7 Mile Advisors Research
Advisory Approach
7 Mile Advisors was an independent investment banking firm specializing in mergers and acquisitions advisory for IT services, business services, and technology companies. Founded in 2008 and acquired by Houlihan Lokey in December 2023, the firm built a reputation for deep subsector expertise within the technology and business services landscape. Their thesis centered on the belief that successful M&A outcomes in the IT services sector require bankers who understand not just financial mechanics, but the operational nuances of technology delivery models, from managed services to SaaS platforms to digital transformation consultancies.
The firm's approach combined exhaustive buyer outreach with specialized industry knowledge. Rather than treating all technology services businesses as homogeneous, 7 Mile Advisors developed distinct expertise across subsectors including Microsoft ecosystem partners, healthcare IT, digital agencies, and Latin American nearshore providers. This subsector specialization allowed them to articulate value propositions that resonated with both strategic buyers and private equity firms who had increasingly become active in the IT services space.
Sector Focus
7 Mile Advisors' primary focus was IT services and technology-enabled business services. Within IT services, they developed particular strength in Microsoft Azure and Dynamics practices, data and analytics consultancies, and managed service providers. The firm closed numerous transactions with Microsoft Gold Partners and firms specializing in cloud migration, data estate modernization, and enterprise application implementation.
In business services, the firm advised digital transformation consultancies, marketing technology agencies, and professional services firms undergoing strategic transitions. Their healthcare IT practice included payer technology, revenue cycle management, and healthcare analytics providers.
The firm also maintained expertise in cross-border transactions, particularly between U.S. buyers and Latin American nearshore software development and IT services providers. This international capability positioned them uniquely for clients seeking to access cost-arbitrage talent pools while maintaining nearshore delivery advantages.
Deal Track Record
Since its founding in 2008 through its acquisition in 2023, 7 Mile Advisors closed more than 170 transactions. The firm's deal history demonstrates deep expertise in both sell-side and buy-side advisory across the IT services and business services spectrum.
Notable transactions include advising on the sale of Belatrix Software to Globant (NYSE: GLOB), GGA Software Services to EPAM Systems (NYSE: EPAM), and Kalypso to Rockwell Automation (NYSE: ROK). The firm also advised MomentumSI on its acquisition by VMware (NYSE: VMW) and HelloWorld on its sale to Merkle, a Dentsu Aegis Network company.
In the Microsoft ecosystem, the firm advised 3Cloud on multiple acquisitions including CCG Analytics and Polaris Solutions, establishing 3Cloud as the largest Microsoft Azure pure-play services firm in the U.S. They also advised Core BTS on its acquisition of Blue Chip Consulting Group, significantly expanding Core's Microsoft Azure capabilities.
The firm completed multiple transactions with Accenture, including five separate deals totaling over $550 million in enterprise value. Other notable buyers in their deal history include Genpact, CGI, Bentley Systems, CitiusTech, LiquidHub, and SoftServe.
On the buy-side, 7 Mile Advisors advised CitiusTech on its acquisition of SDLC Partners, extending CitiusTech's payer market capabilities. They also advised multiple acquisitions for The Chartis Group, an Audax Private Equity portfolio company, and Corsearch on its acquisition of Yellow Brand Protection AB—the firm's fourth successful transaction with Audax.
Process & Fee Structure
7 Mile Advisors ran institutional-quality sell-side processes tailored to the IT services and business services sectors. Their process typically involved 6-9 month timelines from engagement to close, with comprehensive buyer identification that included both strategic acquirers and private equity firms active in the technology services space.
The firm's approach emphasized thorough preparation of marketing materials that highlighted not just financial performance but also delivery capabilities, talent retention, and technology IP—factors particularly relevant to technology services buyers. They provided guidance on quality of earnings preparation specific to SaaS and recurring revenue models, which differed significantly from traditional due diligence.
Fee structure followed market conventions for lower middle market investment banking, typically involving monthly retainers credited against success fees calculated on a Lehman or modified Lehman formula based on transaction enterprise value.
Buyer Network
7 Mile Advisors maintained relationships with strategic buyers across the technology and business services landscape, including major systems integrators (Accenture, CGI, Genpact), public technology companies (VMware, Bentley Systems, Globant, EPAM), and platform companies backed by private equity.
The firm had particular depth with private equity firms focused on technology services, including multiple transactions with Audax Group and Gryphon Investors. Their international capabilities, especially in Latin America, provided access to cross-border buyers and sellers seeking to consolidate across geographies.
Competitive Positioning
7 Mile Advisors differentiated through true subsector specialization rather than broad technology industry coverage. While many middle-market banks claimed technology expertise, 7 Mile Advisors developed distinct practices around Microsoft ecosystem partners, healthcare IT, and digital agencies. This specialization allowed them to speak credibly about delivery models, talent dynamics, and customer metrics that drove value in specific technology services niches.
The firm's research capabilities, including quarterly sector reports on digital infrastructure, healthcare IT, and analytics, positioned them as thought leaders who understood market dynamics beyond individual transactions. Their podcast, "Deal Talk with 7MA," further established brand visibility in the technology services M&A market.
Not a Fit If
7 Mile Advisors typically declined engagements outside their core sectors, including pure-play software products (unless services-heavy), hardware or telecommunications infrastructure, and traditional manufacturing or retail. They also generally avoided transactions below $10 million in enterprise value where their specialized expertise could not be effectively deployed.
Team
At the time of Houlihan Lokey's acquisition in December 2023, 7 Mile Advisors had approximately 30 financial professionals including five Managing Directors. The firm was founded by three Partners: Leroy Davis, Andy Johnston (CFA), and Tripp Davis. Andy Johnston brought prior technology and consulting experience from Accenture, while Tripp Davis joined from Hyde Park Capital Partners where he led Business Services, Technology and Industrials coverage.
The team included specialists with operational backgrounds in technology services, enabling them to understand client businesses from both financial and operational perspectives. Following the Houlihan Lokey acquisition, the 7 Mile Advisors team joined Houlihan Lokey's Business Services Group, adding IT services coverage capabilities and expanding Houlihan Lokey's geographic footprint with the Charlotte office.
Geographic Coverage
Headquartered in Charlotte, North Carolina, 7 Mile Advisors served clients across the United States with particular depth in the Southeast and Midwest. The firm maintained international capabilities through Latin America coverage, including team members based in Argentina who focused on nearshore IT services and software development providers. This international focus positioned the firm to advise on cross-border transactions between U.S. buyers and Latin American technology services providers.
Post-Acquisition Status
In December 2023, 7 Mile Advisors was acquired by Houlihan Lokey (NYSE: HLI), the global investment bank. The transaction, announced in July 2023 and closed in December, brought the 7 Mile Advisors team into Houlihan Lokey's Business Services Group, significantly enhancing IT services coverage capabilities. Following the acquisition, the 7 Mile Advisors brand was integrated into Houlihan Lokey and the Charlotte office became part of Houlihan Lokey's global network.