Navidar Research
Advisory Approach
Navidar is a technology-focused investment banking firm that operates with a clear thesis: companies in dynamic, technology-driven industries require specialized advisory expertise that understands both technology trends and traditional M&A mechanics. The firm's tagline "Local Presence, Global Reach" captures its strategy of maintaining regional offices across the U.S. while executing transactions that span North America, Europe, and Asia.
Founded by former Goldman Sachs and Bear Stearns investment bankers, Navidar brings institutional-quality process management to the lower and core middle market. The firm believes that superior outcomes come from exhaustive buyer outreach combined with deep industry expertise. Their sweet spot is founder-owned technology, SaaS, and specialty manufacturing businesses with enterprise values between $10 million and $250 million where operational complexity or technology differentiation creates valuation opacity.
Sector Focus
Navidar concentrates on seven core sectors: SaaS/Enterprise Software, Specialty Manufacturing, eCommerce & Internet, IT & Engineering Services, Tech-Enabled Businesses, Healthcare IT, and AI/Robotics. Within these sectors, the firm has particular depth in B2B SaaS platforms, cloud-based procurement solutions, automotive technology, industrial tooling and cutting tools, unified communications/contact center technology, and supply chain management software.
The firm's manufacturing practice focuses on "specialty manufacturing"—companies with technology-enhanced operations rather than traditional heavy industry. This includes precision machining for aerospace and automotive applications, hydraulics solutions, acoustic components for telecommunications and automotive, and industrial tool holding products.
Deal Track Record
Navidar principals have completed more than 400 transactions representing nearly $110 billion in M&A and capital raising over the past 20 years. Recent transactions demonstrate the firm's sector focus and geographic reach:
SaaS & Software: ConnXus (supplier diversity procurement SaaS) to Coupa Software (2020); PolicyStat (healthcare policy management SaaS) to iContracts; AppealTrack (property tax appeal SaaS) to Corporation Service Company; Bellwether Software (procurement AP automation SaaS) to Embrace Software.
eCommerce & Digital: iGoDigital (web personalization) to ExactTarget (2012); Timehop (memory app) to Sincere Corporation (2023).
Specialty Manufacturing: Nova Hydraulics to Motion & Control Enterprises/Frontenac; Techniks USA to Tenex Capital Management (merger with NAP GLADU); MWM Acoustics (harman speakers, acoustics components) to Harman International Industries.
IT Services: Spanlink Communications (unified communications managed services) to ConvergeOne.
Buy-Side & Growth Capital: SPS Commerce's acquisition of Leadtec (Australia); Tekmetric Series A growth equity investment from Susquehanna Growth Equity (2022); Safal Partners strategic investment from Attain Capital Partners (2022).
Process & Fee Structure
Navidar runs institutional-quality sell-side processes with global buyer outreach. Typical engagement structure includes:
- Retainer: Monthly fee (credited against success fee)
- Success fee: Market standard percentage
- Process timeline: 6-12 months from engagement to close
- Buyer outreach: 100-300 targeted buyers per engagement (domestic and international)
The firm requires exclusivity and focuses on companies above $10 million TEV. Their process includes comprehensive materials preparation, management presentation coaching, structured data room preparation, and proactive buyer sourcing across strategic and private equity channels.
Buyer Network
Navidar maintains relationships with thousands of active private equity firms and strategic acquirers globally. The firm's principals have completed transactions spanning North America, Europe, and Asia, with specific strength in cross-border transactions. Recent deal buyers include public strategics (Coupa, Harman International, Embrace Software, Corporation Service Company), private equity firms (Frontenac, Tenex Capital Management, Attain Capital Partners), and international buyers.
The firm has demonstrated ability to source buyers from specific industry verticals—routing hydraulics deals to industrial PE, SaaS deals to strategic acquirers with adjacent platforms, and cross-border transactions for companies with international operations.
Competitive Positioning
Navidar differentiates through:
- Technology specialization—Bankers with backgrounds at Goldman Sachs TMT group and operational experience in technology companies
- Cross-border capability—Deal experience spanning U.S., Europe, and Asia with offices positioned to serve major technology corridors
- Operational value-add—Providing strategic recommendations on business model positioning, not just financial advisory
- Regional focus--commitment to underserved Midwest markets (Indianapolis, Cleveland, Minneapolis) alongside coastal tech hubs
- Institutional discipline--Applying bulge-bracket process rigor to lower middle market transactions
Not a Fit If
Navidar typically declines:
- Businesses below $10 million TEV
- Traditional manufacturing without technology differentiation
- Pure asset sales or distressed situations
- Companies outside the firm's sector focus
- Founders who want limited process or quick transactions without comprehensive buyer outreach
Team
The firm is led by co-founders Stephen B. Day and Timothy J. Walsh, both former Goldman Sachs investment bankers with 20+ years of experience. Stephen Day has executed over 80 M&A and financing transactions totaling nearly $22 billion, advising clients such as Cognos, CSC, EMC, IBM, and Oracle. Mark Weisman (Cleveland), Brad Scherer, and Jamie McQueen (Chicago) serve as Managing Directors leading regional market development.
Navidar Group LLC, the broker-dealer affiliate, is FINRA-registered (CRD# 148011) with multiple registered representatives including Timothy Walsh and Mark Weisman.
Geographic Coverage
Headquartered in Austin, Texas with offices in Atlanta, Cleveland, Dallas, Denver, Indianapolis, Minneapolis, and San Antonio. The firm has executed transactions across the U.S. with particular strength in Midwest technology corridors (Indianiana, Ohio, Minnesota) and Texas tech ecosystems. Cross-border transactions include buyers and sellers in Europe (U.K., Denmark, Germany, Netherlands) and Asia (China, India, Australia).