Whitbread Technology Partners (“Whitbread”), a Boston, Massachusetts based Oracle consulting firm announced the sale of the firm to Zanett, Inc., a New York based, NASDAQ listed information technology holding company.
According to Mr. Joel D’Arcy, former Whitbread President,
“I was pleasantly surprised at the volume of activity that Mr. Waxler, Managing Partner of LockeBridge, and his team produced. We received numerous bids from all over the world. Mr. Waxler was able to coordinate the process so that the offers were submitted within a relatively close time frame. As a result of the pre-sale consulting we received from the team and the exposure to global bidders, the offers significantly exceeded our original value expectation.”
The pre-sale consulting facilitated the identification of several growth areas that were perceived as highly valuable to potential buyers and resulted in premium pricing over the value of our historical performance. Early on, we received an offer that was in line with our expectations; however, Mr. Waxler suggested that we decline the offer and thought we could do better. Our attorney commented that it was the first time he ever heard of the intermediary recommending not to take an offer. We ended up receiving seven more offers from strategic buyers around the world and negotiating a price that was substantially higher than the original offer….“