13]
  • What happened during the closing and the post-closing period? [1:01:00]

Learn More

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Acronyms or Terms Used in This Episode

  • IOI – indication of interest
  • LOI – letter of intent
  • CIM – confidential information memorandum

To suggest guests, topics, or questions for future podcast episodes, contact Morgan & Westfield

Acquired

Acquired

The Art of Selling a Business With $10 Million to $100 Million in Revenue

Written by Jacob Orosz, President of Morgan & Westfield

For a business to sell for what it’s really worth – or even more – you need to properly prepare. But too many entrepreneurs put off planning the sale of their business until the last moment. Acquired – The Art of Selling a Business With $10 Million to $100 Million in Revenue will help you prepare your business for sale and walk you through the sales process, dodging the pitfalls along the way. With a significant amount of your wealth tied up in your business, planning your exit is one of the most critical initiatives you’ll undertake.

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