MobileSolve Group Research
Advisory Approach
MobileSolve Group is a boutique investment banking firm founded in December 2004 by Steve Gaynor, specializing in mergers and acquisitions advisory services for technology companies, particularly in the wireless and telecommunications sectors. The firm operated for over 17 years as an independent M&A advisor before transitioning in January 2022, when founder Steve Gaynor joined Britehorn Partners as a Partner and MobileSolve ceased conducting securities-related transactions.
The firm's thesis centers on combining deep technical domain expertise with investment banking discipline. MobileSolve's team uniquely combines extensive knowledge of industry technology, markets, and business operations with successful transactional experience, gained over more than three decades of wireless industry and Wall Street experience. The firm's backgrounds in banking, consulting, law, and technology—in addition to operations at wireless carriers and startups—inform their advisory approach, ensuring practical and implementable solutions for clients.
Sector Focus
MobileSolve Group concentrated exclusively on the technology sector, with particular depth in wireless telecommunications and emerging growth technology companies. Their primary focus areas include:
- Wireless and Telecommunications: LTE protocol stacks, mobile wireless infrastructure, semiconductor technology, and test equipment vendors
- Software as a Service (SaaS): DevOps automation, cloud infrastructure, and AWS ecosystem solutions
- Information Technology Services: Managed services, professional services, and systems integration
The firm maintained active practices across Technology, Media, Telecommunications, Financial Services, and Healthcare sectors, as listed on their Axial profile. Their global experience across all inhabited continents provided extensive contacts and context enabling them to operate effectively in cross-border transactions.
Deal Track Record
Based on public records and deal announcements, MobileSolve Group has completed at least two significant transactions:
4M Wireless → u-blox (2011-2012): MobileSolve advised 4M Wireless, a UK-based LTE protocol stack software company, on its acquisition by Swiss wireless communications firm u-blox. The transaction was valued at approximately $9 million, depending on earn-out provisions, and closed in September 2012. 4M Wireless was founded in 2006, employed 50 people across the UK and Pakistan, and had been profitable since 2009. The company specialized in LTE terminal protocol stack software and test solutions for chipset vendors and wireless infrastructure manufacturers. This deal demonstrates MobileSolve's capability in cross-border transactions involving intellectual property-rich technology companies with distributed engineering teams.
Stelligent Systems → HOSTING (March 2017): MobileSolve served as financial advisor to Stelligent Systems, a Reston, Virginia-based AWS DevOps automation provider, on its sale to HOSTING (formerly HOSTING.com), a Denver-based managed cloud services provider. Founded in 2007, Stelligent had established itself as an AWS Partner Network Advanced Consulting Partner focused exclusively on AWS DevOps automation since 2013. The transaction, announced in March 2017, positioned Stelligent as a division within HOSTING, with co-founders Rob Daly and Paul Duvall joining HOSTING's executive team. This deal was subsequently sold by HOSTING to Mphasis in November 2018 for $25 million, providing validation of MobileSolve's initial advisory work.
Additional transaction experience is evidenced by client testimonials and case studies. In a detailed LinkedIn article published by Steve Gaynor in March 2017, MobileSolve described advising Stelligent Systems after the company received three unsolicited takeover inquiries. MobileSolve conducted a competitive investment banking process that resulted in three offers, including one from an original bidder, all on terms superior in valuation and structure to the initial indications. The ultimate transaction exceeded original expectations with a highly-regarded company backed by a large private equity firm.
Process & Fee Structure
MobileSolve Group ran institutional-quality sell-side processes for lower middle market technology companies. Based on the Stelligent case study and industry practices, their typical engagement approach included:
- Process Design: Competitive auction processes with targeted buyer outreach
- Buyer Identification: Leveraging extensive industry relationships and proprietary networks
- Marketing Materials: Preparation of information memoranda, management presentations, and teasers
- Due Diligence Support: Coordination of data rooms and Q&A processes
- Negotiation Support: Valuation analysis, offer comparison, and term structuring
The firm's approach to unsolicited offers, as documented in their published content, emphasized assembling expert teams (M&A advisor, legal counsel, CFO with transaction experience), developing coherent analyses of strategic alternatives, understanding company valuation ranges, and maintaining informed Boards of Directors throughout the process.
Specific fee structure information was not publicly disclosed. Given the firm's lower middle market focus and technology specialization, fees likely followed industry standards such as modified Lehman or flat percentage structures, though exact terms varied by engagement complexity and deal size.
Buyer Network
MobileSolve Group maintained relationships with strategic buyers, private equity firms, and corporate acquirers in the technology and telecommunications sectors. The firm's decades of wireless industry experience provided direct connections to:
- Strategic Technology Companies: Public and private technology companies seeking to acquire complementary capabilities
- Private Equity Firms: Growth equity and buyout firms focused on technology investments
- Wireless Industry Participants: Carriers, infrastructure providers, and equipment manufacturers
The 4M Wireless transaction demonstrated the firm's ability to connect US-based intellectual property companies with European strategic acquirers, while the Stelligent transaction showed success with domestic strategic buyers in the cloud services space.
Competitive Positioning
MobileSolve differentiated itself through several unique attributes:
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Deep Technical Domain Expertise: The firm's team combined banking credentials with hands-on technology operating experience, enabling them to understand and effectively market complex technology businesses
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Global Wireless Relationships: More than two decades of wireless industry experience across all inhabited continents provided an extensive network of industry contacts and context
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Practical Implementation Focus: Backgrounds in operations at wireless carriers and startups informed practical, implementable advice rather than purely theoretical guidance
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Boutique Service Model: Limited engagement approach ensured senior-level attention and personalized service throughout each transaction
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Cross-Border Capability: Demonstrated success in transactions involving companies with distributed operations across multiple jurisdictions
Not a Fit If
Based on the firm's focus and published positioning, MobileSolve Group was not well-suited for:
- Businesses outside the technology and telecommunications sectors
- Companies below approximately $5 million in enterprise value
- Transactions requiring extensive public market expertise or public company M&A
- Situations demanding large-scale institutional banking resources or distribution capabilities
- engagements requiring active securities-related services (post-2022)
Team
Steve Gaynor - Founder and Owner
- Currently Partner at Britehorn Partners (January 2022-present)
- Previously CEO of MSG Securities (August 2001-January 2022)
- FINRA Registered Representative with M&A Securities Group (2013-2016)
- Currently registered with Britehorn Securities (Series 79, 62, 63, SIE exams)
- Harvard Business School education
- Licensed in Arizona, California, and Pennsylvania
- CRD#: 6148869
Additional team members mentioned in published content include Patrick Nguyen and Mansi Srivastava, who co-authored articles with Steve Gaynor on M&A and financing topics. LinkedIn records indicate Ted Bernstein served as Managing Director focusing on the healthcare practice, and Neeraj Baghel has investment banking experience in the mobile/telecom sector with the firm.
Geographic Coverage
MobileSolve Group was headquartered in Phoenix, Arizona, with additional presence in Tucson, Arizona. The firm maintained the ability to operate nationally and internationally, as evidenced by transactions involving companies based in Virginia, the United Kingdom, and Pakistan. The firm's global wireless industry experience spanned all inhabited continents, providing capability for cross-border transactions and international buyer outreach.
Current Status
As of January 2022, MobileSolve Group is no longer engaged in securities-related transactions. Founder Steve Gaynor transitioned to Britehorn Partners as a Partner, and MSG Securities oversees various non-investment-related services supporting Gaynor's investment banking activities. The firm's website (msgsecurities.com) is currently not connected to an active web presence.