M&A Insights
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 podcastwithmadhur@gmail.com or reach out to me on Linkedin at www.linkedin.com/in/madhur-duggar.
M&A Insights
MSP M&A Uncovered: Inside Courser’s Acquisition Playbook with David Williams, VP of M&A.
Madhur@excendio.com | 212.731.4230 | Book an Appointment Here (34) Madhur Duggar | LinkedIn
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.
Madhur Duggar is a Senior M&A Advisor at Excendio Advisors and focuses on IT Services
Reach out to Madhur at Madhur@excendio.com or 212.731.4230
Book an Appointment with him on his LinkedIn at www.linkedin.com/in/madhur-duggar
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