SmartProcure has been acquired by Thomas Street Capital Partners
- SmartProcure is the leading provider of procurement intelligence software, purpose-built for vendors to public sector agencies, offering proprietary, mission-critical, “Below-RFP” intelligence
- They engaged JD Merit & Company / CDI Global to find a strategic financial partner to accelerate growth
JD Merit Approach:
- SmartProcure realized that they were at an inflection point and it was time to invest in growth
- SmartProcure had hired another bank to help with a capital raise that didn’t result in a completed transaction
- The team knew that they needed time to develop the database as a first step and wanted to take a conservative approach to cash management to avoid further funding requirements.
- Data analytics were at the borderline of a normalized approach to receive an ARR-based outcome
- JD Merit generated interest from global strategic and financial buyers, to provide SmartProcurewith numerous exit structures.
- JD Merit engaged with a data analytics firm to prove the accuracy and appropriate positioning of the customer data to prove to the prospective buyers that their metrics were better than represented
- After careful consideration, Thomas Street Capital Partners acquired Smart Procure because of their strategic complement to their government software thesis.
- JD Merit / CDI achieved a 50+% increase over the sellers expectation of value