EDocuments, founded in 2001, revolutionised the production of Operation and Maintenance (O&M) manuals. Initially relying on Word documents and PDF files assembled manually, the company has evolved significantly over the years. The platform now boasts over 450,000 users and includes features like forecasting, validation, analytics, model data extraction, automatic COBie, 3D model integration, and data connectors to BIM 360, Autodesk Revit, among others. EDocuments’ commitment to transparency and data quality, dubbed “process driven data assurance,” has been a cornerstone of the company’s success.

The deal

Around eighteen months ago, the shareholders of EDocuments were approached to sell the business. Without seeking professional advice, they entered into discussions to sell, but ultimately decided to put the process on hold.

At the beginning of 2024, the shareholders had received another approach, and revisited the idea of selling. They were introduced to our Corporate Finance team via their legal adviser. Although we were brought in at a later stage when headline offers were already on the table, our expertise proved invaluable. “I was very happy with Rickard Luckin meeting the agreed commitments,” said Jamie Dupée, CTO of EDocuments. “I found it difficult to grasp on day one what may be required during the M&A process, throwing up many unknowns along the way. RL assisted all the way through. After trying to negotiate through a previous M&A deal ourselves, using RL made the process far less stressful, and more efficient.”

At the later stage we were brought into the process, we quickly identified and addressed critical needs to move the sale forward, meticulously helping the seller collate and organise crucial information required for the potential buyers to make informed offers. This was pivotal in presenting a comprehensive and transparent picture of the business.

We guided EDocuments in evaluating the offers, negotiating the best possible terms from each party and assisting the sellers to select a preferred bidder to move forward under exclusivity with. Our transparent approach ensured that all parties had a clear understanding of the business' value and potential issues, fostering trust and facilitating a smoother negotiation process. Given the company’s operations in both Australia and the UK, the complexity of the deal was increased. “Having operations and profits in multiple countries added to the complexity. Having Rickard Luckin’s judgement on how to value this and manage the risks was really helpful,” explained Jamie.

We provided robust support, not just with the sale negotiation, but during the entire due diligence phase, ensuring that all information was accurate and readily available. Our proactive approach allowed us to address potential concerns before they became deal breakers. Jamie acknowledged
“Due diligence can be a complex process and information requests are often misunderstood. Having RL on board was almost like an internal review step throughout due diligence and resulted in data being accepted pretty much first time, saving many hours of re-work.”

We guided EDocuments through the final stages of the deal, ensuring a seamless transition and successful completion of the sale.

Outcome

Our late-stage involvement demonstrated that effective support and advisory can significantly impact the success of a business sale, regardless of when we are brought in. The shareholders successfully sold their business, achieving a favourable outcome for all involved.

"Allowing the buyers to deal with RL, who are experienced in the M&A process, simplified the process for the buyer," said Jamie. This sentiment was echoed by Rob Griffiths, Investor from Cow Corner, private equity owner of the acquiring company, Glider Technology, who remarked, "Rickard Luckin has has been great from start to finish. They have always been at the end of the phone. The best compliment I can give is that they have made my life as the buyer easier!"

Ella Young, Corporate Finance Executive at Rickard Luckin, reflected on the process, saying, "Our goal is to add value at any stage of a transaction. By stepping in late, we focused on transparency, thorough due diligence, and clear communication, ensuring a successful outcome for both buyer and seller. It was a pleasure working with the team at EDocuments, who worked equally hard to consistently provide quality information that we could analyse and present to the buyer, enabling an efficient process through to completion."

This case exemplifies our commitment to providing exceptional support at any stage of a deal, ensuring that businesses can navigate the complexities of sales transactions with confidence and achieve their desired outcomes.