Tequity, an M&A advisory firm specializing in global Enterprise B2B Cloud, SaaS, and IT companies, acted as the exclusive financial advisor to eSCRIBE Software Ltd., the leading cloud-based governance and meeting management solution for public sector boards, committees, and councils, in their acquisition by Passageways, the parent company of OnBoard, the leading board management solution for high-performing boards. The strategic acquisition extends OnBoard's market reach for empowering boards and committees across Canada and strengthens eSCRIBE's presence within the United States.
Muneer Hirji, Board Member & Advisor at eSCRIBE shared, “After interviewing a number of M&A advisory firms across North America, we chose to partner with Tequity. That turned out to be a really good decision, as we found their SaaS expertise and wisdom invaluable to us as we went through the various stages of the M&A process.”
The acquisition combines two organizations with complementary experience and expertise: OnBoard provides strength in delivering actionable board intelligence and analytics-based insights coupled with eSCRIBE's strengths in comprehensive public sector meeting management.
"Like every sector, government bodies are undergoing digital transformation and modernizing to meet constituents' expectations," said Paroon Chadha, CEO and co-founder of OnBoard. "With this acquisition, together OnBoard and eSCRIBE can help them meet their challenges, improve decision-making, and provide transparency. We continue to create a future where technology frees boards – of all types – to pursue bold action with strong governance and accountability."
The combined company will give boards and public sector leadership teams the advantages of a secure, collaborative platform that consistently receives high marks for ease of use and positive customer experience. By bringing together these best-in-breed technologies, boards, committees, and councils across the country will have access to a cloud-based system of record for board materials, enabling real-time communication across any device, including time efficiency management and hybrid meeting capabilities.
OnBoard's expertise in supporting the unique board needs of customers in financial, corporate, higher education, professional associations, healthcare, and non-profit sectors will complement eSCRIBE's impressive experience in public sector boards, including municipalities, public administration, and other government agencies. Together the combined company will serve and support more than 3,500 boards and 14,000 subcommittees in more than 30 countries across the globe.
"We're thrilled to join OnBoard and continue the critical work of making meetings and our customers as effective as possible," said Robert Treumann, Founder and CEO of eSCRIBE. "With our complementary offerings, we'll continue to invest in product innovation to successfully empower our customers here in Canada and the United States with the most effective meeting and board management solutions possible."
On working with Tequity, he added “I can’t thank Alex and Anish enough for their support and guidance through this life-changing process not only for the shareholders and myself…but the entire eSCRIBE team whose future never looked brighter. We definitely picked the right team."
"It's a very rare thing to find a company that is so similar to your own in terms of origin story, culture, commitment to customers, and growth opportunities," said Chadha. "This acquisition represents the best-of-breed category leaders coming together to create an unstoppable innovation and deep experience in customer support.
The acquisition builds on a strong year of momentum for OnBoard, including a strategic brand update in April and a $100M growth investment from JMI Equity in June. OnBoard and eSCRIBE remain committed to continuing operations at their respective headquarters of Indianapolis and Markham, Ontario, and plan to proceed with continued hiring plans throughout 2021 and beyond, including the addition of more than 60 new full-time hires to support continued growth.
About eSCRIBE
eSCRIBE is a leading provider of cloud-based meeting management solutions, and the go-to-choice for public sector boards, committees, and councils. eSCRIBE supports the entire meeting lifecycle with comprehensive tools and workflows to improve efficiency and transparency and is compliant with accessibility standards, including American and Canadian disabilities acts and WCAG 2.0. eSCRIBE helps organizations ensure continuity, efficiency, and effectiveness in hybrid public meetings by seamlessly integrating both virtual and physical meeting environments into a single, unified experience. Learn more at escribemeetings.com.
About OnBoard and Passageways
At OnBoard, we believe board meetings should be informed, effective, and uncomplicated. That's why we give boards and leadership teams an elegant solution that simplifies governance. With customers in higher education, non-profit, health care systems, government, and corporate enterprise business, OnBoard is the leading board management provider. Passageways Inc, founded in 2003, is the parent company of OnBoard. Visit onboardmeetings.com for more information.
About Tequity
Tequity assists Enterprise B2B SaaS, Cloud, and IT companies with business growth and exit strategies. Our mission is simple: Achieve the best outcome for our clients. With decades of combined experience as executives, consultants, and owners of software and technology companies, we leverage our deep industry knowledge across tech ecosystems and our relationships with strategic, growth-focused buyers around the globe to drive successful M&A transactions.
