Best Technology Investment Banks (+ How to Find the Right One for Your Exit)

When looking to exit your technology business, you’ll want to work with an investment bank that has recent and relevant experience in selling companies like yours.

• Recent experience helps them understand current market conditions. This includes what multiples buyers have recently paid, which buyers are actively acquiring, and how deal structures are being set up.

• Relevant experience means they’ve represented your specific business model before. Technology is broad. It includes SaaS companies, IT services firms, software development agencies, AI and data analytics platforms, and government contractors.

Further, each sub-sector has unique characteristics that buyers evaluate differently. A SaaS company with recurring revenue needs a different positioning than an IT services firm with project-based contracts. An AI company selling into pharmaceuticals faces different buyer pools than a software development agency with offshore teams.

By working with the right technology investment bank, you can increase the chances of a successful exit. They have the experience and the network needed to help you achieve your ideal exit. That is, help you get the sale price, deal structure, exit timeline, and stewardship that you want.

The problem is that most companies don’t have a good process for finding and evaluating investment banks. They rely on word-of-mouth referrals or searching online.

At Axial, we’ve spent over 14 years collecting proprietary data on hundreds of thousands of M&A transactions. This helps advise you on which investment bank is most likely to be a good fit for your exit. We use key metrics — such as NDAs signed, IOIs issued, and LOIs executed — to gauge an investment bank’s ability to generate real buyer interest, but we also take a close look at the kind of deals the bank has handled.

For example, we worked with a software company that had an offshore team critical to its value. After looking through our network and researching their deal activity, we were able to find an investment bank that had recently closed a similar type of deal.

In this post, we look at:

• How to find the best technology investment bank for your exit. This article shows you how that matching process works through real examples.

• Examples of technology investment banks from Axial’s network. We look at just some of the investment banks within our network and include deals they’ve represented and successfully helped close.

How to Find the Best Technology Investment Bank for Your Exit

Often, business owners choose an investment bank by asking for referrals or researching firms online. But those approaches don’t help you find the best match. Instead, you’re choosing an investment bank because it worked well for someone else or because they market themselves well online.

Finding the right investment bank isn’t about searching a directory or picking names from search results. It requires a consultative process that understands your specific business, your exit goals, and which advisors have actually generated overlapping outcomes for companies like yours.

Rather than providing generic referrals, we analyze each advisor’s transaction history within our network to understand their specific expertise. For technology businesses, this means identifying advisors who understand software industry valuations, have experience with SaaS-specific due diligence requirements, and maintain relationships with buyers who actively acquire tech companies.

We examine factors like the advisor’s experience with businesses of your size, their familiarity with your technology stack or market vertical, and their success rate in closing transactions in your subsector at competitive valuations.

Our evaluation process considers three critical factors:

• Relevant deal experience: We prioritize advisors who have successfully sold tech businesses similar to yours in terms of size, business model, and market. This includes analyzing the total number of relevant deals they’ve completed on Axial, with particular emphasis on transactions from the last 24 months to ensure current market knowledge.
• Down-funnel success: We track each advisor’s ability to convert buyer interest into actual offers. This includes metrics like the number of qualified bids generated per transaction, the percentage of deals that reach the LOI stage, and their success rate in closing transactions once under contract.
• Professionalism and reputation: We consider feedback from both buyers and sellers who have worked with each advisor, including responsiveness scores, communication effectiveness, and overall satisfaction ratings from previous transactions.

Our process starts by pairing you with an Exit Consultant who learns about your business and exit goals. From there, your consultant will leverage Axial’s network of over 3,000 investment banks and M&A advisors to create a shortlist of 3–5 candidates who are specifically qualified to handle your business sale.

Each investment bank on your shortlist will have demonstrated expertise in technology business transactions, proven ability to generate competitive interest, and strong professional reputation within our network. We provide detailed insights about each candidate to help you evaluate your options and prepare for advisor interviews.

Our Exit Consultants have successfully connected business owners with advisors who specialize in understanding software industry dynamics and IT services, including the shift toward private equity interest in the sector and the growing demand from strategic buyers seeking to expand their technology capabilities.

If you’re ready to start the process, schedule your free exit consultation today.

Or keep reading below, where we discuss how we helped different technology companies find the right investment bank for their exit.

Matching Based on Specific Deal Experience: The Offshore Software Development Story

A software company came to Axial with a globally distributed operating model: a U.S.-based leadership team, a substantial offshore engineering organization, and a customer base concentrated in the United States.

The owner wanted an advisor who wouldn’t oversimplify or misrepresent the operating model, but instead could position the offshore team as a strategic advantage tied directly to margins, scalability, and access to specialized talent. In prior conversations with advisors, the offshore component was often treated as an afterthought rather than a component to leverage proactively as part of the story.

