Location: Norwalk, CT
Technology – Medium
President and CEO
DONE DEAL: Last year, etouches acquired two companies within the same week. “Both deals are very transformational for our company, so it is [something] that we looked at very carefully and were diligent about pursuing,” says Oni Chukwu, president and CEO. In fact, given that the deals occurred so close together, etouches views them as a single transaction, he adds. Etouches had researched a number of companies both in the U.S. and abroad, and for one of its acquisitions finally settled on Top Crowd, a business based in Ghent, Belgium. Top Crowd offers a mobile event application, which “filled an important hole in our product offering,” says Chukwu. “The sourcing took many months, and once we did look at the company, we had to actually try their product to make sure that it was the right one. It took at least six months to source, but once we were done, we were sure that” Top Crowd was the right fit.
Quick Tip: “In a deal, expect everything to change. There’s really nothing that is static. If you have to get a deal done and you’re dealing with a lot of people involved, whatever your expectations are, in some cases, you have to throw them out the window to get the deal done.”
BIG IMPACT: The acquisition had “a very material impact” on etouches, says Chukwu. “In the first quarter following the transaction, we were able to triple our overall opportunities pipeline.” In addition, etouches has seen its competitive advantage grow. “These technologies are fresh. They take a very different view of the way that the problems in the market today have been solved,” says Chukwu. Finally, the acquisition helped boost morale within etouches. “Employees clearly are happy and now know that we have the full complement of solutions going into the market. Our sales folks are happy because now they have much more to sell than they did before,” says Chukwu.