M&A Insights
Madhur
My name is Madhur Duggar and I work in the M&A space for the Software and IT Service companies and this is my podcast series M&A Insights. If you are interested in having a conversation around the strategic direction of your firm, are looking to grow your book and want some marketing and business development help or are an investor looking to make an acquisition in this space, write to me at [email protected] or reach out to me on Linkedin at www.linkedin.com/in/madhur-duggar.
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Top 10 M&A Insights Episodes
Goodpods has curated a list of the 10 best M&A Insights episodes, ranked by the number of listens and likes each episode have garnered from our listeners. If you are listening to M&A Insights for the first time, there's no better place to start than with one of these standout episodes. If you are a fan of the show, vote for your favorite M&A Insights episode by adding your comments to the episode page.
How MSPs Can Thrive in Healthcare — with Nelson Gomes, CEO and Founder of Portalia Group
M&A Insights
03/31/25 • 30 min
🎙 Podcast Title: "How MSPs Can Thrive in Healthcare — with Nelson Gomes"
Guest: Nelson Gomes, Founder & CEO, The Portalia Group
Host: Madhur Duggar, Chapman Associates
Description:
In this episode, Nelson Gomes shares a masterclass on what it takes to be a high-performing MSP in the healthcare vertical. From EMR optimization and patient engagement to AI adoption and M&A strategy, Nelson breaks down how MSPs can move beyond maintenance to become true transformation partners for their healthcare clients.
Whether you're looking to grow, specialize, or position your MSP for a successful exit, Nelson offers real-world insights drawn from decades of leadership in healthcare IT.
💬 Questions & Responses:
Q: From an MSP standpoint, what makes healthcare different in terms of the skill set required?
🗣 Understanding the business of healthcare is critical — it's not just fixing EMRs, it's optimizing them and knowing the clinical workflows.
Q: How do specialist MSPs create more value than generalists?
🗣 Specialists speak the same language as providers and win trust faster — 9 out of 10 times, they win the deal.
Q: What are healthcare organizations really looking for when selecting an MSP?
🗣 Experience, expertise in healthcare systems, and a sense of security that their MSP “gets it.”
Q: What kind of background should MSPs build to succeed in healthcare?
🗣 A strong healthcare foundation — either through EMR experience or supporting medical administration systems.
Q: Can you explain Gartner’s “Run, Grow, Transform” model?
🗣 Most MSPs focus on “Run” — daily maintenance — but true value is created through “Grow” and “Transform” initiatives.
Q: What’s a real-world example of transformation in action?
🗣 Helping practices adopt patient engagement apps — moving beyond IT support into strategic consulting.
Q: What role should MSPs play in M&A due diligence for healthcare?
🗣 IT due diligence is often overlooked. Nelson helped create a 6-part framework to standardize and simplify this critical process.
Q: Should MSPs trying to enter healthcare build or buy?
🗣 Buy. Acquiring a healthcare-focused MSP gives you immediate credibility, clients, and expertise.
Q: Where is AI playing the biggest role in healthcare today?
🗣 Diagnostic imaging, like mammography. AI is powerful, but needs clinical oversight and thoughtful adoption.
Q: What healthcare tech events should MSPs attend?
🗣 HIMSS, ViVE — critical for staying ahead of tech trends and industry expectations.
Q: What advice do you have for MSPs expanding into healthcare?
🗣 Have a clear, well-thought-out strategy and the right people to execute it.
Q: How should smaller MSPs think about scale and specialization?
🗣 If you’re not ready to scale, consider exiting at a good multiple to a larger player and learn from the experience.
Q: Grow solo or partner up?
🗣 Joining a platform can accelerate growth — faster path to value creation than going it alone.
Q: Final takeaway for MSPs?
🗣 Understand your value, define your personal goals, and have an advisor to guide you through transitions.
www.linkedin.com/in/madhur-duggar
07/22/24 • 48 min
In this podcast Chris Vollmond-Carstens, NTIVA's Chief M&A officer, discusses with us Reverse Due Diligence, i.e. questions that sellers should be asking buyers.
Chris and Ntiva have been incredibly active in the MSP M&A landscape. Since 2015, Ntiva has successfully completed 15 transactions, with their most recent one being the acquisition of the Purple Guys.
Key questions cover the following topics
Cultural Fit and Values
- Questions to ask:
- What is the cultural fit between our organizations?
- How do you plan to integrate our employees?
- What opportunities for growth and development will be available for our team?
Business Vision and Strategy
- Questions to ask:
- What is your long-term vision for the combined business?