Leveraging our network and transaction data, we researched investment banks with firsthand experience selling software businesses built on similar offshore structures. That led us to identify a small group of technology-focused advisors who had successfully represented companies with comparable global delivery models — experience that wasn’t publicly advertised, but was visible through deals managed on Axial.

One firm in particular stood out and was included among the 5 advisors we initially recommended.

After a series of discussions and interviews, the owner ultimately selected this firm, even though their proposed fees were higher and their valuation approach more aggressive than other alternatives under consideration. The decision came down to three factors:

1. Deep understanding of the business model: The advisor demonstrated a nuanced grasp of how the offshore team functioned within the company’s product development and delivery engine, and how that translated into sustainable margins and long-term growth.
2. Clear confidence in buyer selection: Rather than pursuing a broad, unfocused process, the firm articulated a clear view of which buyers would truly value the operating model and why, giving the owner confidence that the right strategic and financial partners were already within reach.
3. Direct, highly relevant deal experience: The advisor had not only sold companies with similar offshore structures, but had completed a transaction in the same offshore region (and even the same country), providing credibility that resonated strongly with the owner.

That combination of experience, buyer insight, and strategic alignment outweighed differences in fees, ultimately giving the owner confidence that the offshore component would be positioned as a core driver of value.

Positioning Determines Advisor Match: Are You an AI Company or a Healthcare Company?

An AI and data analytics company serving the pharmaceutical space came to Axial because they needed help finding an investment bank.

One of the first questions we needed to answer: did the owner see themselves as a pharma company using AI, or an AI company selling into pharma?

If the owner viewed this as a technology play, we needed technology specialists. If they viewed it as healthcare services enabled by technology, we’d recommend healthcare-focused advisors.

Through conversations with the owners, we learned that their vision was to sell to large technology players. While we explained that such large acquisitions are rare for smaller companies, the owner’s technology-focused vision meant they needed advisors with strong technology-buyer networks. Because of that, we recommended four technology specialists and one healthcare specialist.

One of the investment banks we recommended stood out because they had actually done deals with Microsoft and Oracle, aligning perfectly with the owner’s goals.

Helping You Evaluate Investment Bank Claims

A website development agency came to Axial to find an investment bank and had narrowed their options down to two. The problem: both firms told them they “have a bunch of buyers”, but the owner couldn’t tell the difference between the two. They didn’t know how to make the final decision.

We coached the owner on specific questions to ask during their final interviews:

• “Who are your most active acquirers in the network for digital marketing services?”
• “How do you segment buyers by sector, acquisition thesis, deal size?”

We know that if an advisor can answer those questions with specifics, they know their network. Either they’ll admit they don’t track buyers that way, or they’ll explain how they segment their database strategically.

What These Examples Reveal About Axial’s Process

These three stories demonstrate how Axial’s matching process works in practice.

• First, we qualify and educate before making introductions. We’re not simply connecting you with every tech-focused investment bank in our network. We’re understanding your business and clarifying your positioning. This benefits you by ensuring you speak with the right advisors at the right time. It also benefits the advisors — they don’t waste time on companies that aren’t ready or aren’t good fits.

• Second, we use actual deal data, not marketing claims. When we say an investment bank has experience with offshore software teams, we’re not relying on what they say on their website. We saw the deal managed on our platform. When we say an advisor has relationships with large technology acquirers, we’ve seen them close those transactions. This proprietary data is what makes our recommendations more accurate than referrals or search results.

• Third, we help you evaluate investment banks strategically. We don’t just make introductions and disappear. We coach you on which questions to ask during interviews — questions that reveal whether an advisor truly knows their buyer network or is just making generic claims. This helps you distinguish between marketing and actual capability.

Examples of Technology Investment Banks within Axial’s Network

Solganick & Co.

Solganick & Co. has been a member of Axial since 2012.

Founded in 2009, Solganick & Co. is an AI-enabled and data-driven investment bank and M&A advisory firm specializing in software and technology services companies. Its sector coverage includes AI, cloud, cybersecurity, data analytics, digital transformation, and healthcare IT, among others. Offices are located in Dallas and Los Angeles.

Solganick & Co. takes a comprehensive approach to buyer engagement, typically contacting 200–300 potential acquirers per transaction. In one recent deal, this process generated 80 signed NDAs, 16 Indications of Interest, and ultimately eight qualified buyers at the LOI stage — transforming a situation where the seller had only one offer into a competitive bidding environment. The firm’s deal timeline typically ranges from 4–12 months from engagement to close, with an average of 6 months.

