Q Advisors Research
Advisory Approach
Q Advisors is a global TMT (Telecom, Media, Technology) investment banking boutique founded in 2001 with a singular thesis: that the best advisory outcomes come from deep, specialized industry expertise combined with institutional-quality execution and long-term client relationships. The firm operates with a hands-on, partner-driven approach that emphasizes personal relationships, operational understanding, and creative problem-solving. Michael Quinn and Gerry DeHaven, the founding partners, built the firm on a foundation of genuine TMT expertise—not as a secondary practice, but as the core competency. This thesis has proven remarkably durable: over half of Q Advisors' transactions originate from client referrals and repeat business, a testament to relationship longevity and consistent value delivery.
The firm's positioning distinguishes it from larger generalist banks through sector specialization and from traditional investment banking boutiques through operational credibility. Several partners have founded or led operating companies, bringing lived experience of the challenges their advisory clients face. This operational context informs transaction strategy, valuation approaches, and process design in ways that pure bankers cannot replicate.
Sector Focus & Specialization
Q Advisors maintains four primary sector practices within TMT:
Cloud Communications & Collaboration: The flagship practice, covering cloud unified communications, contact center solutions, communications platforms, and customer engagement technologies. This sector drives 25%+ of enterprise IT spend globally, and Q Advisors has been instrumental in dozens of consolidations and strategic transactions. Clients have included CallTower, Meriplex, Dstny, 11:11 Systems, Expereo, and numerous tier-one cloud communications platforms. The firm tracks this sector continuously through quarterly research reports and maintains deep relationships with strategic buyers and PE sponsors in the space.
IT & Managed Services: Deep expertise in managed IT services, cloud networking, cloud infrastructure, managed security, and data strategy/modernization. This is one of the highest-growth segments in global IT spend as enterprises prioritize cloud migration and digital transformation. Q Advisors has advised on numerous MSP consolidations, buy-side acquisitions, and growth recapitalizations.
Digital Infrastructure: Specialization in fiber, wireless transit, mobile towers, data centers, and ancillary services. The unprecedented growth in data consumption and shift to cloud services has created massive consolidation opportunities. Q Advisors has advised on several major fiber and tower transactions, including Hudson Fiber Network, and maintains an active digital infrastructure practice.
Software & Technology: Monitoring and advising on enterprise software, telecom software, digital media & ad tech, Internet of Things, and analytics/AI software. This practice complements the core TMT focus and enables cross-selling opportunities with communications infrastructure companies.
Deal Track Record
Q Advisors has completed 500+ transactions since inception with aggregate transaction value exceeding $24B. The firm has particular depth in cloud communications consolidations, where it has advised on some of the sector's largest and most complex transactions:
Recent Flagship Transactions (2025-2026):
- Advised COEO Solutions on recapitalization with Riata Capital (Aug 2025) - managed network and cloud collaboration platform backed by PE
- Advised Grupo NGN on acquisition by White Label Communications (Aug 2025) - AI-powered contact center platform acquisition
- Advised DATAMOB on debt financing with Stonepeak Credit (Jan 2026) - infrastructure cloud services provider
- Advised Omega Systems on investment from Revelstoke Capital Partners (Jan 2025) - managed IT services platform
- Advised Netsurit on debt financing from Sunflower Bank (Aug 2024) - MSP with 7 acquisitions since 2021
- Advised ThinkBig Networks on acquisition by IQ Fiber (Jan 2025) - fiber and connectivity provider
Cloud Communications Consolidations:
- Meriplex: Represented in recapitalization with Vitruvian Partners (Jul 2022), subsequent to initial investment by Clairvest (representing from inception through multiple growth transactions)
- CallTower: Advised on multiple acquisitions (OneStream Networks, Appia Communications) and equity recapitalization with BV Investment Partners ($100M+ raise, Nov 2023)
- 11:11 Systems: Represented on acquisition of Sungard Availability Services, iland, Static1, and Unitas Global—building a $500M+ platform for Tiger Infrastructure Partners
- Dstny: Represented on acquisition of easybell and Telepo/Soluno roll-ups—supporting European cloud communications consolidation strategy
- Expereo: Represented Brodynt (managed internet access provider) on acquisition by Expereo (Jul 2021)
Cross-Border Transactions:
- 50+ cross-border transactions with significant experience with European, Asian, and Latin American buyers
- Munich office (established 2008) extends reach into European markets and supports German, Swiss, and broader EMEA transactions
- Multilingual team with capability to navigate complex international deals
Deal Types: Q Advisors advises on sell-side exclusive mandates, buy-side acquisitions, recapitalizations, debt and equity financings, and strategic restructurings. The firm does not take principal positions but operates as advisor to entrepreneurs, PE sponsors, and strategic acquirers.
