HRC Facilitates $95mm Acquisition

Background

Promevo is a leading provider of IT services, solutions, and software focused on Google Workspace, Chrome, and Cloud Platform (GCP) technologies. The Company was in a sale process yet had a limited number of parties at the table, and the founders welcomed meeting additional highly strategic acquirers from HRC’s network.

Value Add

While not a typical engagement, HRC seeks to support business owners and acquirers, even if it’s from an informal, referral standpoint. In this case, had HRC not brought in the buyer from our network, its likely a deal would not have closed, or perhaps at a lower valuation.

Transaction Process

Given HRC’s deep expertise and focus on technology services for over 20 years, HRC was engaged with the most active capital partners and strategic acquirers, which included a new fund who were also highly active in the same space. Knowing this, HRC brought in this group that was NOT at the table in the sale process.

Results

The private equity fund Cohere Capital, brought in by HRC, ended up closing on the acquisition of Promevo.

Commentary

This was a highly unique dynamic for HRC to participate in, yet it demonstrates our ability to add value in multiple ways, yielding outstanding outcomes. It’s another reminder to business owners to be proactive and thorough when evaluating potential acquirers and investors, as it’s highly likely that a better fit (and therefore, value) exists beyond those who come in inbound.