Origin Merchant Partners (“Origin”) is pleased to announce it was the Independent Financial Advisor to Softchoice Corporation (“Softchoice” or the “Company”) (TSX:SFTC) on its sale to Worldwide Technologies Holding Co., LLC (“World Wide Technology” or “WWT”).
The two companies have entered into an arrangement agreement (the “Arrangement Agreement”) for Softchoice to be acquired by WWT, via an all-cash transaction (the “Transaction”), which values Softchoice at an enterprise value of approximately C$1.8 billion. Based on the Company’s reported financial results for the trailing twelve months to September 30, 2024, the Consideration values the Company at an EV to Adjusted EBITDA multiple of ~13.2x. This acquisition will add new capabilities to WWT’s software, cloud, cybersecurity, and AI offerings to provide a comprehensive solutions portfolio across the full spectrum of the digital transformation journey.
Birch Hill Equity Partners (“Birch Hill”) and each of the directors and senior officers of the Company, representing approximately 51.3% of the outstanding shares of Softchoice, have entered into voting support agreements under which they have agreed, among other things, to support and to vote all shares held by them in favour of the Transaction. The voting support agreements terminate automatically upon termination of the Arrangement Agreement.
This engagement builds on Origin’s independent advisory practice for large public transactions and the product of our efforts to build on our expertise with leading financial sponsors.
Softchoice Corporation is a Software and Cloud-Focused IT solutions provider that equips organizations to be agile, innovative, and secure, and people to be engaged, connected, and creative at work. They deliver secure, AI-powered cloud and digital workplace solutions supported by advanced software asset management methodology and capabilities.
World Wide Technology Holding Co., LLC, is a global technology solutions provider leading the AI and Digital Revolution, that combines the power of strategy, execution and partnership to accelerate digital transformational outcomes for large public and private organizations around the world. Through its Advanced Technology Center, a collaborative ecosystem of the world’s most advanced hardware and software solutions, WWT helps customers and partners conceptualize, test and validate innovative technology solutions for the best business outcomes and then deploys them at scale through its global warehousing, distribution and integration capabilities.
Deal team: Jim Osler, Artem Krylov, Andrei Rojine, Charlie Pennock
