Competition Drives Results: Agiloft Secures Investment from FTV Capital
How leveraging interest from multiple parties allowed us to close a deal with the right investor, on the founder’s terms.
THE COMPANY
Agiloft is a contract and commerce lifecycle management software company based in the SF Bay Area.
THE GOAL
Founder and CEO Colin Earl was ready to take Agiloft to the next level, whether that meant raising growth capital or joining forces with a larger company by selling the business. He believed that with the right partner, the no-code software business he had bootstrapped could grow into a billion-dollar business. Colin was also ready to bring in a new CEO and return to his technical roots as Agiloft’s CTO, so he hired PEAK to help run the process and identify the ideal partner.
OUR APPROACH
Agiloft had been approached with lots of inbound interest, and they even had term sheets on the table, but we knew we could find a better deal. We ran a robust, multi-track process in which we identified a range of options, including minority and majority investments and full sale transactions. We ended up with 12 different bids spread evenly across those three buckets.
Using the leverage from so much interest, we negotiated optimal terms and ultimately convinced FTV to change their majority offer to a minority structure, a deal term that was important to Colin.
THE OUTCOME
We secured a premium valuation, Colin maintained control and was able to take significant liquidity off the table. Colin and FTV also hired industry leader Eric Laughlin to take over as CEO, enabling Colin to let go of the day-to-day CEO responsibilities and focus on his technical vision for Agiloft as CTO.
