Baker Pacific Research
Advisory Approach
Baker Pacific specializes in corporate development strategy and M&A transactions for technology companies, with a distinctive philosophy of not just doing deals, but doing the right deals. Founded by David M. Shanberg, the firm operates with an orientation that reflects the impartiality and deeper industry understanding of an internal strategy and corporate development executive, as opposed to a strictly transaction-oriented outside advisor. Baker Pacific is notably not afraid to advise against doing a deal when it's not the right fit, prioritizing quality of outcomes over deal volume.
The firm serves companies contemplating or facing significant transactions—sales, acquisitions, or strategic partnerships—and provides the expertise and bandwidth necessary for success. Baker Pacific's approach is consultative and strategic, combining transactional execution with early-stage corporate development planning.
Sector Focus
Baker Pacific's expertise concentrates on technology-sector M&A with particular specialization in software, Internet services, and telecommunications technology companies. The firm has developed deep operational and transactional knowledge in Internet-based software services, having advised on deals ranging from K-12 educational technology platforms to operational monitoring and analytics software.
Within software, Baker Pacific has particular strength in Internet/cloud-based solutions and mission-critical business software. The firm's founder brings institutional knowledge from his background at SBC Communications, where he was instrumental in multi-billion dollar transactions including SBC's acquisition of Ameritech and Pacific Telesis.
Deal Track Record
Baker Pacific has advised on notable transactions including:
-
RenWeb Acquisition by FACTS Management (June 2014) — Baker Pacific acted as exclusive financial advisor to RenWeb, a leading school information and management software platform serving 3,000+ private and faith-based K-12 schools. FACTS Management, a Nelnet company, acquired RenWeb to combine student information systems with its tuition management and financial aid assessment services. Post-transaction, RenWeb maintained its product brand and operational independence under the FACTS umbrella, with 130 employees continuing operations from Burleson, Texas. This transaction exemplifies Baker Pacific's strength in software/SaaS M&A where product-market fit and cultural integration are critical.
-
Krypton Acquisition by Splunk (August 2018) — Baker Pacific advised on Krypton's acquisition by Splunk, a leading operational intelligence and data analytics platform. Krypton was an Internet software and services company, and the transaction represented Splunk's strategic expansion into cloud-based operational monitoring capabilities.
These transactions demonstrate Baker Pacific's advisory strength across deal types: acquisition of mission-critical software platforms, integration of complementary SaaS products, and transactions where buyer-seller cultural fit and post-acquisition integration planning are central success factors.
David Shanberg, the founder and CEO, has led transactions totaling over $90 billion throughout his career in technology M&A and corporate development, including his work at SBC Communications, PeoplePC, EarthLink, and Cometa Networks.
Process & Fee Structure
Baker Pacific operates as a boutique M&A advisory firm providing sell-side transaction advisory and corporate development strategy consultation. The firm's engagement model is consultative—working closely with management and boards to develop transaction strategy, locate and evaluate counterparties, and manage the deal process to closing.
Fee information is not publicly disclosed; typical M&A advisory engagements in the technology sector range from retainer-based arrangements to success-based fees.
Buyer Network
Baker Pacific has demonstrated relationships with strategic acquirers in the software and technology sectors. Notable buyers in completed transactions include:
- Splunk (operational intelligence/SaaS platform)
- FACTS Management / Nelnet (enterprise software for education)
The firm brings connections to technology acquirers, PE firms, and strategic buyers seeking technology assets in growth verticals like software, SaaS, and Internet services.
Competitive Positioning
Baker Pacific differentiates itself through:
-
Operational Expertise — Founder David Shanberg brings 30+ years of corporate development and M&A experience, including prior operational roles at EarthLink, PeoplePC, and SBC Communications. This operational lens informs transaction strategy and valuation.
-
Quality Over Volume — The firm's philosophy of "doing the right deals" rather than maximizing deal count appeals to sellers and acquirers seeking advisors who prioritize strategic fit and long-term value creation over transaction fees.
-
Technology Sector Specialization — Rather than generalist advisory, Baker Pacific focuses exclusively on technology companies, allowing for deep understanding of technology-specific due diligence, buyer dynamics, and valuation methodologies.
-
Strategic Development Capability — Beyond transaction advisory, Baker Pacific provides corporate development strategy consultation, helping companies plan acquisition strategies or prepare for sale.
-
Boutique Model — As a small firm with 2-10 employees, Baker Pacific offers direct access to senior advisors and customized engagement models, in contrast to large investment banking firms.
Not a Fit If
Baker Pacific typically works best with:
- Technology companies with clear business models and sustainable competitive advantages
- Sellers seeking strategic value realization rather than quick exits
- Situations where transaction quality and strategic fit are primary drivers
Companies seeking high-volume buyer outreach or large bulge-bracket advisory might find boutique advisors less suitable.
Team
David M. Shanberg — CEO and Founder. David brings 30+ years of experience in technology mergers, acquisitions, strategic alliances, venture investments, and business development across communications, Internet, and software sectors. He has led transactions totaling over $90 billion.
Prior to founding Baker Pacific, Shanberg served as Vice President of Corporate and Business Development at Cometa Networks (wireless/telecom infrastructure), where he negotiated strategic partnerships with Sprint and Toshiba. Before Cometa, he was Vice President of Corporate and Business Development at EarthLink and Senior Vice President of Corporate and Business Development at PeoplePC, where he led PeoplePC's sale to EarthLink.
At SBC Communications (now AT&T) from 1993–2000, Shanberg held roles of increasing responsibility including Chief Financial Officer of Pacific Bell's $4.5 billion consumer division and Director of Corporate Development. He was instrumental in SBC's acquisition of Ameritech, acquisition of Pacific Telesis, strategic investment in Telkom South Africa, and numerous data and Internet transactions.
Shanberg began his career as a consultant at Accenture (formerly Andersen Consulting), specializing in technology strategy and operations. He holds an MBA from Stanford Graduate School of Business and a BA in Computer Science and Management Science from UC San Diego.
Geographic Coverage
Baker Pacific is headquartered in San Francisco, California, and serves clients primarily in the United States technology sector.
Summary
Baker Pacific is a boutique M&A advisor with deep expertise in technology company transactions. The firm's founder brings institutional knowledge from leadership roles at large technology and telecommunications companies, combined with a philosophy emphasizing strategic fit and deal quality. Baker Pacific serves technology companies—particularly in software/SaaS, Internet services, and IT platforms—seeking experienced advisory guidance on M&A transactions and corporate development strategy.