What is it really like to be acquired by Jonas? Find out first-hand how one employee found the experience of the Jonas mergers and acquisitions (M&A) process.
When employees of any company first find out they are going to be acquired, it’s no surprise that they might have some concerns about the process. How will things change? Will the acquirer completely take over and strip my company of its unique brand and identity?
We find out what it was like at paygate, a software company specialising in payment processing, that was acquired by Jonas a few years ago. Originally part of a larger group of companies, paygate is a great example of a business that has come to be with Jonas as a result of a carve-out. A carve-out occurs when a larger group wishes to divest themselves of non-core businesses, perhaps to raise capital for other areas of investment. You can read more about the benefits of a carve-out with Jonas in our previous post.
An Insight into paygate’s Story
Chris Turnbull, General Manager of paygate, talked us through his experience when paygate was acquired by Jonas a few years ago. From the off, Chris was involved on the due diligence front and was intrigued by Jonas’ philosophy of “buy and hold forever”. Originally working for a subsidiary of a larger group, Chris mentions that he went from having little contact with senior management to being part of an international software business that is keen to invest and interested in its people.
“Paygate retained its brand and its independence and, while it feels like before, we are making a profit and can tap into the resources – financial and expertise – of Jonas and CSI.”
The acquisition also created numerous opportunities for career development:
“Paygate was a small business but now that it is part of Jonas, I have the option to further my career and the opportunity to take responsibility for other businesses and people.”
From networking with senior managers at the Jonas Software Academy to numerous training opportunities, Chris saw first-hand how Jonas wants businesses to succeed and offers them the tools to support this growth without forcing it upon them.
Kevin Morgan is a Group Leader and Director, with paygate among the 7 businesses he oversees within a larger portfolio. Impressed that paygate’s management team seized every training opportunity that was offered, he also states that “they alsoadopted those of our best practices they felt were best suited – they are free to choose and develop under the Jonas autonomous, multi-brand strategy.”
Like every other business within the Jonas portfolio, paygate experienced the unique ways of Jonas’ mergers and acquisitions process. Whilst retaining their brand and independence, they now have the added resources of Jonas which has opened up a whole host of opportunities for the business and its employees and has allowed both to flourish.
Are you selling a business or representing someone who is selling? Why not contact us at Jonas for a no-obligation chat? Tell us your immediate plans, short-term goals and long-term aspirations. We like to listen but love to learn.