- How do you plan to grow and expand our business post-acquisition?
- What strategies do you have for enhancing our current offerings and capabilities?
Client and Service Management
- Questions to ask:
- How will the acquisition affect our existing clients?
- What enhancements or changes can our clients expect in terms of services and support?
- How do you plan to manage client relationships during and after the transition?
Financial and Deal Structure
- Questions to ask:
- What is the proposed financial structure of the deal (cash, rollover equity, earnouts)?
- How do you value our business, and what are the key valuation drivers?
- What are the potential financial benefits and risks associated with the proposed deal structure?
- What portion of the consideration will be in the form of rollover equity?
- How is the rollover equity structured, and what are the terms?
- What are the historical performance and future prospects of the buyer’s business?
- How are earnout targets defined, and what metrics are used?
- What is the timeframe for achieving earnout targets?
- What are the potential impacts of earnouts on business operations and integration?
Post-Sale Career Paths and Opportunities
- Questions to ask:
- What options are available for founders and key employees post-sale?
- Can we choose different career paths within your organization?
- What support will you provide for transitioning into new roles or responsibilities?
Synergies and Value Creation
- Questions to ask:
- What synergies do you anticipate from the acquisition?
- How do you plan to achieve cost savings, revenue enhancements, and operational efficiencies?
- How will we benefit from these synergies, and what incentives are in place?
Integration Plan and Timeline
- Questions to ask:
- What is your integration plan for merging our businesses?
- What is the timeline for key integration milestones and activities?
- How will you ensure a smooth transition for our employees and clients?
Conclusion
Thorough due diligence and asking the right questions are crucial for MSP sellers considering an M&A transaction. By seeking advice from experienced professionals and ensuring alignment with their goals and values, sellers can achieve a successful and mutually beneficial outcome.
www.linkedin.com/in/madhur-duggar
02/27/25 • 39 min
In this episode of M&A Insights, I sit down with Arlin Sorensen at IT Nation ConnectWise to explore the evolution of IT Nation, discuss the biggest challenges facing MSPs today, and how Arlin thinks MSP owners should approach their inevitable transition be it through sale, transfer to a family member or to an ESOP.
Arlin shares invaluable insights from his decades of leadership experience, making this a must-listen for MSP owners, IT leaders, and anyone thinking about the future of their business.
In this podcast we discuss the following questions:
✅ IT Nation’s Role in the MSP Ecosystem – its mission, vision, and impact on MSPs
✅Leadership – Advice for MSP owners looking to develop their leadership skills
✅ Acquisition and Growth– Insights for MSPs looking to grow inorganically
✅ Industry challenges – Tackling cybersecurity threats and IT talent shortages
✅ Post-exit challenges – Challenges MSP owners face in transitioning to retirement including lack of financial planning and a loss of identity post-retirement
✅ Future of IT Nation – Upcoming innovations at IT Nation and the establishment of a global footprint
✅ Personal Insights – Leadership philosophy, the upside-down triangle and Arlin’s legacy
✅ Key Risks facing MSPs – The importance of thinking about your mental and physical health
#Podcast #ITLeadership #MSP #ITNation #MergersAndAcquisitions #Cybersecurity #Leadership #TechCommunity
www.linkedin.com/in/madhur-duggar
12/22/24 • 12 min
Are IT Leaders Ready for 2025?
The IT landscape is evolving faster than ever, and new challenges are reshaping the way we work and lead. From market volatility to AI's rapid advancements, staying ahead is no longer optional—it's critical.
Here are 5 key risks every IT leader must navigate in 2025:
1️⃣ Overvalued markets and economic volatility.
2️⃣ Getting cybersecurity regulations wrong.
3️⃣ Post-election stress and its impact on communication.
4️⃣ Accelerating AI advancements—it's just the tip of the iceberg.
5️⃣ Modeling the irrational—how AI may decode our emotional decisions.
