Enabled founder CEO obtain liquidity by sale to a very large strategic technology acquiror
- On June 3, 2020 Bentley Systems announced its acquisition of NoteVault, Inc, an award winning mobile SaaS provider of voice-based field automation for construction management.
- Bentley Systems is one of the largest global providers of software solutions for the design, construction, and operations of heavy civil infrastructure. It employs more than 3,500 colleagues and generates annual revenues of more than $700 million in 172 countries. From inception in 1984, the company has remained majority-owned by its five founding Bentley brothers.
- Further details are available in the Company press release here
- Voice enabled technology (Voice-NLP/AI) with Augmented Reality (AR) applications is driving the next wave of innovation in enterprise software applications.
- NoteVault provides users in construction industry a mobile-native SaaS application for taking voice activated notes. Through a network of development and application partners it also enables a hands-free experience in note taking with innovative application of AR.
- NLP/AI is the next digital frontier for innovation in enterprise software. Leading cloud technology platforms like Microsoft, Google and Amazon are developing technology breakthroughs in the space. Entrepreneurs and companies with deep domain knowledge and rich domain specific data sets that can apply these technologies will create wealth by improving productivity. NoteVault has a proven track record in providing voice reporting solutions since its founding in 2007.
- The timing of this transaction, amidst COVID-19, illustrates that strategic transactions for differentiated technology companies – that are executed with excellence – will continue despite the uncertainties and sudden changes in market conditions.
- True Blue Partners (TBP) served as the exclusive M&A adviser to NoteVault in this transaction
- During the transaction process, there was an unprecedented business crisis caused by COVID-19 pandemic. Despite that, TBP was able to successfully execute a competitive auction process by clearly articulating NoteVault’s differentiated technology position and obtain multiple competing strategic buyers. This in-turn, delivered a premium market valuation for NoteVault.
- This transaction further demonstrates True Blue Partners’ excellence in executing liquidity events for entrepreneur led enterprise SaaS technology and related services companies.