HomeNewsWorldCisco taps new M&A firm Tidal for $28 billion Splunk deal

Cisco taps new M&A firm Tidal for $28 billion Splunk deal

Based in Palo Alto, California, Tidal Partners was started by technology bankers David Handler and David Neequaye.

September 22, 2023 / 06:52 IST
Cisco taps new M&A firm Tidal for $28 billion Splunk deal

A new mergers and acquisitions advisory firm launched last year by former Centerview Partners dealmakers has scored a big win by advising Cisco Systems on its $28 billion acquisition of cybersecurity firm Splunk.

Based in Palo Alto, California, Tidal Partners was started by technology bankers David Handler and David Neequaye. Their firm, which employs just two dozen people, according to its website, was the sole financial adviser to Cisco, while larger investment banking peers Qatalyst Partners and Morgan Stanley advised Splunk.

While at Centerview, Handler worked closely with Cisco for several years and advised on numerous deals, including Cisco's $5 billion acquisition of NDS Group in 2012 and Cisco's $3.7 billion purchase of AppDynamics in 2017.

"We've known David (Handler) and his partner David (Neequaye) for a very long time. They did a great job for us, and so we've had that relationship for a long time," Cisco CEO Chuck Robbins said in an interview on Thursday.

Tidal's win comes as more technology bankers decide to launch their own firms amid an overall slowdown in dealmaking in the sector. Three former Qatalyst Partners bankers launched a new technology-focused investment banking boutique called AXOM Partners earlier this week, Reuters reported.

Handler and Neequaye helped launch Centerview's technology advisory group in 2008. The group went on to advise other major technology companies, including Cisco, Qualcomm Inc and Twilio.

Since its launch last year, Tidal Partners has advised on transactions, including ServiceNow Inc's acquisition of G2K Group and Bloom Energy's $550 million convertible notes offering.

Handler, who previously worked at UBS Group, sued sued Centerview after his departure over a pay dispute.

Reuters
first published: Sep 22, 2023 06:52 am

Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Subscribe to Tech Newsletters

  • On Saturdays

    Find the best of Al News in one place, specially curated for you every weekend.

  • Daily-Weekdays

    Stay on top of the latest tech trends and biggest startup news.

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347