Add-on Acquisition • Software

Office Depot Acquires BuyerQuest

On February 18, 2021, Office Depot acquired software company BuyerQuest from Argentum Capital Partners and First Analysis

Acquisition Context
  • This is Office Depot’s 1st transaction in the Software sector.
  • This is Office Depot’s 3rd transaction in the United States.
  • This is Office Depot’s 1st transaction in Ohio.

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M&A Deal Summary

Date February 18, 2021
Target BuyerQuest
Sector Software
Buyer(s) Office Depot
Sellers(s) Argentum Capital Partners
First Analysis
Deal Type Add-on Acquisition

Target Company

BuyerQuest

Cleveland, Ohio, United States
BuyerQuest, Inc. is a spend management software and services company, founded on the core belief that the enterprise procurement experience can and should be just as easy as an everyday B2C e-commerce shopping experience. BuyerQuest, Inc. was founded in 2011 and is based in Cleveland, Ohio.
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Buyer Overview 1

Buyer

Office Depot

Boca Raton, Florida, United States

Category Company
Founded 1986
Sector Retail
Revenue 7.0B USD (2024)
DESCRIPTION
Entrance to Office Depot's corporate headquarters in Boca Raton, Florida.
Entrance to Office Depot's corporate headquarters in Boca Raton, Florida.

Office Depot is a retailer and provider of office products and services. The company operating through its direct and indirect subsidiaries, maintains a fully integrated B2B distribution platform of approximately 1,300 stores, an online presence, and thousands of dedicated sales and technical service professionals, all supported by its world-class supply chain facilities and delivery operations. Office Depot was founded in 1986 and is based in Boca Raton, Florida.


Deal Context for Buyer #
Overall 7 of 7
Sector: Software 1 of 1
Type: Add-on Acquisition 7 of 7
State: Ohio 1 of 1
Country: United States 3 of 3
Year: 2021 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-03 CompuCom

Fort Mill, South Carolina, United States

CompuCom is a provider of end-to-end managed workplace services, infrastructure modernization, and digital consulting to enable the digital workplace for enterprise and mid-market organizations. CompuCom was founded in 1987 and is based in Fort Mill, South Carolina.

Buy $1.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-31 CompuCom

Fort Mill, South Carolina, United States

CompuCom is a provider of end-to-end managed workplace services, infrastructure modernization, and digital consulting to enable the digital workplace for enterprise and mid-market organizations. CompuCom was founded in 1987 and is based in Fort Mill, South Carolina.

Sell -

Seller Profiles 2

SELLER

Argentum Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1988
PE ASSETS 400M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Argentum Capital Partners is a private equity firm focused on investing in small to mid-sized companies with proven business models and the ability to become market leaders. Prospective transaction situations include growth capital financing, management buyouts, platform acquisitions, and recapitalization. The firm typically takes minority positions, except in the case of management buyouts. Industry sectors of interest include business services, healthcare, and technology. Argentum generally prefers opportunities located in the Eastern US, but will consider companies across the US. Argentum Capital Partners was formed in 1988 and is based in New York City.


Deal Context for Seller #
Overall 37 of 47
Sector: Software 8 of 9
Type: Add-on Acquisition 26 of 32
State: Ohio 2 of 2
Country: United States 35 of 45
Year: 2021 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-18 Flightdocs

Bonita Springs, Florida, United States

Flightdocs is a provider of cloud-based maintenance, compliance, and inventory management software as a service (SaaS) solutions to the business aviation industry. Flightdocs was formed in 2003 and is based in Bonita Springs, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-23 Impact Analytics

Linthicum, Maryland, United States

Impact Analytics is a provider of AI-driven SaaS solutions for planning & merchandising within the retail industry. Impact Analytics was founded in 2015 and is based in Linthicum, Maryland.

Buy -
SELLER

First Analysis

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Venture Capital Firm
Founded 1981
PE ASSETS 800M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

First Analysis is a financial advisory and investment firm. First Analysis' private equity arm targets investments in growth companies at all stages of development. The Group looks for opportunities based primarily in the US and can commit up to $10 million of equity per transaction. Sectors of particular interest include outsourced services, (business/government services, education, environmental services, healthcare services, marketing services); information technology, (business integration, call centers, healthcare IT, network security, open source, sensor systems, transaction processing); and chemistry enabled businesses (advanced materials, chemicals, healthcare products, polymers, purification). First Analysis was formed in 1981 and is based in Chicago, Illinois.


Deal Context for Seller #
Overall 63 of 73
Sector: Software 9 of 12
Type: Add-on Acquisition 46 of 53
State: Ohio 4 of 5
Country: United States 63 of 72
Year: 2021 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-07 NimbeLink

Plymouth, Minnesota, United States

NimbeLink is an IoT/M2M solutions company that focuses on smart, simple cellular solutions. NimbeLink has created a core set of intellectual properties, products, and services to enable the rapid deployment of complete IoT solutions. Building out from its core product, the Skywire end-device certified modem, the company can deliver everything from the edge to the cloud. NimbeLink was formed in 2013 and is based in Plymouth, Minnesota.

Sell $15M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-14 Waggl

Sausalito, California, United States

Waggl is an employee feedback solution that crowdsources employee comments and ideas in real-time. Waggl’s software platform boosts human connection and enables informed decision-making, rapid alignment, and immediate action. Waggl delivers actionable insights to leaders, ensures that employee voices are heard, and encourages employee engagement through meaningful inclusion and participation in a transparent dialogue. Waggl was founded in 2014 and is based in Sausalito, California.

Sell -