Australian Sales Enablement SaaS Bigtincan receives buyout bids

A trend I first covered in “Private equity is eating the Sales Enablement and Sales Engagement part of the MarTech market” seems to continue:

15-Nov-2022, Dura Software acquired Revegy for an undisclosed amount. Dura Software dura.software @dura_software is a holding company that buys & operates software companies for the long-term. San Antonio, Texas, USA. Revegy revegy.com @revegy highly visual & configurable sales enablement software solution. Sales platform for key account management. Helps navigate the maze of changing relationships, competing interests, & corporate politics – so you can see the way to win. DYNAMIC PLAYBOOKS: Deploy your best practice process, tools, collateral, eLearning & other assets based on the vertical industry, solution or role. Accelerate onboarding by providing key tools, assets & learning when they’re needed. Fast-track new product launches with a guided process & a wealth of ‘just in time’ support tools – from value statements to objection handling capabilities. Atlanta, Georgia

[Edit] 28-Dec-2022, Bigtincan bigtincan.com acquires SalesDirector salesdirector.ai @SalesDirectorAI Revenue Intelligence and Data Platform for B2B Sales Irvine, CA, USA. Acquisition consideration of US$1.2m with US$800k cash component funded from cash reserves raised through the institutional placement conducted in December 2022. SalesDirector.ai revenue in FY23 is not expected to be material.

2-Dec-2022, Australia’s Bigtincan Holdings Ltd ($BTH.AX) received a buyout bid from private equity adviser SQN Investors, valuing the Sales Enablement software firm at A$441.9M AUD ($300.62M USD).

Californian suitor SQN Investors has launched an unsolicited takeover bid at 80cps that would value Bigtincan at almost $442 million, representing a 17.64 per cent premium to yesterday’s closing price and an equivalent level to six-month highs achieved in August. SQN already has a 13.6 per cent stake in Bigtincan and its partner Farouk Hussein has been a director since October 2021. The Sydney-founded company, based in the outer suburbs of Boston, Massachusetts since 2014, has established an independent board committee (IBC) comprising current independent non-executive directors and CEO David Keane to evaluate and respond to the indicative proposal. “SQN has indicated that it aims to fund the Indicative Proposal by a combination of equity by SQN and its affiliates, and possibly debt financing, although it does not currently have binding commitments in that regard. SQN have not been provided due diligence access at this time,” Bigtincan reported on the ASX today. “Bigtincan also notes that it has had preliminary discussions with other interested parties who have approached Bigtincan with indications of interest in respect of a potential control transaction. The IBC will consider the proposals in an orderly manner with its advisers and in the best interests of all Bigtincan shareholders.”

[Edit] 8-Dec-2022, Australian sales software developer Bigtincan Holdings Ltd. draws opposition to possible equity raising from its largest shareholder & suitor. Technology investor SQN Investors LP sent a letter to the Bigtincan board Wednesday objecting to what it said would be a “potentially highly dilutive” & “value-destructive” move.