The veteran tech advisory firm,
built for founders.
We guide bootstrapped software, services, and internet founders through the one transaction that matters most.
The premise
Most founders sell a company once. We've done it nearly one hundred times, across a collective eighty-five years, and we don't delegate execution to a junior team.
What sets us apart
A boutique built for the one transaction
that matters most.
Veteran team
Most founders sell a company once. We've done it nearly 100 times across a collective 85 years, and we don't delegate to a junior team.
Senior banker focus
High-touch senior banking. A limited number of engagements so partners lead every buyer conversation, every negotiation, every diligence step.
Optimal outcomes
Deep understanding of market trends and buyer psychology. Proven, well-honed M&A negotiation that maximizes deal value for our clients.
Who we work with
Bootstrapped, founder-owned tech businesses generating $8M–$75M+ in revenue that are exploring full or partial exits.
Our unique approach
Six commitments,
executed by partners.
We take on a small, deliberate number of mandates each year so every conversation with a buyer, every negotiation, and every diligence step is handled by a senior banker, not a junior team.
Well-vetted buyer selection
A custom, diverse universe of strategic and private-equity buyers curated for each mandate.
Senior-level outreach
Positioned outreach and deal rationale tailored to senior decision-makers at every buyer.
Well-prepared diligence
Deep business and financial diligence that proactively anticipates the core deal issues.
Experienced deal making
Veteran deal skills to create highly competitive processes with real optionality.
Veteran negotiation
Proven, well-honed M&A and financing negotiation across valuation, structure, and terms.
Senior client care
A partner-led focus that translates into an unmistakably different quality of service.
The process
Three phases.
One outcome.
Preparation
We conduct an extensive diligence review of your business and develop the core marketing materials and detailed financial models for the transaction.
Marketing
We prepare a highly curated buyer and investor list, contact the right senior counterparts, and lead meetings that address the core diligence issues.
Close
We lead all negotiations, final valuation, business terms, and legal structure, and coordinate closing diligence with buyers and investors.
Transaction history
Our Partial Deal History,
quietly earned.
A selection of transactions our partners have led across strategic and private-equity buyers. Deal values remain confidential at the request of our clients.
Media / Entertainment
Gearbox Software
Acquisition
2020
SaaS / Software
Sparkrock
Acquisition
2020
Tech-Enabled Services
BW Events Tech
Acquisition
2019
Data Analytics
InsideView
Acquisition
2019
HR Tech / SaaS
SocialChorus
Acquisition
2019
SaaS / Software
Sailthru
Acquisition
2018
IT Services / MSP
Trace3
Acquisition
2017
SaaS / Software
Flyte
Acquisition
2016
SaaS / Software
Olapic
Acquisition
2016
SaaS / Software
Quicken
Acquisition
2016
Healthcare IT / Services
Caring.com
Acquisition
2014
Consumer Apps
Ancestry
Acquisition
2012
Asset Management
Astor Investment Management
$20M
Acquisition
2010
Retail Forex Business
Knight Capital
Undisclosed
Strategic Sale to FXCM
2009
Specialty Lending
Urban Financial Group
$25M
Acquisition
2009
