Printfleet

We never give up.

Background

Printfleet develops software to collect data from, monitor, and optimize networks of printers and other imaging devices. FirePower was engaged to find strategic buyers with a global reach who could better monetize the software.

The company was in the midst of a strategic rebranding, during which it struggled to find the right tone.  FirePower's impact was immediate, in that we gave the process direction, crafting a compelling narrative for the most sophisticated parties in the industry. Our M&A Advisory team spent hundreds of hours learning the platform, its value proposition and its technology.

Solution

We initiated conversations with 143 potential acquirers, which included global, blue-chip OEMs and sponsor-backed strategics. 4 firms submitted LOIs and 2 were selected as finalists:

  • Buyer 1 – a Japanese technology giant and Fortune 500 member that is the worldwide leader in manufacturing the devices PrintFleet tracks.
  • Buyer 2 – ECi, the North American market leader in PrintFleet's sector, which is backed by a US-based $60B AUM private equity firm with over 100 portfolio companies.

After a well fought negotiation, we elected to move ahead with the Japanese buyer.

With legals nearing completion, the Japanese strategic went through an internal reorganization and, just four weeks before closing, terminated the deal. Due to our transparent and candid approach, ECi was keen to return to the table. We successfully re-engaged with ECi on the same terms and conditions as the first LOI, a rare feat given ECi (naturally) knew things fell apart with the other buyer, and closed without major challenges.

M&A Advisory IT Software & Services
Case Studies

Beverage & Alcohol
Our client was searching for new sources of revenue as it faced increased competition in its core business. FirePower's VMX team identified an attractive new sector, and our client entered it. Largely due to its efforts in that new sector, our client was subsequently acquired at an extremely compelling valuation.

Read Full Case Study

Corrosion Service
One of three equal shareholders of Corrosion Service, an infrastructure services company, approached FirePower, seeking to buy out the other two. Although this was a highly sensitive situation, we were able to structure a deal that led to a successful close.

Read Full Case Study
Market Insights
From the archives: July 2020

The Case for M&A During COVID
The COVID-19 pandemic has thrown the world into unprecedented crisis. The IMF predicts that real GDP will contract by 7.6% in 2020 globally1. This…

Read Full Report