Tidal Partners Cisco Lead Advisor
https://www.prnewswire.com/news-releases/cisco-to…
Cisco announces acquisition of Splunk for 28b in Equity Value led by Tidal Partners, the newly formed investment bank out of Centerview Partners. Tidal has only been running for a year and they’ve done a couple other deals (ServiceNow and a financing deal I believe). Impressive to see them getting such a large role on a large deal. Last boutique to do this type of work was DBO Partners. Curious to hear what you guys think of this team and where they are heading.
I would assume high expectations with their top dogs
David Handler handles Cisco
I’m curious if this will be a place that tries to land an exit or if it will be more of a Qatalyst type (not saying they are up their caliber, but using their shop style as a comparison)
Was only a matter of time until they closed a big one. Congrats to the team there, know it’s been a wild journey over the last year.
Refreshing to see a new name in tech m&a hope they’re able to keep it up and gain more traction.
Does anyone have insight on their recruiting process and/or comp? They are really lean so I’m curious if positions past analyst get comped higher than normal
heard top of street if not more
Friend works there and the comp is high but there’s a significant equity portion even at the analyst level which is interesting. Bonuses will of course fluctuate based on the performance of the firm but they seem to be doing well for a lean team.
Friend works there and the comp is high but there’s a significant equity portion even at the analyst level which is interesting. Bonuses will of course fluctuate based on the performance of the firm but they seem to be doing well for a lean team.
Don’t think it’s that deep. Handler really only has the Cisco relationship as his premier megacap one. Rumor (and common sense) says he was working on bringing this together before he left Center view. That’s the reason why he brought Aakrit Kumar over later in the year.
Most of the proceeds will accrue to him and this is his personal payday. More importantly to him none will go to Centerview - who likely bamboozled him out of a few hundred mil.
I don’t think Tidal has really put themselves in a position to meaningfully challenge for tech mandates. It’s Handler milking the large slice of the pie with his few close relationships and probably won’t grow past that.
Why do you think he got bamboozled?
They promised him equity but Handler never got it in writhing. Ultimately his fault but he did get bamboozled
Side note - Aarkrit is a bright and kind fellow, had a chat with him some time back.
Agreed… if they closed a non-Cisco deal of this size I’d be impressed, but my understanding is the reason he had confidence to spin out and start Tidal is he knew he could take the Cisco business with him.
That's a huge fee for a small shop. Expect their recruiting volume to go way up ASAP.
How big is the fee/how to find out these things?
CapIQ will pick it up if its disclosed in a subsequent filing. It hasn't been yet, but any % on a $40B deal is a big fee for a boutique.
think dealogic had it at ~21mm, believe that’s their algo’s estimate tho since it’s not publicly disclosed
They were buy side advisor so their fee won’t be that crazy. Qatalyst is the bank that’s really making a killing on this
Word on the street is that Tidal's fee on this deal was around $25-50mm at best. Definitely not small but not even close to instantly boost them into a top EB status. Plus Cisco is their only megacap relationship. Would be interested to see where they go from here though
I’m sorry but this is the type of comment that drives me nuts on here. If a bank that doesn’t have lending advises a publicly traded firm with a market cap greater than $20B on an acquisition with an EV greater than $5B, they are now an elite boutique. We don’t need tiers - there is a banker there that has respect of the CEO of a very large company and can get an engagement letter signed and a board to sign off on the deal. Period
Um what how? Any rainmaker from a top boutique could spin out and start their own firm taking at least a handful of their relationships with them. Doesn't make them a top boutique instantly.
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