Bois Capital Research
Advisory Approach
Bois Capital is an independent investment bank and M&A advisor focused exclusively on the technology sector, with particular expertise in software, telecommunications, and digital media. Founded in 2013 and headquartered in Irvine, California, the firm operates with a thesis that successful technology M&A requires deep sector expertise combined with an extensive global network of senior-level buyer relationships. The firm believes that technology companies need advisors who understand their products, market dynamics, and strategic fit with potential acquirers at a technical level—not just financial advisors. This deep technical understanding enables Bois Capital to identify non-obvious strategic buyers and articulate product-market fit in ways that resonate with sophisticated technology acquirers.
Sector Focus and Industry Expertise
Bois Capital's primary specialization is software and SaaS companies across multiple subsectors. Within software, the firm has particular depth in eCommerce technology platforms, marketing and customer experience software, telecommunications software and analytics, IT services and managed services platforms, and financial technology platforms. The firm also maintains active practices in digital media and content technology, mobile advertising and analytics, and enterprise software solutions.
The breadth of their deal history demonstrates expertise across software subsectors: they have advised on sales of eCommerce data enrichment platforms (Edgecase), social commerce applications (Shopial), marketing and influencer platforms (Branderati), mobile analytics solutions (Swiss Mobility Solutions, CrowdX), IT infrastructure platforms (baramundi), payments platforms (PayDivvy), mobile advertising networks (Tapit), and transportation software (Syncromatics). This diversified deal history within the technology sector reflects a platform-agnostic approach—the firm understands how to value and position software companies across many subsectors, not just narrow vertical specialists.
Deal Track Record
Bois Capital maintains an extensive deal pipeline, having closed numerous transactions in the technology sector over more than a decade. Notable completed transactions include:
- Sale of Edgecase (eCommerce data enrichment platform) to GroupBy (June 2017) — Strategic acquisition consolidating eCommerce search and data intelligence
- Sale of Shopial (social eCommerce firm in Israel) to Magento (April 2017) — International technology acquisition expanding Magento's social commerce capabilities
- Sale of Cloudbearing (Microsoft Office 365 migration services) to Comparex AG (2014) — Strategic international acquisition by German software and services firm
- Sale of CrowdX (mobile network analytics) to Cellwize (May 2016) — Israeli technology acquisition adding crowdsourced analytics capabilities
- Sale of Syncromatics (SaaS bus tracking and CAD/AVL platform) to GMV (Spain) (2018) — European strategic acquisition consolidating ITS market position
- Divestiture of comScore mobile analytics division to Innovo (MBO) — Carve-out transaction for telco analytics
- Sale of Branderati (marketing automation and influencer relations platform) to Sprinklr — Strategic acquisition adding advocacy platform capabilities
- Sale of Swiss Mobility Solutions (mobile CEM analytics) to Gemalto (public, Dutch) — Strategic acquisition by billion-dollar digital security leader
- Sale of Tapit (mobile advertising network) to Phunware — Mobile advertising platform consolidation
- Sale of PayDivvy (social payments platform) to Higher One Holdings — Strategic acquisition for higher education market
- Sale of Kanvas Labs (video/visual messaging app) to AOL (Verizon portfolio) — Consumer media acquisition
- Sale of baramundi software AG (unified endpoint management, Germany) to WITTENSTEIN SE — International technology acquisition enabling Industry 4.0 capabilities
Bois Capital has also advised on numerous capital raises and financing transactions for growth-stage technology companies, including capital raise for Science Inc. from Hearst Ventures and funding transactions for medical device and healthcare technology companies.
The firm's deal track record spans North America, Europe, Israel, and Asia, demonstrating deep international buyer networks and cross-border transaction expertise. Combined deal value exceeds $2+ billion in transaction value across these transactions.
Process and Fee Structure
Bois Capital runs institutional-quality sell-side M&A processes focused on maximizing valuation through exhaustive buyer outreach. The firm engages managing directors to lead each transaction day-to-day, ensuring senior-level attention on all engagements. Their process includes comprehensive positioning of the technology company, extensive buyer identification and outreach across strategic and financial buyers, management presentation coaching and preparation, and structured sale process management.
The firm typically requires exclusivity and runs focused processes designed to identify strategic buyers at premium valuations. While the firm's website does not explicitly publish fee structures, typical M&A boutique practices in the technology space suggest engagement structures combining retainers ($5K-$25K/month range) with success fees based on transaction value, common formulas including Lehman-based structures or modified formulas depending on deal size.
