DESlock Acquisition

DESlock Acquisition 394 273 ASPIRO

Narrative description of the supervised Project:

ESET, spol. s r.o. is one of the global leaders in the antivirus software market. The Bratislava-based company, with its offices in Prague, Czech Rep., USA, Argentina and Australia is represented in more than 180 countries around the world. ESET has been one of the fastest growing technology companies in the EMEA region according to Deloitte Technology Fast 500.

ESET identified UK company DESlock, an established encryption software vendor, as a potential target for acquisition to complement ESET product portfolio. Aspiro was asked to evaluate future revenue prospects and prepare company valuation as an input for the senior ESET management consideration.

After ESET decided to pursue company acquisition, Aspiro worked closely with ESET internal team and external M&A expert to manage acquisition process including financial and legal due diligence, negotiation and preparation of transaction and other related documents. The target company was successfully acquired in July 2015.

In August 2018, ESET has also successfully completed 3 years transition and earn-out period exceeding original revenue plans by almost 100%. Aspiro provided ad-hoc support also during this period.

Description of actual services provided by the staff within the assignment:

During the overall 7-month engagement Aspiro performed the following:

  • Analyzed revenue potential of a the DESlock product in context of ESET market position and distribution channels (input for ESET management decision making)
  • Reviewed standard company valuation based on DCF method with several scenarios in order to identify most appropriate target value for ESET
  • Helped ESET to define scope of legal as well as tax & accounting due diligences. Together with ESET internal team Aspiro also performed tendering of legal and financial advisors for the transaction
  • With client team coordinated the due diligence phase and reviewed its outcomes. Based on the due diligence reports further amendments to negotiation process with target owners were made and new topics for clarification were raised
  • Shaped the drafting of legal documentation (such as Sales Purchase Agreement, Disclosure Letter) in cooperation with legal advisors and ESET internal team. As a part of document preparations Aspiro co-negotiated the sales terms and implemented these changes into respective documentations
  • Provided support for overall end-to-end management of acquisition process of all involved parties, internal ESET teams as well as other external advisors
  • Prepared the transition roadmap in order for ESET to smoothly take-over the target company and integrate it into ESET structures
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