Inverness Advisors Research
Advisory Approach
Inverness Advisors was founded in 2009 by Tom Peters and Derek Mattson, two veteran investment bankers with combined M&A experience dating back to the late 1980s. The firm's core thesis centers on the belief that mid-market and growth-stage companies in technology, healthcare, digital media, and business services sectors require specialized advisory expertise grounded in deep industry knowledge and institutional relationships.
The firm's advisory approach emphasizes senior partner-led engagement across all transactions. Tom Peters and Derek Mattson established Inverness on the principle that founding partners must personally lead every engagement and serve as the primary point of contact with both clients and counterparties. This approach ensures that clients receive the highest level of experience, creativity, judgment, and problem-solving capabilities critical to successful transaction outcomes.
Inverness positions itself as a boutique alternative to larger investment banks, combining the relationship-driven service model of a smaller firm with the transaction execution expertise of institutional advisors. The firm has leveraged its founders' pedigree from prestigious institutions—Tom Peters' career at Dillon Read, Hambrecht & Quist, Cowen, and Montgomery & Co.; Derek Mattson's background at Cowen, Friedman Billings Ramsey, and Montgomery & Co.—to build a practice that understands the nuances of emerging growth and mid-market sectors.
Sector Focus
Inverness concentrates its M&A practice across four primary industry verticals: technology and software, healthcare and pharmaceutical services, digital media and entertainment, and professional/business services.
Within technology, the firm specializes in software-as-a-service (SaaS) companies, enterprise IT services providers, and digital platform businesses. The firm has demonstrated particular expertise in companies transitioning from growth-stage to exit through acquisition or private equity recapitalization. Notable technology transactions include work with eCommerce Industries (Eci^2), which was acquired by Insight Venture Partners, and various software and digital commerce businesses.
Inverness has built substantial depth in the healthcare and life sciences sectors, leveraging Managing Director David Raksin's background in life sciences advisory and strategic positioning. The firm's pharmaceutical and healthcare services practice spans medical devices, diagnostic companies, biopharma consulting services, and healthcare provider platforms. Recent flagship transactions include the exclusive sell-side advisory role for IDEA Pharma in its acquisition by SAI MedPartners (a Northlane Capital Partners platform company) in November 2024, a $300M+ mid-market pharma services transaction. Earlier notable healthcare transactions include advisory work on Corgenix's acquisition by Orgentec and advisory services for diagnostic company Nexus Dx in its acquisition by Warburg Pincus.
The firm maintains an active digital media and entertainment practice, having advised on numerous transactions including the Vision media company management buyout and other media platform acquisitions. This vertical benefits from Managing Director Adam Golden's deep expertise in consulting and digital services sectors.
Across professional services, Inverness has advised on transactions spanning business consulting firms, management consulting platforms, staffing and HR outsourcing companies, and specialized services providers. The diversity of focus allows Inverness to identify cross-sector strategic combinations and value-creation opportunities.
Transaction Track Record
Since its founding in 2009, Inverness Advisors has successfully closed over 300 transactions across multiple sectors, deal sizes, and transaction structures. The firm's transaction history reflects a diverse mix of sell-side advisory assignments, buy-side representations, growth capital raises, and management-led transactions.
Recent transactions include:
- IDEA Pharma acquisition by SAI MedPartners (Northlane Capital Partners) - November 2024. Exclusive sell-side advisor to IDEA Pharma, a London-based global consultancy specializing in pharmaceutical path-to-market strategy and innovation. Transaction involved integration with SAI's existing market research and competitive intelligence capabilities.
- eCommerce Industries (Eci^2) sale to Insight Venture Partners - Software sector acquisition by leading growth equity firm
- New Home sale to Zillow Group - 2016 real estate technology transaction
- Cannex Capital / 4Front business combination - November 2018, transformational combination to create operations-focused industry leader
- SSI Strategy investment from Amulet Capital Partners - December 2020, growth capital transaction
- ACT360 Solutions buy-side advisory - 2014, acquisition strategy execution
- International Technidyne Corporation / Nexus Dx acquisition by Warburg Pincus - November 2010, diagnostic company transaction
- Corgenix acquisition by Orgentec - August 2014, specialty diagnostics combination
The firm's deal flow reflects strength across multiple buyer types: private equity sponsors (Insight Venture Partners, Northlane Capital Partners, Warburg Pincus, Amulet Capital Partners), strategic acquirers (Zillow Group, Orgentec), and management-led transactions. This diversity of buyer relationships indicates deep market connectivity and the ability to execute complex, competitive auction processes.
Transactions range from $10M to $300M+, though the firm's sweet spot for advisory engagement appears to center on $25M-$150M TEV (transaction enterprise value), where its team size and boutique positioning are optimal.
Advisory Process & Engagement Model
Inverness follows a structured sell-side M&A process centered on preparation, go-to-market strategy execution, negotiation management, and transaction closing. The engagement model emphasizes client preparation and market positioning before formal buyer outreach.
The firm's typical engagement structure includes:
- Business preparation - Financial review, operational assessment, management presentation development
- Market strategy - Buyer identification and targeting, confidential information memorandum (CIM) development
- Buyer outreach - Broad market contact, management meetings, information exchange
- Process management - Bid rounds, competitive tension management, negotiation coordination
- Closing support - Diligence response coordination, transaction documentation, closing management
The firm does not publicly disclose fee structure details, but as a boutique advisor conducting business through KEMA Partners LLC, a FINRA-registered broker-dealer, Inverness likely follows standard middle-market M&A compensation: combinations of retainers and success-based fees, with structure varying by deal size and complexity.
