Erik Olafsson is a founder of XPS Technologies, an e-commerce shipping solutions company recently acquired by Descartes. An experienced entrepreneur, Erik started his career in investment banking and has worked in financial services and the software industry. At XPS, Erik led all operations, including maintaining and developing carrier partnerships, overseeing program implementation and financials, and developing channels for customer acquisition. Erik holds a bachelor’s degree in accounting and a master’s degree in finance from the University of Utah.
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.
- What does XPS Technologies do? [1:20]
- Why was XPS Technologies sold? [7:07]
- What does Descartes do? [8:02]
- What kind of synergy happened after the acquisition? [10:56]
- Key lessons learned from the acquisition [15:45]
- How can companies assess cultural fitness without meeting face-to-face? [23:50]
- What is the acquisition strategy in acquiring XPS Tech? [26:10]
- Advice to founders and entrepreneurs who want to exit [33:25]
- How to prepare the financial statements [45:05]
- Is the quality of earnings report necessary in mergers and acquisitions? [47:24]
- In the purchase agreement, what role do the reps and warranties play? [53:45]