Sander den Hartog

"In a previous role as a consultant at KPMG, I came into contact with various software solutions for cost allocations. One of those solutions was CostPerform. When I decided to explore new opportunities after ten years at KPMG, CostPerform asked if I wanted to join as a management member and shareholder. That seemed like a great opportunity, and so in 2018, I enthusiastically began my new life as an entrepreneur.

I saw that while CostPerform was profitable and had an excellent product, the underlying organization could benefit from a professionalization effort; in my opinion, there was still much more to be gained from the company. Bert-Jan, who had been on board as the lead developer for years, shared this vision and saw the opportunities for the future. However, the three original shareholders were in a different phase of life than I was and no longer had the drive and ambition to further develop the company.

Ultimately, we, the five shareholders, decided to see if we could find an investor for CostPerform. The three founders would then be able to make an exit; Bert-Jan and I could then further expand CostPerform based on our own ideas.

We quickly concluded that there is much more involved in such a sales process than we initially thought. For the right guidance in such a delicate process, we turned to Rembrandt M&A. At the beginning, they helped us tremendously in bringing all the necessary information and data to the surface for a good information memorandum.

They also helped us in finding potential investors. I think Bert-Jan and I spoke to about 35 of them, roughly half of which came from Rembrandt's network. Those were incredibly educational conversations; you find out that each investor emphasizes different aspects, and you learn who fits you best.

We decided that a new shareholder should meet four criteria. The price had to be right, of course, but the 'fit' in terms of collaboration also had to be correct. We were also curious about the growth strategy that a shareholder would want to follow. Finally, we wanted to know what plans an investor would have for Bert-Jan and me. Our stake was relatively small at that time, but we wanted to significantly share in the future success of the company.

It turned out to be quite a puzzle to balance those four 'chessboards,' especially since you are dealing with five shareholders with different interests. Eventually, we found two buyers where all four chessboards were balanced: Arches Capital, a network of business angels with enormous operational knowledge, and Pontex Capital, a private equity party with a lot of knowledge about strategic and financing issues. It really feels like we suddenly have a battery of extra employees, a valuable addition.

The role of Rembrandt in this process cannot be underestimated. In a situation with so many different visions and interests, things can sometimes get pretty intense and emotional. It is then reassuring to have a party that constantly holds up a mirror to you: what possible positions are there? And, what is reasonable?

The team at Rembrandt also provided excellent input in setting up a structure where both the departing shareholders and Bert-Jan and I could be satisfied. The founders have now made a financially interesting exit, while we have entered favorably. Together with the new shareholders, we are now looking forward again – exactly as I envisioned it in 2018."

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