DBO Partners Research
Advisory Approach
DBO Partners is a premier independent technology investment banking firm founded in 2012 by three Morgan Stanley veterans with a combined 70+ years of investment banking experience. The firm's core philosophy is client-focused, confidential, and thoughtful advisory on the most important strategic and financial transactions. Their thesis centers on deep technology sector expertise combined with institutional-quality execution and relationships built on trust and results.
The founding partners—Gordon Dean, Mark Bradley, and Nick Osborne—each bring over 20 years of experience advising leading global companies and institutions. DBO operates with the conviction that successful technology exits require both sector-specific knowledge and exhaustive buyer outreach. Their approach emphasizes understanding client motivations, mapping the optimal buyer universe, and executing processes with institutional rigor.
Sector Focus
DBO Partners has built a concentrated practice focused on three core technology verticals:
Enterprise Software & Cloud Infrastructure: DBO has deep expertise advising on Software-as-a-Service (SaaS) and enterprise application platform exits. Recent transactions in this space demonstrate sophisticated understanding of the software economics and buyer universe. The firm has advised on transformative exits in portfolio and work management platforms and cloud-based integration infrastructure (iPaaS).
Semiconductors & Chip Architecture: The firm maintains exceptional relationships within the semiconductor industry, advising on sophisticated semiconductor IP acquisitions and distributed computing architectures. DBO's team has significant experience with both logic and networking chip companies, as well as FPGA and adaptive computing businesses. The firm understands the complexity of semiconductor M&A, including antitrust considerations, technology lock-in effects, and cross-licensing implications.
Infrastructure & Cloud Platforms: DBO advises on mission-critical infrastructure technologies including networking platforms, distributed services architectures, and cloud-native infrastructure that power the modern data center.
Deal Track Record
DBO Partners has advised on some of the largest and most complex technology transactions, completing approximately $16 billion+ in transactions annually at peak. Key recent transactions include:
AMD/Xilinx Acquisition (October 2020 announced, February 2022 closed): $35 billion (announced), ~$60 billion (completed). DBO served as exclusive financial advisor to AMD on the acquisition of Xilinx, a leading provider of adaptive computing platforms. This landmark semiconductor acquisition doubled AMD's addressable market and created the industry's leading position in high-performance and adaptive computing. The transaction involved complex regulatory considerations, stock-based consideration, and integration planning for technology and product lines spanning CPUs, GPUs, FPGAs, and adaptive SoCs.
Dell Technologies/Boomi Divestiture (May 2021): $4 billion. DBO advised Dell Technologies as one of two financial advisors on the sale of Boomi, its cloud-based integration platform-as-a-service (iPaaS) company, to Francisco Partners and TPG Capital. Boomi serves 15,000+ customers globally and is a leading player in application and data integration. This transaction allowed Dell to refocus on core infrastructure while enabling Boomi to pursue independent growth.
Planview Acquisition (November 2020): $1.6 billion. DBO advised Planview and majority shareholder Thoma Bravo on the recapitalization transaction where TPG Capital and TA Associates acquired a majority stake. Planview is a global leader in Portfolio Management and Work Management software with 700+ employees and 3,500+ customers. The transaction positioned the company for accelerated growth in digital transformation and agile work management.
AMD/Pensando Acquisition (April 2022): $1.9 billion. DBO served as exclusive financial advisor to AMD on the acquisition of Pensando Systems, a pioneer in distributed computing and edge infrastructure. Pensando's programmable packet processor and software stack accelerates networking, security, and storage services for cloud infrastructure. This acquisition expanded AMD's data center solutions group with a leading-edge distributed services platform already deployed at scale across major cloud providers including Goldman Sachs, IBM Cloud, Microsoft Azure, and Oracle Cloud.
McAfee Privatization (November 2021 announced, March 2022 closed): $14+ billion. DBO served as one of multiple financial advisors to the investor consortium including Advent International, Permira, Crosspoint Capital, CPP Investments, GIC, and ADIA on taking McAfee private. This transaction reunited cybersecurity leadership with a dedicated consumer protection mandate.
Historical Deal Portfolio: The firm has maintained a consistent track record on Axial's platform, where at least 6 closed transactions are recorded spanning 2014-2019, including advisory on exits in telecommunications equipment, computer hardware, software, engineering services, and healthcare products.
Process & Fee Structure
DBO Partners operates with a sell-side M&A process model. The firm's typical engagement involves:
- Retainer: $25K-$50K+ monthly (varies by transaction size and complexity)
- Success fee: Modified Lehman or negotiable structure, typically 1-3% of enterprise value
- Process timeline: 4-8 months for most transactions
- Buyer outreach: Comprehensive mapping of strategic and financial buyer universe, targeting 150-300+ qualified buyers depending on industry and company profile
The firm does NOT take engagements below approximately $50 million TEV. They also maintain a policy of exclusivity—they will not run dual processes or limited buyer lists.
DBO Partners actively invests alongside clients through a merchant banking partnership structure, aligning economic interests. The firm manages a portfolio of investments where their capital is at risk alongside client capital.
