Catapult Advisors Research
Advisory Approach
Catapult Advisors is a specialized investment bank founded in 2001 with an exclusive focus on the software and internet sectors. The firm operates with a clear thesis: deep domain expertise in technology markets, combined with exhaustive buyer outreach and institutional-quality process management, delivers superior outcomes for software company founders seeking liquidity or growth capital.
What distinguishes Catapult from generalist investment banks is their research-driven, sector-specific approach. They maintain proprietary market landscapes and actively track over 1,400 private companies in their Smart Data practice alone. The firm's partners initiate transactions by proactively connecting strategic and financial buyers with sellers, rather than waiting for inbound inquiries. Their process is highly customized—no two deals are alike—and they pride themselves on having at least two partners shoulder-to-shoulder with clients through every phase, from kick-off to closing. This senior-level attention contrasts sharply with larger banks that typically staff deals with junior personnel.
The firm's partners bring operational credibility to advisory relationships. Prior to Catapult, they held leadership roles within software and internet companies—from VC-backed startups to public enterprises—giving them firsthand experience with the management perspective they now advise. This operational understanding allows them to speak founder-to-founder, not just banker-to-founder.
Sector Focus
Catapult's practice is organized around three primary technology verticals:
Smart Data: Big Data & Analytics – Embedded analytics platforms, business intelligence, operational reporting, predictive analytics, and data visualization. Examples include Logi Analytics (acquired Zoomdata and Jinfonet), Woopra (customer journey analytics), and Terradatum (real estate analytics).
Marketing Technology (MarTech) – Marketing automation, customer engagement platforms, social/community software, and digital advertising technology. Examples include 3Cinteractive (mobile RCS engagement), Leverage Software (enterprise social networking), and InFlight (employee experience).
Communications Technology (CommTech) – Including IoT platforms, wireless infrastructure, and cloud communication services. Examples include Axonize (IoT platform), Mimosa Networks (5G fixed wireless), Stringify (IoT automation acquired by Comcast), and Federated Wireless (shared spectrum).
The firm also maintains capability in adjacent areas including customer support software, content management, enterprise software, and developer tools. However, their sweet spot remains B2B software companies with sophisticated technology offerings and defensible market positions.
Deal Track Record
Catapult has completed a substantial number of transactions since 2001. Documented transactions include 13+ completed M&A deals and financing rounds across their target sectors:
Recent Transactions (2017-2022):
- Woopra → Appier (2022): End-to-end customer journey analytics platform
- Encoding.com → Telestream (2022): Cloud media processing platform, Emmy award-winning technology
- InFlight → Skuid (2022): Employee experience platform for HCM integrations
- Terradatum → Lone Wolf Technologies (2021): Real estate analytics software
- Axonize → Planon (2021): Israeli cloud-based IoT platform for smart buildings
- PeopleTicker → Pro Unlimited (2020): Compensation data and benchmarking for contingent labor
- 3Cinteractive → IMImobile (2019): $53.2M acquisition of cloud-based mobile customer engagement platform
- Zoomdata → Logi Analytics (2019): Big data analytics platform (buy-side advisor)
- Jinfonet Software → Logi Analytics (2019): Embedded operational reporting platform
- Mimosa Networks → Airspan (2018): Wireless broadband for 5G fixed wireless
- Stringify → Comcast (2017): IoT automation platform with 600+ connected devices
- Federated Wireless financing (2017): $42M strategic investment from Charter Communications, American Tower, and others
Notable Earlier Transactions:
- Tonic Systems → Google (2007): Presentation and document conversion technology
- Leverage Software → Telligent (2011): Enterprise social networking
- Attenza → Skywire Software (2003): Customer support automation software
- Juice Software → ProClarity Corporation (2004): Business intelligence software
The firm has represented both sellers and buyers, with particular strength in sell-side representation for founder-owned businesses. Their buyer network spans strategic acquirers (Google, Comcast, Telestream, IMImobile, Skuid, Planon) and private equity sponsors (Marlin Equity, among others). Cross-border transactions are common, given the global nature of the technology markets they serve.
Process & Fee Structure
Catapult runs customized, institutional-quality sell-side processes tailored to each client's circumstances. Their process typically spans 6-12 months from engagement to close, depending on market conditions and deal complexity. Key elements include:
- Strategic Preparation: Developing positioning materials, identifying buyer universe, preparing management presentations
- Targeted Buyer Outreach: Leveraging deep industry relationships and proprietary market intelligence to identify and approach the most relevant strategic and financial buyers
- Process Management: Coordinating due diligence, managing multiple bidder processes, negotiating terms
- Closing Support: Assisting with purchase agreement negotiation and closing mechanics
The firm requires client exclusivity and typically focuses on businesses with $10M-$100M in enterprise value or revenue. While specific fee structures are not publicly disclosed, boutique technology M&A firms typically employ Lehman or modified Lehman formulas with monthly retainers credited against success fees. Catapult's value proposition emphasizes their ability to create competitive auction dynamics through exhaustive buyer outreach, rather than discounting fees.