Process & Fee Structure
Q Advisors runs institutional-quality M&A processes centered on deep market outreach, comprehensive preparation, and rigorous buyer qualification. Typical engagement structure: Sell-side exclusive mandate, market assessment and buyer universe development, valuation framework and preliminary marketing materials, CIM and data room preparation, managed buyer outreach (typically 50-150 targeted buyers depending on sector and deal size), preliminary indication of interest management, management presentation tour, final bid round and negotiation. Process completion typically 6-9 months.
Fee structure follows modified Lehman approach on transaction enterprise value, with retainers credited against success fees. Retainers typically range from $15K-$50K/month depending on transaction size and complexity. Success fees (modified Lehman) generally result in 2-4% all-in costs for the seller, competitive with elite investment banks but with significantly more personalized service. The firm requires exclusivity and prefers engagements above $10M-$15M TEV.
Buyer Network & Strategic Relationships
Q Advisors maintains relationships with 2,000+ active private equity firms and strategic acquirers. The depth of PE relationships is particularly notable: Vitruvian Partners, Tiger Infrastructure Partners, Thompson Street Capital Partners, Genstar Capital, Audax Group, KKR Industrials, Bain Capital, BV Investment Partners, McCarthy Capital, Riata Capital, Stonepeak Credit, Riverside Company, and Shore Capital Partners. Strategic buyers include Fortune 500 industrial and technology conglomerates, European carriers and telecommunications providers, Japanese conglomerates in international deals, managed services consolidators, and cloud infrastructure providers.
Competitive Positioning
Q Advisors differentiates through sector specialization (TMT is not a practice—it is the entire firm), operational credibility (partners have founded/led companies), relationship longevity (50%+ repeat/referral business), global reach with boutique service (Denver, Munich, San Francisco offices), and integrated capital markets expertise enabling comprehensive solutions beyond M&A.
Team & Firm Structure
Q Advisors is structured as an employee-owned partnership with approximately 30 professionals across Denver and Munich offices. Founding partners Michael Quinn (25+ years TMT experience, 250+ transactions, $10B+ value) and Gerry DeHaven (30+ years investment banking and operating experience) lead the firm. Current partners include Kristian MacCarter (Munich, 14+ years), Jordan Rupar (Denver, 12+ years cloud communications), Brian Kornmann (Denver, 15 years PE background), and Brian Barnell, CFA (Head of Debt Advisory, San Francisco, 20+ years capital markets). Managing Directors and Vice Presidents include Hayley Hughes Morabito, Thomas Beato, Wes Faulkenberry, Rhody Heller, and others. The firm is known for attracting experienced bankers from larger institutions who want deeper sector focus and greater responsibility.
Summary
Q Advisors is the leading TMT boutique investment bank for lower and core middle-market M&A. Founded on genuine sector specialization and operated by partners with real TMT experience, the firm has become the de facto advisor for major cloud communications consolidations and digital infrastructure transactions globally. With a 500+ transaction track record, deep PE relationships, and an operating-experienced partner base, Q Advisors is uniquely positioned to deliver strategic M&A advice that balances financial optimization with long-term business positioning.