According to a recent Reuters report, Cisco Systems has enlisted the help of M&A advisory firm Tidal Partners in its $28 billion acquisition of cybersecurity firm Splunk. Tidal Partners, founded by former Centerview Partners dealmakers David Handler and David Neequaye, proved to be a valuable asset for Cisco as its sole financial advisor in this major deal.
Headquartered in Palo Alto, California, Tidal Partners may be a relatively small firm with only two dozen employees, but its expertise and connections in the technology banking industry have earned it a solid reputation. In fact, Handler had previously worked closely with Cisco during his time at Centerview Partners and advised on several successful deals for the company. This established relationship played a crucial role in Tidal’s selection as Cisco’s exclusive financial advisor.
Cisco CEO Chuck Robbins expressed his satisfaction with Tidal’s performance, stating that they did an excellent job and that their longstanding relationship was instrumental in the decision to choose them for this important transaction. The success of Tidal Partners highlights the trend of tech bankers launching their own firms amid a slowdown in deals within the sector. Recently, three former Qatalyst Partners bankers launched AXOM Partners, a technology-focused investment banking boutique.
Handler and Neequaye were instrumental in establishing Centerview’s technology advisory group back in 2008. Over the years, they have advised various major technology companies alongside Cisco, including Qualcomm Inc and Twilio.
Since its inception last year, Tidal Partners has already made significant contributions to various transactions. For instance, they advised on ServiceNow Inc’s acquisition of G2K Group and facilitated Bloom Energy’s $550 million convertible note offering.
It is worth noting that Handler previously sued Centerview after her departure due to a pay dispute. However, this legal matter did not hinder her ability to launch Tidal Partners successfully.
To sum up, Cisco Systems’ decision to engage the services of M&A advisory firm Tidal Partners for its $28 billion acquisition of Splunk proves to be a wise move. Tidal’s expertise and established relationship with Cisco played a crucial role in their selection as the sole financial advisor for this major deal. This success further highlights the trend of tech bankers launching their own firms, such as AXOM Partners, amid a slowdown in technology deals. With its track record of advising major technology companies, Tidal Partners is well-positioned for future success.
According to insiders, you can find more information about this story (here)(https://www.reuters.com/markets/deals/cisco-taps-new-ma-firm-tidal-28-billion-splunk-deal-2023-09-21/).