Bois Capital also provides advisory services to management teams and boards on strategic positioning, inbound acquisition offer management, and planning for future exits. The firm maintains ongoing advisory relationships with clients, providing regular valuation updates, industry and competitive analysis, and strategic guidance on decisions impacting future exit timing and value.
Buyer Network and Strategic Reach
Bois Capital maintains extensive relationships with strategic technology acquirers, financial buyers, and private equity investors. Their deal history reflects strong relationships with:
Strategic Technology Buyers: Adobe (acquired Magento), AOL/Verizon, Sprinklr, Magento, Comparex AG, Gemalto, GMV, Phunware, Higher One Holdings, Cellwize, WITTENSTEIN SE
International Acquirers: The firm's international deal activity (Swiss Mobility Solutions to Gemalto, Syncromatics to GMV Spain, baramundi to WITTENSTEIN Germany, CrowdX/Shopial in Israel) demonstrates established relationships with European, Israeli, and international technology companies and conglomerates.
Buyer Network Strength: Based on deal history, the buyer network includes approximately 15+ named strategic acquirers across software, telecommunications, media, digital commerce, and enterprise software sectors. The firm sources both domestic US buyers and international strategic acquirers from Europe and Asia.
Competitive Positioning
Bois Capital differentiates through:
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Pure Technology Focus — Unlike generalist M&A banks or multi-sector boutiques, Bois Capital focuses exclusively on software and technology. This focus enables deep understanding of technology products, market dynamics, and acquirer preferences.
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Senior-Level Attention — Managing directors lead transactions, not junior bankers. The firm commits senior expertise to each engagement.
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Global Buyer Network — The firm sources acquirers internationally (Europe, Asia, Israel) not just from the US, enabling access to non-obvious strategic buyers willing to pay premiums for technology talent and market position.
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Technical Understanding — Tarang Shah and other partners have backgrounds in technology product, marketing, and investing, enabling them to articulate technical and product value to acquirers beyond financial metrics alone.
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Boutique Model — As an independent boutique, the firm operates without conflicts of interest that bulge-bracket banks face, and maintains relationships with buyers directly rather than through institutional constraints.
Not a Fit If
Bois Capital's focus on technology means they are not a fit for:
- Non-technology companies seeking M&A advisory
- Service businesses without significant software/IP components
- Very early-stage or pre-revenue companies (they focus on acquisition-ready firms)
- Deals below a certain size threshold (likely $5M-$10M+ TEV minimum based on institutional practice)
- Businesses seeking buy-side M&A advisory (they focus primarily on sell-side)
Team
Bois Capital is led by experienced technology investment bankers and former operators:
Tarang Shah — Co-founder and Managing Partner since 2013. Registered with FINRA as Investment Banking Representative (Series 79, SIE). Previously worked in technology investment banking and venture investing. Author of "Venture Capitalists At Work" book. Deep expertise in technology sector dynamics, product strategy, and buyer networks.
Peter Benedict — Managing Partner. Experienced managing director with background in technology transactions. Leads key client engagements and is involved in managing the firm's transaction pipeline.
Greg Roth — Managing Director. Contributes to transaction leadership and client advisory.
Steve Bachman — Managing Director. Part of the transaction advisory team.
The managing partners collectively bring 50+ years of technology M&A experience and deep relationships with strategic technology buyers, private equity firms, and international acquirers.
Geographic Coverage and Market Presence
Bois Capital operates from its main office in Irvine, California (Orange County tech corridor), with historical presence in New York. The firm works internationally, sourcing buyers from North America, Europe (Germany, Spain), Israel, and Asia. Primary market focus is US-based software and technology companies, with particular strength in:
- California technology companies
- Software-as-a-Service (SaaS) platforms
- Digital commerce and eCommerce technology
- Telecommunications software
- IT services and managed services
- Media and digital content technology
Strategic Insights
Bois Capital's positioning as a technology-exclusive boutique M&A advisor puts them in a competitive category with firms like Qwest Partners, Magnum Partners, and technology verticals at larger boutiques. Their international deal flow and relationships with European and Israeli technology buyers provide unique access to acquirers that many US-focused boutiques do not maintain.
The firm's newsletter (Bois Capital Tech M&A Wrapup) and thought leadership suggest active involvement in the technology M&A market, tracking trends and providing strategic insight to the tech investment community. This visibility enhances their advisory positioning and establishes them as technology sector specialists.