A key component of Accusoft’s strategy for growth has been through acquisition. In this episode, Trusted Counsel’s Evelyn Ashley and John Monahon spoke to Jack Berlin, CEO of Accusoft. Accusoft is a leading document and imaging software company based in Tampa, Florida. Founded in 1991 as Pegasus Imaging Corporation, it’s a privately held company that has grown to approximately 160 employees. The company has gone through several acquisitions and now provides a wide array of technology solutions to developers worldwide.
Looking back, the early days for Accusoft, were tough. In fact, two of Jack’s four business partners were gone within the first 18 months of founding the company. When the business plan nearly failed, the company had to reconsider the big picture. In order to stay afloat, it was decided to embark on the acquisition path. Along the way, the brand was reinvented several times, the service side was dissolved and a focus on technology became the number one priority. Jack said, “…by combining into a larger entity we would have more market clout, build a better business and a faster growing business, and lastly a more profitable business under the same roof.” Since their first transaction in 1997, Accusoft has completed multiple acquisitions.
“Out of all of the acquisitions that we did, the 2004 acquisition of TMSSequoia was one of the scariest things I ever did in my life, but in retrospect, it was one of the smartest things I did,” Jack said. His team knew it would be a smart deal. At the time, TMSSequoia was a public company and its history can be summed up as a merger gone bad. It had gone through five presidents in six years and was poorly managed, hence the negotiations for Accusoft were fairly easy. The transaction created major customer extension opportunities and access to top engineers for the company – and made Jack and his executive team understand the value and importance of growth through acquisition.
This was a terrific discussion as Jack walked us through each and every acquisition. During the course of the podcast, CEOs, business owners, and C-level executives will learn:
The acquisition challenges that Accusoft faced
Lessons learned from three deals that actually never closed
Accusoft’s strategy for finding businesses to acquire
Accusoft’s communication strategy regarding employee change management
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