Ad Tech / Media
24/7 Media
Acquisition
2007
Consumer Apps
Photobucket
Acquisition
2007
Capital Markets Technology
Currenex
$564M
Sale to State Street
2007
SaaS / Software
WebClients.net
Acquisition
2006
Underbanked Services
CheckSmart
$180M
Management Buyout
2005
Extended Warranty Servicer
NEW Growth Buyout
$271M
Growth Buyout
2004
E-Commerce
HomeGrocer
Acquisition
2000
Consumer Apps
MapQuest
Acquisition
2000
Consumer Apps
Excite@Home
Acquisition
1999
Ad Tech / Media
NetGravity
Acquisition
1999
Healthcare IT
WebMD
Acquisition
1999
Media / Marketing
PhotoDisc
Acquisition
1996
SaaS / Software
Coupa
Acquisition
2019
Information Technology
HP
Acquisition
2017
Media / Telecom
Cox
Acquisition
2004
Media / Entertainment
Gearbox Software
Acquisition
2020
SaaS / Software
Sparkrock
Acquisition
2020
Tech-Enabled Services
BW Events Tech
Acquisition
2019
Data Analytics
InsideView
Acquisition
2019
HR Tech / SaaS
SocialChorus
Acquisition
2019
SaaS / Software
Sailthru
Acquisition
2018
IT Services / MSP
Trace3
Acquisition
2017
SaaS / Software
Flyte
Acquisition
2016
SaaS / Software
Olapic
Acquisition
2016
SaaS / Software
Quicken
Acquisition
2016
Healthcare IT / Services
Caring.com
Acquisition
2014
Consumer Apps
Ancestry
Acquisition
2012
Asset Management
Astor Investment Management
$20M
Acquisition
2010
Retail Forex Business
Knight Capital
Undisclosed
Strategic Sale to FXCM
2009
Specialty Lending
Urban Financial Group
$25M
Acquisition
2009
Ad Tech / Media
24/7 Media
Acquisition
2007
Consumer Apps
Photobucket
Acquisition
2007
Capital Markets Technology
Currenex
$564M
Sale to State Street
2007
SaaS / Software
WebClients.net
Acquisition
2006
Underbanked Services
CheckSmart
$180M
Management Buyout
2005
Extended Warranty Servicer
NEW Growth Buyout
$271M
Growth Buyout
2004
E-Commerce
HomeGrocer
Acquisition
2000
Consumer Apps
MapQuest
Acquisition
2000
Consumer Apps
Excite@Home
Acquisition
1999
Ad Tech / Media
NetGravity
Acquisition
1999
Healthcare IT
WebMD
Acquisition
1999
Media / Marketing
PhotoDisc
Acquisition
1996
SaaS / Software
Coupa
Acquisition
2019
Information Technology
HP
Acquisition
2017
Media / Telecom
Cox
Acquisition
2004
SaaS / Software
Macromedia
Acquisition
2001
E-Commerce
eBay
Acquisition
1999
Consumer Apps
Excite
Acquisition
1997
Consumer Apps
Baidu
Initial Public Offering
2005
Ad Tech / Media
Focus Media
Initial Public Offering
2005
Travel / Consumer Internet
Trip.com Group
$75M
Initial Public Offering
2003
Ad Tech / Media
aQuantive
Initial Public Offering
2000
E-Commerce
HomeGrocer
$220M
Initial Public Offering
2000
Consumer Apps
Ask
Initial Public Offering
1999
E-Commerce
Drugstore.com
Initial Public Offering
1999
Consumer Apps
FTD
$175M
Initial Public Offering
1999
Consumer Apps
Citysearch
Initial Public Offering
1998
SaaS / Software
Digital River
Initial Public Offering
1998
E-Commerce
eBay
Initial Public Offering
1998
Media
CNET
Initial Public Offering
1996
Consumer Apps
Excite
Initial Public Offering
1996
Media / Marketing
Getty Images
$75M
Initial Public Offering
1996
Consumer Apps
Infoseek
$50M
Initial Public Offering
1996
Media
Gemstar TV Guide
$35M
Initial Public Offering
1992
Travel Tech / SaaS
Mondee
Growth Financing
2019
Online Consumer Lease Finance
FlexShopper Debt
$100M
Debt Raise
2015
Online Consumer Lease Finance
FlexShopper Equity
$9.35M
Equity Raise
2015
Online Mortgage Lending
Privlo
$350M
Debt Raise
2014
Online Consumer Finance
