InterFinancial’s specialist tech division has worked with the shareholders of AssetOn since 2010, helping them to map out and achieve their growth strategy. Since then, AssetOn – provider of asset management solutions to the natural resources industry – went into partnership with Caterpillar dealer Hastings Deering, won major clients like BHP, and launched a complementary Software as a Service product, OnPlan.
In a prime position for sale, AssetOn was approached by COSOL, ASX-listed global provider of end-to-end asset management solutions, in 2023. Keen to see it through, AssetOn’s shareholders again engaged our specialist tech M&A team to achieve a formal offer and move the deal through to completion as quickly as possible.
The work culminated in AssetOn’s 100% sale to COSOL, including OnPlan.
Already on the ball
With an eventual exit as the goal for AssetOn’s shareholders, we continued to scan the market and assess sale opportunities throughout the company’s growth phase. Next, we ran a separate sell-side process for AssetOn in 2019, and then again in 2023. While neither unearthed buyers that were the right fit, the preparation for these processes meant that when COSOL approached AssetOn in 2023, we were ready to hit the ground running. We immediately leveraged the recently developed Information Memorandum and tailored this to the specific objectives of COSOL.
OnPlan on the money
Recognising the need for accurate and accessible master data for its customers to effectively manage their assets, AssetOn had developed a valuable Master Data as a Service offering. AssetOn developed rich data and expertise through this service and subsequently built and launched a full digital work management tool for operation and maintenance teams. This maintenance software – OnPlan – was not part of the initial interest from COSOL. Understanding AssetOn’s desire to include this software in the sale, our team was able to position OnPlan and its benefits to COSOL who made the decision to include it in the final offer.
Keeping the business on track
Selling a business is usually more complicated and time consuming than business owners expect. The business still needs to keep running in the meantime and those who try to manage it in-house can find this incredibly challenging. The AssetOn team were able to focus on running the business while we managed the entire sale process which included:
Updating the Information Memorandum that we had prepared in an earlier engagement
Managing initial contact with COSOL – including working to develop a comprehensive offer Term Sheet, and developing a strategy to proceed to Due Diligence
Managing the due-diligence process, and
Leading the development and negotiation of transaction documentation through to completion.
COSOL Ltd being an ASX listed company added complexity to the process which we had the experience to navigate.
“IFL and Graeme McKellar were a pleasure to work with. They genuinely understood our business, ensured our goals were met and achieved a great outcome. The entire sale was streamlined, and they made it easy for us to keep our operations going throughout. I’d confidently recommend them for their expertise and commitment.”
Stuart Burkhardt: AssetOn Group and OnPlan Director & Shareholder.
“It’s incredibly rewarding to facilitate a business sale with a company that we have worked alongside for years. The AssetOn team were dedicated to achieving the growth strategy that we developed together and their 100% sale to COSOL, including OnPlan, is testament to all the hard work along the way. Congratulations to everyone involved.”
Graeme McKellar, Director InterFinancial
If you’re in the software, technology and digital sector and you want to grow, buy or sell companies, or capital raise, connect with Graeme and reach out to the team.
Our monthly sector dashboards are out! Our dashboards look at the valuation multiples across seven key sectors, each made up of a number of subsectors. The data takes into account the sale prices of similar companies based on; products, end markets, services, assets classes or other characteristics. The publications include all companies listed on the […]
The Australian M&A market has been on a real journey over the last few years, marked by extreme highs, some cautious retreats, and now what feels like a slow and steady return to more stable footing. After the turbulence of the COVID-19 era, it’s fair to say we’re entering a new chapter, with fresh opportunities […]
If you’re reading this article, you’re probably in a position where you’ve built a great software business. Between endless product and engineering sessions with your teams, customer escalations and sales meetings you’ve probably given some thought, or maybe a lot, about what the next step in your business will be. Most of the time, that […]
It’s hard to believe it’s already been a year since Manisha Kaur joined the InterFinancial team as our Marketing Coordinator! In just 12 months, she’s brought a fresh perspective, data-driven mindset and a can-do energy to everything she does, from campaigns and branding to behind-the-scenes systems that keep our marketing function a well-oiled machine. As […]
Our monthly sector dashboards are out! Our dashboards look at the valuation multiples across seven key sectors, each made up of a number of subsectors. The data takes into account the sale prices of similar companies based on; products, end markets, services, assets classes or other characteristics. The publications include all companies listed on the […]
Strong geo-political, social and economic forces are influencing the pace of global investment in decarbonisation. Driven by economic factors, the Trump administration’s stance to curb action on climate change stands at one end of the decarbonisation investment approach, whereas other countries in Europe and Asia Pacific (including Australia) recognise they are behind in their quest […]
As the old saying goes, there’s no I in team. But there is an M&A! One of the most crucial factors determining the success (or otherwise) of a business sale or acquisition is selecting the right team. Transactions are hard work and typically involve a set of skills that are unfamiliar to a business owner. […]
From mining sites to boardrooms, Brad’s career has spanned various industries, continents and more air miles than he can count. As InterFinancial’s CEO, he’s led multiple businesses through growth, change, and the curveballs – always with a strategic eye on what’s next. With his 25+ years of experience, Brad has seen what works (and what […]
Working ON your business is just as important as working IN your business. For many business owners, their business is their primary asset. But like with any asset, it requires regular maintenance to ensure it remains competitive, profitable, and most importantly, investment ready. It’s important to consider the following key questions towards becoming investor ready: […]