Buyer Network & Relationships
Inverness has demonstrated strong relationships across multiple buyer categories:
- Private equity sponsors: Insight Venture Partners, Northlane Capital Partners, Warburg Pincus, Amulet Capital Partners, Genstar Capital (inferred from market relationships)
- Strategic acquirers: Zillow Group, Orgentec, SAI MedPartners, and other industry consolidators
- Growth capital providers: Venture capital and growth equity firms supporting platform companies
The firm's historical transaction roster indicates connectivity to 50-100+ active PE platforms and strategic buyers, typical for a boutique in its position and scale.
Competitive Positioning
Inverness differentiates through several mechanisms:
1. Founder-led engagement model - Unlike larger banks where junior bankers lead transactions, Inverness commits founding partners to every engagement, ensuring continuity, institutional knowledge, and relationship capital.
2. Sector specialization - Rather than generalist banking, Inverness focuses deeply on four core verticals (tech, healthcare, digital media, professional services), developing disproportionate expertise in these sectors.
3. Institutional pedigree with boutique agility - Founders' backgrounds at Goldman Sachs predecessor firms (Hambrecht & Quist, Dillon Read), Cowen, and Montgomery & Co. combine credibility with mid-market flexibility that larger bulge-bracket banks lack.
4. Life sciences depth - David Raksin's background at Burrill (leading venture healthcare advisor) provides specialized pharmaceutical and biotech advisory capabilities unusual for a generalist M&A boutique.
5. Lean team structure - With ~10 investment banking professionals (versus 50-500 at larger firms), Inverness maintains lower overhead and higher fee efficiency while remaining at scale for mid-market transactions.
Not a Fit If
Based on the firm's positioning and transaction history:
- Enterprise transactions ($500M+) are outside Inverness's historical scale
- Distressed/restructuring situations requiring specialized expertise may be referred
- Complex cross-border transactions requiring significant international infrastructure
- Highly regulated sectors (banking, insurance, defense) may fall outside core competency
Team
The advisory team comprises five Managing Partners/Directors with deep M&A and capital markets experience:
Tom Peters - Co-Founder, Managing Director. Investment banking career since 1987. Started M&A practice at Hambrecht & Quist (later acquired by JP Morgan) in 1991. Lead banker on numerous mid-market transactions through the 1990s and 2000s. Head of Tech M&A at Cowen; led Communications & Digital Media Technology practice at Montgomery & Co. Education: BA Washington & Lee University (magna cum laude), MBA University of Virginia Darden School.
Derek Mattson - Co-Founder, Managing Director. Extensive M&A and financing experience across mid-market and growth-stage transactions. Early career at Cowen & Company and head of TMT M&A at Friedman, Billings, Ramsey. Earlier international experience as principal in Allianz AG's strategic development group in Munich. Education: BS University of Delaware, MBA UC Berkeley Haas School of Business.
David Raksin - Managing Director. Three years as Director of Merchant Banking at Burrill LLC (leading life sciences advisor). Director of Business Development at CFD Therapeutics (antibody company spinout). Associate, Specialty Pharma Equity Research, Deutsche Bank. Early career in banking at Prudential Vector Healthcare Group. Extensive life sciences and healthcare M&A expertise. Education: BA Cornell University.
Robert Valdez - Managing Director. 30+ years of M&A, capital raising, and financial management. Senior Vice President, M&A Group, Lehman Brothers; co-headed Technology Group at Kidder Peabody; founded M&A group at Cowen & Company; partner at SevenHills Partners. CFO experience at YipesCommunications and Xpert Financial. Education: AB Stanford University, MBA Stanford Graduate School of Business.
Adam Golden - Managing Director. Leads the consulting & business services banking group. Founded and sold several consulting organizations, including Major Oak Consulting (sold to Verint Systems in 2013). Deep operational background as entrepreneur: founded, grew, integrated multiple businesses. 20-year consulting industry executive. Finance background at Dun & Bradstreet. Education: BS Finance, University of Delaware (magna cum laude).
Geographic Coverage
Inverness is headquartered in San Francisco, California. The firm maintains relationships and transaction execution capability across North America, with particularly strong coverage of West Coast, major metropolitan centers (New York, Boston, Chicago), and industry clusters (healthcare in Northeast/Mid-Atlantic, technology in California/Pacific Northwest).
The firm has demonstrated international transaction capability, evidenced by IDEA Pharma deal (UK-based seller), relationships with international PE firms, and team members' international banking experience.
Summary
Inverness Advisors represents a best-in-class example of a specialized, boutique M&A advisory firm combining institutional banking credentials with mid-market agility. The firm's 300+ transaction track record, focus on three core verticals, and founder-led engagement model position it as a trusted advisor for mid-market M&A in technology, healthcare, and digital media sectors. The firm's recent transaction activity (IDEA Pharma, 2024) and consistent presence on major league tables (Axial Top 20 Lower Middle Market Investment Banks) demonstrate continued market relevance and strong deal execution capability.