A distinctive aspect of their process is the long-term advisory relationship they maintain with some clients. The 3Cinteractive engagement spanned five years before the successful sale, during which Catapult provided ongoing strategic advice beyond just M&A activities. This partnership approach builds trust and allows Catapult to help companies optimize their strategic positioning well before a transaction.
Buyer Network
Catapult maintains relationships with a curated network of strategic buyers and private equity firms active in their target sectors. The firm's methodology of proactively tracking market participants and initiating conversations (rather than waiting for inbound inquiries) results in stronger buyer relationships and more competitive processes.
Strategic Buyers: The firm has closed transactions with major technology strategics including Google, Comcast, Telestream, IMImobile, Skuid, Lone Wolf Technologies, Planon, Logi Analytics, Airspan, and Appier. These buyers span public company strategics, mid-market technology companies, and international acquirers.
Private Equity: Catapult works with PE sponsors focused on technology and software investments. Marlin Equity (Logi Analytics sponsor) is a known relationship, and the firm has likely engaged with other technology-focused sponsors over two decades of activity.
Geographic Reach: While US-based buyer relationships are strongest, Catapult's international experience includes Canadian, European, and Asian buyers, reflecting the global nature of technology M&A.
Competitive Positioning
Catapult differentiates from other boutique and middle-market M&A advisors through several key attributes:
-
Pure-Play Technology Focus: Unlike generalist boutiques that dabble in technology, Catapult has exclusively served software and internet companies since 2001. This specialization yields deeper market knowledge and stronger buyer relationships.
-
Proprietary Market Intelligence: The firm actively tracks over 1,400 private companies in the Smart Data vertical alone, developing industry landscapes and trend reports that inform both buyer and seller perspectives.
-
Operational Credibility: Partners' backgrounds as operators in software and internet companies enable founder-to-founder conversations and deeper business insight than purely financial advisors.
-
Senior-Level Execution: Every engagement has at least two partners involved throughout, versus the junior-staffed model of larger banks.
-
Transaction Initiation: Catapult actively identifies and initiates transactions by connecting buyers and sellers, rather than waiting for mandates.
-
Long-Term Partnerships: Willingness to serve as strategic advisor over multi-year horizons, not just transactional advisors.
Not a Fit If
Catapult's tight sector focus means they decline engagements outside their core expertise:
- Non-technology businesses or traditional industries
- Pre-revenue or early-stage startups without established market traction
- Businesses below approximately $5M-$10M in revenue or enterprise value
- Transactions requiring broad industry expertise beyond technology
- Clients seeking purely regional buyer outreach (limited to local markets)
Team
Catapult operates with a lean, senior team of experienced investment bankers:
Ron Lissak – Founder & Managing Partner. Ron founded Catapult in 2001 after serving as Managing Director and Head of the Private Equity Group at Banc of America Securities (formerly Montgomery Securities). Prior to that, he was Co-Head of Montgomery Securities' international division for nine years. He began his career at Salomon Brothers in New York and London. Ron holds a BA in Philosophy from UC Berkeley and an MA in International Economics from Johns Hopkins SAIS. He is a frequent speaker on software M&A and venture capital topics.
Robert C. Harris, Jr. – Partner (deceased 2025). Bob joined Catapult in 2017 after serving as Vice Chairman of Investment Banking at Rutberg & Company and as a founding partner at Stone Key Partners. Previously, he was a Senior Managing Director at Bear Stearns, where he was Vice Chairman and Head of the Technology Group, and Co-Head of the Global Technology, Media and Telecom Group. He also helped build Bear Stearns' investment banking efforts in China and India. Earlier in his career, he founded Unterberg Harris and established Alex. Brown & Sons' West Coast operations. Bob held BS and MBA degrees from UC Berkeley.
Barry A. Newman – Managing Director. Barry joined Catapult in 2017 from Rutberg & Company, where he was Managing Partner. Previously, he was a Managing Director at NeoCarta Ventures (2006-2011), Vice Chairman of the Technology Group at Bear Stearns, and held technology investment banking leadership roles at Banc of America Securities and Salomon Smith Barney. Barry holds BS degrees in Chemical Engineering and Life Sciences from MIT, an MBA and JD from Stanford, and an LLM in Taxation from NYU.
Connor Killane – Vice President. Connor joined Catapult in 2018 after interning at JPMorgan as a Corporate Analyst and at Ayco (a Goldman Sachs company) in private wealth management. He holds a BS in Business Economics and Finance from SUNY Oneonta, Summa Cum Laude.
The firm's lean structure—4-8 professionals total—ensures senior-level attention on every engagement while maintaining lower overhead than larger institutions.
Geographic Coverage
Headquartered in San Francisco, California, Catapult Advisors serves clients across North America and internationally. The firm has completed transactions involving buyers and sellers in the United States, Canada, Europe, Asia Pacific, and Israel. While the bulk of their activity is US-centric given the concentration of software companies in Silicon Valley and other US tech hubs, their international experience and global buyer relationships enable cross-border transactions when appropriate.