VF SIG: M&A: Looking for the Exits
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M&A: Looking for the Exits
We're not talking about Dodger fans leaving in the 7th inning, although there are clearly parallels in deciding whether to stay until the end of the game. Consider the following situations:
- You've bootstrapped your company to $3 million in revenues, but can't grow without additional resources:
- You've raised a Series A and B round, but are still burning cash and your investors will only put more money in if you find a new lead investor
- A large software vendor has just announced a new offering that will be directly competitive with your product and threatens your viability in the marketplace.
If any of these sound familiar, you should at least be thinking about M&A opportunities. Listen to a panel of experts who are either buying software companies or have recently sold discuss these and other issues:
- Do I want to or have to work for my acquirer?
- How will the current consolidation in the software industry impact my start-up?
- When is the right time to start the process?
- What are buyers looking for?
- How to avoid a fire sale?
- How are deals being structured?
- Traps to avoid when selling your company
- Turning partnership discussions into a merger
- Should you use an investment banker or other intermediary?
- What are the key considerations in valuation?
About the Panelists
Vik Chaudhary, Keynote Systems
Vik Chaudhary is Director, Corporate Development at Keynote Systems, where he extends the company into new ventures with acquisitions and technology licensing deals. Keynote Systems, is the global leader in Internet performance management and testing services that improve the quality of e-business. Keynote, founded in 1995, is headquartered in San Mateo, and counts as its customers 2,300 corporate IT departments and 16,000 individual subscribers. Since 2000, Keynote has acquired 6 technology companies. Vik previously held positions as CEO and founder of startup Bizmetric, product marketing at database startup Gupta Technologies and engineering at Oracle. He holds a B.S. in Computer Science and Engineering from MIT.
Ken Schroeder, TechVenture Management
Ken is currently President of TechVenture Management. He has over 11 years as CEO/President/GM in high-tech companies including; Internet infrastructure, enterprise software, application services provider/IT outsourcing and automation electronics industries. In addition to his broad operating and executive experience, he has been a strategic advisor to several Silicon Valley venture capital firms. Highlights of Ken's career include:
- Engineered five successful company restructurings and sales, most >recently sold CrossLogix to BEA Systems
- Led Resonate Inc. from early-stage to a very successful IPO
- Founded two successful high-tech enterprises in design automation and professional services
Peter Dickstein, eProsper
Peter is President and CEO of eProsper. Peter has 20 years of financial and management experience in both established and entrepreneurial organizations. Prior to founding eProsper, he served as CFO for three venture-backed companies in the medical and healthcare technology industries. These companies included EndoTex Interventional Systems, Confer Software (acquired by Quovadx, QVDX ) and Lectus (acquired by Hillenbrand, HB). In addition to managing finance, accounting and investor relations, he also managed the HR, IT and legal functions. Peter negotiated and completed numerous equity financings with financial and strategic investors for these companies. Previously, as a consultant to leading venture capital firms and their portfolio companies, Peter provided strategic financial guidance, and structured and secured many significant equity and debt financings. Among his company clients were Pyxis Corporation (acquired by Cardinal Health, CAH) and Intuitive Surgical Devices (ISRG). Earlier in his career, Peter acquired, leased and syndicated commercial aircraft and other transportation assets. He also served as a financial analyst in the project finance group at UGI Corporation (UGI) and in the corporate treasury department at Conoco, Inc. (COC). Peter earned a B.A. from the University of Pennsylvania and a M.B.A from the Wharton School.
Greg Paulsen, Intuit
Greg Paulsen is the vice president of Corporate Development at Intuit where he has been responsible for developing and leading the company's M&A transactions and strategic alliances over the past several years. Intuit, the maker of Quicken®, TurboTax® and QuickBooks® software, offers a broad array of products and services that help small and medium-size businesses better manage their businesses, and consumers and tax professionals depend on Intuit products and services to manage their personal and their clients' finances. While much of Intuit's growth over the years has been driven by the success of its products and services, M&A has played a key role in shaping Intuit's direction and providing some of its growth engines. Prior to Intuit, Mr. Paulsen was with the Financial Advisory Services practices of Coopers & Lybrand and PricewaterhouseCoopers, advising small and middle market companies on M&A and other business issues. His experience spans the entire M&A continuum, from strategy development and transaction execution through post-merger integration and divestiture. Greg's education background includes an MBA degree from Stanford and engineering degrees from the University of Nevada.
Steve Bennet, Bodega Partners
Steve is Founder and Managing Director of Bodega Partners, a venture catalyst and management consulting firm that assists early stage software and Internet companies in strategic planning, business development, and interim management. In the past nine years with Bodega, he has personally helped over eighty companies meet their strategic and financing goals. In the course of this work, he has also held the positions of President, COO,and CFO for a number of early stage technology ventures, including MAE Software, Rentals.com, Tribeworks, Empart Technologies, Biological Components Corporation, and GolfWeb. In addition to his work at Bodega Partners, he is a Venture Partner at Outlook Ventures, an early stage venture capital firm. He is also an instructor at the University of California at Berkeley, teaching , "Financing the Software Venture." Prior to forming Bodega Partners, Steve held positions in consulting, product marketing and corporate finance at Bay Logics, Digital Microwave Corporation, and Arthur Andersen. He holds a B.S. in Economics from Wharton and an MBA from UCLA and is also a licensed CPA.
Pre-registration is closed.
Please register at the door.
Microsoft Main Campus
1065 La Avenida, Bldg. 1
Mountain View, CA
7:00pm-8:30pm Program (starts promptly at 7:00pm)
Note: Latecomers who arrive after 7:20pm will not be admitted
to avoid disruption of the session.
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$30 Non-SDForum members
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