Buyer Network
DBO Partners maintains deep relationships with over 500 active private equity firms, strategic acquirers, and family offices. Specific PE relationships demonstrated in deal history include:
- TPG Capital — Planview, Boomi transactions
- Francisco Partners — Boomi acquisition
- TA Associates — Planview acquisition
- Advent International — McAfee privatization lead
- Permira — McAfee privatization
- Strategic acquirers: AMD (multiple semiconductor acquisitions)
- Financial sponsors: CPP Investments, GIC, ADIA, Crosspoint Capital
The firm's strategic buyer relationships span:
- Tier-1 semiconductor companies (AMD, Intel, Qualcomm)
- Cloud hyperscalers (Microsoft Azure, Oracle Cloud, IBM)
- Enterprise software leaders
- Infrastructure and telecommunications equipment vendors
Competitive Positioning
DBO Partners differentiates through:
-
Deep Technology Expertise: Founded by Morgan Stanley veterans, the team maintains institutional knowledge of how technology markets evolve. The founding team has been through multiple semiconductor cycles, software consolidation waves, and infrastructure transitions.
-
Sector Specialization: Unlike generalist banks, DBO focuses exclusively on technology M&A. This specialization translates to better buyer mapping, more sophisticated valuation discussions, and better alignment with financial sponsor strategies in tech.
-
Institutional Relationships: 20+ years of relationships with PE sponsors, strategic acquirers, and technology company leaders. Team members are recognized experts within their niches (semiconductors, infrastructure, enterprise software).
-
Process Rigor: DBO operates with institutional-quality processes including comprehensive quality-of-earnings coordination, management presentation coaching, and structured data room management.
-
Merchant Banking Alignment: DBO's investment of capital alongside clients creates alignment and demonstrates conviction in deal outcomes.
Not a Fit If
DBO Partners typically declines engagements for:
- Transactions below ~$50M TEV
- Companies seeking a limited or exclusive buyer universe (DBO runs comprehensive processes)
- Hardware/device companies without significant software or technology IP components
- Consumer-facing businesses without B2B or platform components
- Business model turnarounds or distressed situations (DBO focuses on growth-stage and mature profitable technology companies)
- Founders unwilling to provide management access for buyer due diligence
Team
The firm employs approximately 25-30 professionals focused on investment banking advisory. Key team members:
Founding/Senior Leadership:
- Gordon Dean - Co-founder, Managing Partner. 20+ years M&A advisory. Former Morgan Stanley investment banker. Specializes in semiconductors and infrastructure technology. Now Vice Chairman at Piper Sandler following acquisition.
- Mark Bradley - Co-founder, Managing Partner. 20+ years investment banking experience. Former Morgan Stanley. Focuses on software and enterprise platforms. Now Chairman of Financial Sponsor Coverage at Piper Sandler.
- Nick Osborne - Co-founder, Co-head Technology Investment Banking (at Piper Sandler post-acquisition). 20+ years investment banking experience. Deep relationships in enterprise software and infrastructure.
Senior Investment Banking Professionals:
- Mathew Hein - Senior banker, technology practice. Recognized for work on complex semiconductor and software transactions. Previously ranked among top M&A bankers in North America by deal volume.
- David DeRuff - Partner, technology focus. Specializes in infrastructure and networking technology.
- Lauren Webster - Senior banker, promoted to partnership in 2022. Covers technology sector.
- Bryant Williams - Senior banker, promoted to partnership in 2022. Technology focus.
FINRA & Regulatory Status
DBO Partners was registered as a broker-dealer with FINRA (CRD# 158951, based in Burlingame, CA). The firm maintained registrations for key team members including Gordon Dean, Nick Osborne, and Mathew Hein under FINRA Series 79 (Securities Representative) and Series 63 registrations. FINRA registration was terminated October 7, 2022 upon completion of acquisition by Piper Sandler.
Acquisition by Piper Sandler (October 2022)
Piper Sandler Companies completed the acquisition of DBO Partners in October 2022. The transaction significantly expanded Piper Sandler's technology investment banking platform, which now exceeds 50+ professionals dedicated to tech M&A. DBO's general partner advisory services capability was integrated into Piper Sandler's financial sponsor coverage practice. The acquisition positioned Piper Sandler as a top-tier technology M&A advisor.
Key post-acquisition integrations:
- Gordon Dean: Vice Chairman, Investment Banking
- Mark Bradley: Chairman, Financial Sponsor Coverage
- Nick Osborne: Co-Head of Technology Investment Banking (alongside Steve Schmidt)
- Brian White: Head of Security and Defense Technology
The DBO team, known for independence and boutique advisory, brought significant market share in technology sector M&A to Piper Sandler's platform.
Geographic Coverage
DBO Partners operates from San Francisco Bay Area headquarters with relationships spanning North America, Europe, and Asia-Pacific. The firm leverages Piper Sandler's global office network (London, Aberdeen, Hong Kong) for international buyer outreach and cross-border transactions.
Deal Size & Strategy
DBO Partners focuses on:
- Deal Size: $50M - $10B+ TEV (most active in $250M-$2B range)
- Deal Types: M&A (sell-side, buy-side), recapitalizations, secondary transactions, dividend recaps
- Buyer Types: Private equity, strategic acquirers, family offices, corporate development teams
- Company Stage: Growth-stage and mature, profitable technology companies
The firm's historical track record demonstrates strength across the entire software-to-hardware technology spectrum, from pure-play SaaS companies to semiconductor IP and chip architecture.