Short-Term Online Lender
$80M
Equity Raise
2012
Insurance Technology
DriveFactor
$2.5M
Growth Equity Investment
2011
Consumer Finance
CreditMax Debt
$5.5M
Debt Raise
2010
Consumer Finance
CreditMax Equity
$2.5M
Growth Equity Investment
2010
Prepaid Debit Card
NexisCard
$1M
Equity Raise
2010
Capital Markets Technology
Pico
$6.5M+
Growth Equity Investment
2010
Financial Technology
Ballista
$12M
Growth Equity Investment
2009
Financial Technology
CashEdge
$32M
Growth Equity Raise
2007
Specialty Lending
Velocity Express
$40M
Growth Equity Investment
2006
Extended Warranty Servicer
NEW Credit Facility
$380M
Senior Secured Credit Facility
2005
Specialty Lending
ResMAE
$25M
Growth Equity Investment
2003
SaaS / Software
Special Committee Advisory
2012
Data Infrastructure
Seagate
Special Committee Advisory
2000
SaaS / Software
Macromedia
Acquisition
2001
E-Commerce
eBay
Acquisition
1999
Consumer Apps
Excite
Acquisition
1997
Consumer Apps
Baidu
Initial Public Offering
2005
Ad Tech / Media
Focus Media
Initial Public Offering
2005
Travel / Consumer Internet
Trip.com Group
$75M
Initial Public Offering
2003
Ad Tech / Media
aQuantive
Initial Public Offering
2000
E-Commerce
HomeGrocer
$220M
Initial Public Offering
2000
Consumer Apps
Ask
Initial Public Offering
1999
E-Commerce
Drugstore.com
Initial Public Offering
1999
Consumer Apps
FTD
$175M
Initial Public Offering
1999
Consumer Apps
Citysearch
Initial Public Offering
1998
SaaS / Software
Digital River
Initial Public Offering
1998
E-Commerce
eBay
Initial Public Offering
1998
Media
CNET
Initial Public Offering
1996
Consumer Apps
Excite
Initial Public Offering
1996
Media / Marketing
Getty Images
$75M
Initial Public Offering
1996
Consumer Apps
Infoseek
$50M
Initial Public Offering
1996
Media
Gemstar TV Guide
$35M
Initial Public Offering
1992
Travel Tech / SaaS
Mondee
Growth Financing
2019
Online Consumer Lease Finance
FlexShopper Debt
$100M
Debt Raise
2015
Online Consumer Lease Finance
FlexShopper Equity
$9.35M
Equity Raise
2015
Online Mortgage Lending
Privlo
$350M
Debt Raise
2014
Online Consumer Finance
Short-Term Online Lender
$80M
Equity Raise
2012
Insurance Technology
DriveFactor
$2.5M
Growth Equity Investment
2011
Consumer Finance
CreditMax Debt
$5.5M
Debt Raise
2010
Consumer Finance
CreditMax Equity
$2.5M
Growth Equity Investment
2010
Prepaid Debit Card
NexisCard
$1M
Equity Raise
2010
Capital Markets Technology
Pico
$6.5M+
Growth Equity Investment
2010
Financial Technology
Ballista
$12M
Growth Equity Investment
2009
Financial Technology
CashEdge
$32M
Growth Equity Raise
2007
Specialty Lending
Velocity Express
$40M
Growth Equity Investment
2006
Extended Warranty Servicer
NEW Credit Facility
$380M
Senior Secured Credit Facility
2005
Specialty Lending
ResMAE
$25M
Growth Equity Investment
2003
SaaS / Software
Special Committee Advisory
2012
Data Infrastructure
Seagate
Special Committee Advisory
2000
Founder & CEO
Paul Inouye
35+ years · Robertson Stephens · Morgan Stanley · Lehman · Perella Weinberg · Moelis
The team
Senior partners,
on every mandate.
Paul Inouye founded Western Hills Partners after 35+ years advising West Coast technology founders through senior roles at Robertson Stephens, Morgan Stanley, Lehman Brothers, Perella Weinberg, and Moelis & Company. He works alongside partners Sasha Grutman, Demetris Papademetriou, and Gambhir Kaushek.
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