WMP Capital Research
Advisory Approach
WMP Capital is a boutique M&A advisory firm with operations in Seattle, Washington and Toronto, Canada. Founded by Karla Horwitz, a seasoned executive with over 25 years of experience as both a CFO and investment banker, the firm brings a unique operator's perspective to mergers and acquisitions advisory. WMP Capital serves buyers and sellers of high-growth companies, particularly in the technology sector, with a focus on businesses that have reached a stage where strategic guidance and transaction expertise can unlock significant value.
The firm's thesis is grounded in the belief that companies navigating growth transitions, exit events, or capital raises benefit from advisors who have walked in their shoes. Karla Horwitz's background as CFO of PopCap Games (which sold to Electronic Arts for up to $1.3 billion), PlayFab (acquired by Microsoft), and Click Wine Group (acquired by Winebow) gives WMP Capital credible, transaction-tested insight into what sellers and buyers experience during deal processes. This operational credibility differentiates WMP Capital from generalist firms that may lack hands-on exit experience.
Sector Focus
WMP Capital concentrates on technology-driven businesses across several verticals. The firm has particular depth in gaming, interactive entertainment, enterprise software, and digital marketing technology. This sector specialization reflects Horwitz's career trajectory, which included leading the CFO advisory practice at Arthur Andersen, where she advised clients such as RealNetworks, Getty Images, and Monet Mobile, as well as telecom companies including VoiceStream (now T-Mobile).
The firm also advises companies in adjacent technology categories including social media platforms, mobile applications, software-as-a-service businesses, and professional services firms. Beyond technology, WMP Capital has experience with consumer packaged goods companies (evidenced by the Click Wine Group transaction) and select professional services firms.
Deal Track Record
WMP Capital's most recent public transaction was advising 180byTwo, a Clearwater, Florida-based account-based marketing technology and audience solutions company, on its sale to MeritDirect in 2020. MeritDirect, a portfolio company of Mountaingate Capital, acquired 180byTwo to expand its digital and account-based marketing offerings. The deal showcased WMP Capital's ability to represent technology companies in strategic acquisitions by private equity-backed buyers.
While WMP Capital maintains discretion around many transactions, founder Karla Horwitz's deal history provides additional evidence of the firm's capabilities. Notable exits where she served as CFO or advisor include: PopCap Games' sale to Electronic Arts for $650 million cash plus $100 million in stock with a potential $550 million earn-out (totaling up to $1.3 billion) in 2011; PlayFab's acquisition by Microsoft in 2018 (PlayFab was valued at $22.9 million in its last funding round); and Click Wine Group's sale to Winebow in 2008. These transactions span gaming, backend-as-a-service platforms, and consumer products, demonstrating cross-sector transaction competence.
Process & Fee Structure
WMP Capital runs institutional-quality sell-side processes tailored to the lower middle market. The firm's approach emphasizes preparation, buyer outreach, and transaction management. As a FINRA-registered firm through its relationship with FNEX Capital, WMP Capital can handle securities transactions and structuring complexities that require broker-dealer capabilities.
The firm's fee structure follows industry conventions for boutique M&A advisors. While specific terms are not publicly disclosed, WMP Capital typically charges a monthly retainer fee during the engagement period, credited against a success fee calculated as a percentage of transaction value. Given the firm's lower middle market focus and FINRA registration, the success fee likely follows a Lehman or modified Lehman formula, with retainer requirements in the mid-range for boutique firms.
Buyer Network
WMP Capital has completed transactions with strategic buyers, private equity firms, and corporate acquirers. The 180byTwo sale to Mountaingate Capital-backed MeritDirect demonstrated the firm's ability to navigate private equity add-on acquisitions. The PopCap Games sale to Electronic Arts and PlayFab acquisition by Microsoft show experience with large corporate strategic buyers in the technology sector. The Click Wine Group transaction with Winebow (backed by Freeman Spogli & Co.) further evidenced private equity deal familiarity.
Competitive Positioning
WMP Capital differentiates through founder Karla Horwitz's unique combination of operating experience as a CFO and transaction advisory background. Few boutique M&A firms can claim to have led a company through a $1.3 billion exit while also maintaining an advisory practice that has guided dozens of companies through growth transitions. This dual perspective allows WMP Capital to credibly advise CEOs and founders on both the strategic and tactical dimensions of transactions.
The firm's cross-border footprint, with presence in both Seattle and Toronto, provides additional competitive advantage. This positioning allows WMP Capital to serve U.S. and Canadian companies, as well as facilitate cross-border transactions, which is increasingly relevant as technology companies seek international buyers and expansion opportunities.
Not a Fit If
Based on the firm's transaction history and positioning, WMP Capital is likely not a fit for very small businesses under $5 million in enterprise value, pure asset sales, distressed situations requiring turnaround expertise, or companies outside the firm's sector focus areas (technology, digital media, select consumer products). The firm appears to target high-growth companies with credible exit potential rather than lifestyle businesses or distressed assets.
Team
WMP Capital is led by Karla Horwitz, Founder and Managing Director. Horwitz holds Series 63 and 79 FINRA licenses and is a registered representative of FNEX Capital. She is a Certified Public Accountant (inactive) and graduated from Central Washington University with a Bachelor of Science in Accounting. Her career spans Arthur Andersen, where she led the CFO advisory practice, and CFO roles at multiple technology companies.
Andrew Light serves as Managing Director for Canada, bringing 25+ years of consulting and industry experience. Previously a Vice President of consulting at PricewaterhouseCoopers, Light has held senior client-side roles at IBM, British Telecom, Shell, and SapientNitro. He holds a Masters degree from the University of Lancaster in the United Kingdom and is a member of the Chartered Institute of Marketing. Light focuses on digital technologies, media, financial services, telecom, and retail sectors.
Geographic Coverage
WMP Capital maintains offices in Seattle, Washington and Toronto, Ontario. This bi-national presence allows the firm to serve companies across the United States and Canada, with particular strength in the Pacific Northwest technology ecosystem and the greater Toronto area. The firm is well-positioned to facilitate cross-border transactions between U.S. buyers and Canadian sellers, and vice versa.