Ward Carter

WardCarter's picture
Chairman Emeritus
Corum's former President and now Chairman Ward Carter's technology background includes a variety of management positions with the Burroughs Corporation (later Unisys). Then, as vice president of a Wall Street investment firm and as principal in a regional venture firm, he raised capital for ventures in computer hardware, software, and biotechnology. As an executive for a Seattle-based archival storage software company, he attracted venture capital and assisted with the eventual acquisition of the company by a larger competitor. As president of InfoMatrix, and later Discovery Sales + Marketing, Ward provided strategic consulting support to emerging software companies.

Recent Blog Posts:

Critical M&A Contract Terms #1: Allocating risk for seller contract assignments
We begin our blog series of Ten Critical Terms in any M&A Contract with the allocation of risk for the seller in contract assignments. How might contract assignments affect a deal? What do you need to do to keep assignments from holding up a deal? Complications arise when the seller’s customer... Click here to read more
Posted by Ward Carter, Chairman Emeritus on 1 July 2015
Thoughts on Private Equity vs Strategic Buyers
Dear M&A Client:   I know you are considering the list of Private Equity firms that I recently provided.  Given your lack of immediate response,  I surmise there may be differing opinions internally as to whether we should go to the PEs at all. As I’ve had extensive recent experience from... Click here to read more
Posted by Ward Carter, Chairman Emeritus on 8 May 2015
Corum Top 10 Disruptive Tech Trends #7: Positioning Intelligence
In the past people and machines struggled to know even their approximate location, let alone make timely use of the information. Now we have the tools and data for a new level of location precision, dynamic awareness and contextual insight. These advancements in positioning intelligence are... Click here to read more
Posted by Ward Carter, Chairman Emeritus on 23 April 2015
How Buyers can learn to love a sell-side Tech M&A advisor
As exclusive sell-side M&A advisors, we are sometimes retained after a seller has received an offer from a buyer.  Even though we can invariably help the seller improve an existing offer, the greatest threat to the incumbent buyer is that we will bring in another offer at a higher value, or... Click here to read more
Posted by Ward Carter, Chairman Emeritus on 1 August 2014
GRC
I had the honor of moderating a panel on a recent Market Spotlight webcast hosted by the World Financial Symposiums. We co-sponsor these sessions periodically to highlight various M&A topics or technology sectors, in this case Governance, Risk and Compliance, commonly known as GRC. Our guest... Click here to read more
Posted by Ward Carter, Chairman Emeritus on 2 April 2014
Don't ignore the Private Equity firms
I recently moderated a panel discussion with four Private Equity executives on during a Corum webcast (see link here). Our guest speakers represented HgCapital, Great Hill Partners, RUBICON Technology Partners, and Chicago Growth Partners. With over $1 trillion in uncommitted funds, there’s obvious... Click here to read more
Posted by Ward Carter, Chairman Emeritus on 7 March 2014
SaaS Valuations
SaaS M&A and IPO activity has now demonstrated several strong years and shows no signs of decline.  SaaS IPO valuations over the last 24 months remain exceptionally healthy, with current median Revenue Multiples of 13.65 X. This is exceptionally robust when compared to the multiples for the... Click here to read more
Posted by Ward Carter, Chairman Emeritus on 20 January 2014
Defusing rumors that you are being acquired
Although a well-managed M&A process will provide adequate confidentiality safeguards to assure word does not leak regarding the potential sale of your company, you still need to be prepared to address this should it arise.  When you as the CEO are approached by an employee or customer, you can... Click here to read more
Posted by Ward Carter, Chairman Emeritus on 18 December 2013
M&A Insurance
I recently posted the following on the M&A Forum at LinkedIn, and thought  it might be of interest to our readers. Question on Forum: "I have heard of  insurance designed expressly to provide coverage for the breach of a representation or a warranty contained in a Purchase and Sale Agreement,... Click here to read more
Posted by Ward Carter, Chairman Emeritus on 20 November 2013
First we had pre-revenue companies...
…which I fondly refer to as revenue-free. But now from 451 Research, I see that F3 Technologies recently acquired a company that is headlined as being “pre-product”. If you can eliminate all the questions and due diligence surrounding revenue recognition, EBITDA growth, etc. by being revenue-free,... Click here to read more
Posted by Ward Carter, Chairman Emeritus on 17 September 2013
Selecting an Investment Banker Video
Thank you to Appfolio SecureDocs for hosting me yesterday at the webinar "M&A Fundamentals: Strategies for Selecting An Investment Banker." They've graciously made the video available, which is below, as well as the slide deck, available here.
Posted by Ward Carter, Chairman Emeritus on 23 August 2013
Webcast tomorrow: Choosing an Investment Banker
Choosing an investment banker to help navigate the M&A process is a vital decision, and one that will have a lasting impact on your life and that of your company. But where do you begin? Tomorrow, I’ll be addressing that question at a complimentary webcast sponsored by Corum Group and Appfolio... Click here to read more
Posted by Ward Carter, Chairman Emeritus on 21 August 2013
The 10 worst things you can do when selling your software company (Part 10 of 10)
Refuse to stand behind your company. Expect the buyer to ask for reasonable representations and warranties, and be prepared to stand behind your company and the claims you make about it. If you’re unwilling to accept responsibility for the historical operation of your business, you’ll send the... Click here to read more
Posted by Ward Carter, Chairman Emeritus on 2 June 2013
The 10 worst things you can do when selling your software company (Part 9 of 10)
Be unprepared for due diligence. Get organized for the buyer’s due diligence investigation long before it actually happens. Delivering clear, complete and organized due diligence materials quickly when the information is requested gives the buyer confidence in your company and team. Manage the... Click here to read more
Posted by Ward Carter, Chairman Emeritus on 23 May 2013
The 10 worst things you can do when selling your software company (Part 8 of 10)
Take your eye off the ball. Focus on running your core business even during the M&A process. Letting business performance suffer for lack of management focus during the M&A process gives buyers the opportunity to drive the price down or even walk from the deal.
Posted by Ward Carter, Chairman Emeritus on 14 May 2013
The 10 worst things you can do when selling your software company (Part 7 of 10)
Let your ego run wild. At its core, negotiating is adversarial. Successful outcome requires the parties to focus on the important business issues and to know when their ego needs to take a back seat to the real goals. Don’t permit your emotions to drive your actions during negotiations. Know your “... Click here to read more
Posted by Ward Carter, Chairman Emeritus on 7 May 2013
The 10 worst things you can do when selling your software company (Part 6 of 10)
Talk too much. Instead, listen as much as you talk. Ask the buyer questions about why they are interested in your company and how you fit with their future strategy. You’ll gain valuable insights that can strengthen your negotiating position. Just as important, you’ll get a better understanding... Click here to read more
Posted by Ward Carter, Chairman Emeritus on 30 April 2013
The 10 worst things you can do when selling your software company (Part 5 of 10)
Have unrealistic value expectations. Grossly unrealistic price expectations will undermine your credibility. Greed is the single most common deal killer. Use objective, market-based metrics along with your companys actual growth rate and profitability levels to test your valuation objective.... Click here to read more
Posted by Ward Carter, Chairman Emeritus on 25 March 2013

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