💡 Don’t just react—be proactive. Explore these risks and strategies to turn challenges into opportunities in our latest podcast
#ITLeadership #EmergingRisks #AI #Cybersecurity #Innovation
Let me know if this works for you!
www.linkedin.com/in/madhur-duggar
12/01/24 • 21 min
Welcome to another episode of M&A Insights, where we speak with Aaron Mahl and Greg Northrop at IT Valuation to dive deep into the strategies and approaches shaping the world of MSP Valuations. Today, we're tackling a game-changing topic for MSP owners and IT service providers: how to maximize your business valuation and structure your company for a successful exit. From IT Valuation’s 24-factor pricing model to legal setups like S-Corps versus C-Corps and emerging deal trends like rollover equity and earnouts, we’re unpacking the tools you need to make your business irresistible to buyers. Listen in!
www.linkedin.com/in/madhur-duggar
What Makes an MSP Irresistible? Lessons from Evergreen’s Acquisition Strategy with Sydney Hockett
M&A Insights
12/15/24 • 36 min
Folks, welcome to yet another episode of M&A Insights. I am your host Madhur Duggar, and I am so excited to introduce my guest Sydney Hockett VP of M&A at Evergreen. Evergreen has been engaging in one of the most active MSP global roll-up strategies having completed almost 90 MSP acquisitions over the past 7-8 years. What are they looking for in their acquisitions? what makes their acquisition strategy so unique? How can you as an MSP owner make yourself invaluable to your clients? To find out the answer to all these questions and many mor, listen in!
Here are some questions we get into:
Evergreen Background and Acquisition Strategy
1. Can you give us a quick background on Evergreen’s platform strategy and what role you play in that?
2. How many acquisitions have you made to date? How many did you make in 2024? How many do you plan to make in 2025?
3. Any differences in the types of acquisitions you made in 2024 compared with previous years and what you are looking to do in the future?
4. What differentiates Evergreen’s MSP platform from that of other big buyers in the marketplace?
5. What differentiates Evergreen’s evaluation approach from that of other platforms that also do not fully integrate their targets?
6. You offer cash upfront, roll-up equity and earnouts. Can you shed some light on what shapes the amount of each a Seller can expect to receive depending on their business profile?
7. What role does scalability play in your acquisition strategy? Do you have a minimum size threshold below which you likely will not go when acquiring?
8. What are some of the key financial metrics that drive multiples in an acquisition for Evergreen? Are these different from what others would look at?
9. How important is it that there be alignment between the acquired MSP's culture and Evergreen's corporate culture?
10. What advice would you give to small MSPs that are looking to scale-up through mergers?
11. How long does it take typically from CIM to Closing?
12. Can you walk me through your typical due diligence process when evaluating MSP acquisition targets? How much weight do you give to financial performance vs. non-financial factors (e.g., customer satisfaction, employee satisfaction)?
13. How can sellers monetize their equity?
Market and Competitive Landscape:
14. How do you see the MSP market evolving, and how does that influence Evergreen's acquisition strategy? Are there emerging trends (e.g., cybersecurity, cloud migration, AI/automation) that you are particularly focused on when considering new acquisitions?
15. What is a risk that is under-appreciated in this space?
16. In the next couple of years, several PE-backed MSP platforms will be coming to market. What will you be looking for when that happens?
www.linkedin.com/in/madhur-duggar
Consolidation Trends in the IT MSP space
M&A Insights
03/19/24 • 5 min
www.linkedin.com/in/madhur-duggar
Welcome to the next episode of my podcast M&A Insights titled “ Cyber Insurance Uncovered: Learn How Doug Kreitzberg at SeedPod is Working With MSPs to Protect Small Businesses from Digital Threats”.
Small businesses are increasingly the target of cyber threats, yet most remain dangerously underinsured. Only 10% have cyber insurance, and even fewer have the right coverage to survive a serious attack. So, how can Managed Service Providers (MSPs) step in to help?
To answer that question, I’m joined by Doug Kreitzberg, Founder and CEO of SeedPod Cyber. At SeedPod, Doug has developed an innovative program that help businesses proactively manage cyber risks. His team works closely with MSPs to ensure small businesses get the protection they need—before disaster strikes.
In today’s discussion, we’ll uncover the biggest misconceptions about cyber insurance, why small businesses struggle to get the right coverage, and how MSPs can play a pivotal role in bridging the gap. Doug will also share insights into SeedPod’s risk assessment process, the evolving landscape of cyber insurance pricing, and practical steps businesses can take to improve their cybersecurity posture.
If you’re an MSP looking to add value for your clients—or a business owner trying to navigate the complex world of cyber risk—this episode is for you.
Topics discussed on this podcast include:
Key Topics Discussed:
✅ Cyber Insurance Landscape for Small Businesses:
- Are small businesses adequately insured against cyber risks today?
- What are the risks of relying on general liability policies for cyber coverage?
- What happens to small businesses that suffer multiple cyberattacks?
✅ Understanding Cybersecurity Risks:
- Where does most cyber risk come from—bad software or bad deployment?
- Who should own the deployment risk—software providers, businesses, or MSPs?
✅ Challenges in Cyber Insurance Adoption:
- Are small businesses qualified to purchase cyber insurance on their own?
