Assignment: Berkery Noyes was retained by UpToDate to explore acquisition alternatives and obtain the highest value for the Company.
Company: UpToDate – The Company is the provider of the “gold standard” comprehensive evidence-based clinical information resource in the physician healthcare information market and has a dominant market share. This resource brings relevant synthesized evidence-based clinical care recommendations to the bedside and clinician for point-of-care (“PoC”) use and is proven to change practice and save lives.
Results and Contributions:
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Successfully sold to Wolters Kluwer Health - negotiated the sale to achieve maximum value, based on revenue and EBITDA multiples that were well above industry averages.
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Limited auction to high probability strategic and private equity buyers
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Received multiple robust and competitive preliminary and final offers
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Dictated other considerations to potential buyers:
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No financing contingencies – financial acquirers were required to be prepared to pay all equity if no debt financing in place at closing
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Negotiated management and employee placement within the larger organization as a key consideration in determining winner
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All cash at closing, limited escrow
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Limited indemnifications
If you're considering growth through acquisition, the sale of a business, a timely exit strategy, or a financial restructuring, call Thomas O'Conner at 212.668.3022.