- Why do many brokers lack the expertise to properly guide businesses on cyber policies?
✅ The Role of MSPs in Cyber Insurance:
- How does SeedPod Cyber work with Managed Service Providers (MSPs)?
- What role do MSPs play in educating small businesses about cyber risks?
- How does SeedPod validate MSPs through security assessments?
✅ Key Components of a Comprehensive Cyber Insurance Policy:
- Liability coverage: What does it protect against?
- First-party costs: What expenses are covered after a cyber incident?
- Loss of income coverage: How does it help businesses recover financially?
- E-fraud coverage: How does it protect against social engineering scams?
✅ Cyber Insurance Pricing & Risk Assessment:
- How are insurance companies currently pricing cyber risks?
- What are the challenges in developing actuarial models for cyber insurance?
- How does SeedPod’s risk assessment process work, and what does it evaluate?
✅ Regulatory & Security Best Practices:
- Can regulations improve the cybersecurity landscape?
- How should regulations hold software developers and MSPs accountable?
- What are the basic steps businesses should take to improve cybersecurity?
www.linkedin.com/in/madhur-duggar
09/01/24 • 32 min
Ever wondered how offshoring can transform your MSP's operations and boost your margins? In our latest episode, I sit down with Thaddeus Susara from TechnoGlobal to uncover the secrets behind successful offshoring strategies that can save you money, streamline your operations, and even prepare your business for a lucrative exit. Whether you're looking to scale or considering M&A opportunities, this is the conversation you don't want to miss!
www.linkedin.com/in/madhur-duggar
MSP M&A Uncovered: Inside Courser’s Acquisition Playbook with David Williams, VP of M&A.
M&A Insights
03/15/25 • 15 min
In this episode, host Madhur Duggar welcomes Dave from Courser to discuss the company’s M&A strategy, integration approach, and growth plans for 2025. Dave shares insights into Courser’s acquisition philosophy, emphasizing a strong focus on culture, leadership retention, and operational integration.
M&A Activity and Strategy
Courser, a PE-backed platform, has completed 16 acquisitions in the past two and a half years, including nine in 2024. The company aims to maintain or exceed that pace in 2025. Their acquisition targets range from $1M to $15M in revenue, with an average size of $7M-$7.5M. Courser is sector-focused, primarily acquiring MSPs and occasionally considering MSSPs with strong cybersecurity capabilities.
Integration Approach
Courser differentiates itself through its deep integration model. While externally the acquired company’s branding and leadership remain intact, internally, Courser standardizes back-office functions, finances, HR, and operations. They migrate all businesses onto a unified ConnectWise instance, creating a single-pane-of-glass view for management. This structured approach enables efficiency and scalability while ensuring a smooth transition for employees and customers.
Deal Structure
Courser typically structures its deals with a mix of cash and rollover equity (30-40%). Earn-outs are rare and used primarily in tuck-in acquisitions where revenue stability needs validation. They prioritize clear, seller-friendly structures that align incentives for long-term growth.
Challenges and Risks in M&A
Dave highlights common M&A risks, including leadership transitions, cultural misalignment, and integration challenges. He emphasizes the importance of talent and customer retention, especially as the industry undergoes significant consolidation. Courser mitigates these risks by focusing on culture, selecting growth-minded leaders, and ensuring operational stability post-acquisition.
Future Outlook
Looking ahead, Courser aims to continue its disciplined acquisition strategy, focusing on quality MSPs with strong leadership and recurring revenue. They also acknowledge the growing role of AI and automation in IT services and plan to enhance efficiencies through technological adoption.
The discussion concludes with reflections on broader industry trends, including the eventual exits of PE-backed MSP platforms and how integration strategies will play a key role in their long-term success.
www.linkedin.com/in/madhur-duggar
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FAQ
How many episodes does M&A Insights have?
M&A Insights currently has 31 episodes available.
What topics does M&A Insights cover?
The podcast is about Management, Investing, Private Equity, Podcasts, Business and M&A.
What is the most popular episode on M&A Insights?
The episode title 'From Bullfighter to COO: Listen to How Ethan Farlow is Taking the Bull by its Horns at ComTech to Drive Operating Profitability' is the most popular.
What is the average episode length on M&A Insights?
The average episode length on M&A Insights is 24 minutes.
How often are episodes of M&A Insights released?
Episodes of M&A Insights are typically released every 10 days, 2 hours.
When was the first episode of M&A Insights?
The first episode of M&A Insights was released on Feb 10, 2024.
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