In 2023, Solganick served as the exclusive financial advisor to Nextira — an Austin-based Amazon Web Services Premier Services Partner — in its acquisition by Accenture. Nextira leveraged AWS to deliver cloud-native innovation, AI, machine learning, predictive analytics, and immersive experience solutions for clients in the gaming, media, and entertainment sectors. The company’s nearly 70 highly skilled employees joined the Accenture AWS Business Group, a team of more than 20,000 certified professionals.

Some examples of transactions they’ve conducted:

• IT Services, Technology Consulting Services: They advised Pandera Systems in their deal to get acquired by 66 Degrees and Sunstone Partners.
• IT Services, Software and Online Services, Technology Consulting Services: They helped Lone Star Analysis, Inc. secure investment from HCAP Partners.

Peakstone Group

The Peakstone Group has been a member of Axial since 2010.

They specialize in mergers and acquisitions advisory and capital raising for middle-market clients. Their team is made up of senior investment banking professionals and operating executives, all of whom have decades of experience and have executed hundreds of transactions totaling billions of dollars.

Peakstone Group works across a broad range of technology sectors, including application and infrastructure software, financial technology, HR technology, SaaS and enterprise software, cybersecurity, and other tech sectors.

Some examples of transactions they’ve conducted:

• IT services / Online Services / Technology Consulting Services: They advised Digi-Data Corporation in their deal to get acquired by Synchronoss Technologies Inc.
• Enterprise Software and Online Services / IT Services / Software and Online Services: They advised TelNet Worldwide Partners in their deal to get acquired by EdgeConneX.

Revenue Rocket Consulting Group

Revenue Rocket Consulting Group has been a member of Axial since 2021. As of this writing, they’ve closed 17 deals within the Axial network.

Founded over 24 years ago, Revenue Rocket has always been 100% dedicated to IT services firms. This includes custom app developers, app integrators and technology partners, IT-managed service providers (MSPs), and cybersecurity firms.

Revenue Rocket takes a disciplined approach to M&A, often working with clients to strengthen operations before pursuing acquisitions. In one engagement, they helped Motion International — an Oracle professional services firm — improve internal processes, sales strategies, and delivery models before pursuing an international acquisition.

During this preparation phase, Motion’s revenue doubled from $7MM to $14MM, positioning them for a successful acquisition of Oraplus/Equilybra (with offices in Italy, France, and England). Post-acquisition, revenues grew to $22MM, and Motion earned “Oracle Innovator of the Year.”

Revenue Rocket offers tech service CEOs ways to sell, value, or help grow their firms using proven processes, dedicated team members, and technology to grow their business and close deals.

Some examples of transactions they’ve conducted within the Axial network:

• Computer Disaster Recovery Services / Computer Hardware Services: They advised Advantus360 in their deal to get acquired by Integrity360.
• Computer Repair and Maintenance / Information Technology (IT) Infrastructure Services: They advised Southwest MSP in their deal to get acquired by an emerging MSP platform.

Oberon Securities

Oberon Securities has been a member of Axial since 2009.

Oberon Securities is a New York-based boutique investment bank that addresses the financial needs of emerging and mid-size businesses across a broad range of industries. Their company was founded in 2001 by senior professionals who have extensive Wall Street experience in investment banking, venture capital, and research.

Oberon has deep roots in the Technology, Media and Telecommunications (TMT) sector, which was the firm’s initial vertical focus in its early years. With a highly experienced team of professionals, they have successfully delivered financing and strategic solutions to numerous emerging growth, private, and public TMT companies in the middle market. Their long-term involvement in the sector is underscored by an extensive network of financial and strategic relationships worldwide, including a strong track record with cross-border transactions.

Their TMT sub-sector coverage includes communication software, cybersecurity, digital media and internet, data analytics, enterprise software, financial technology, IT software and services, mobile technology, revenue cycle management, telecom infrastructure, and telecom services.

Some examples of transactions they’ve conducted within the Axial network:

• IT Services / Technology Consulting Services: They advised Foresight Technologies in a deal to get acquired by Sela Software Labs.
• Data Processing Services / Information Technology (IT) Infrastructure Services: They advised 360 Market Reach in a deal to get acquired by Leger Marketing.

Excendio Advisors

Excendio Advisors has been a member of Axial since 2020, during which they’ve closed 17 deals within the Axial network.

Excendio is a middle-market M&A advisory firm focused exclusively on IT Services and select Software areas, with 20 years of successful Mergers & Acquisitions experience.

Their focus is working with sellers with revenues in the $5 million to $150 million range or buyers in areas such as: IT Services, Managed Services, Systems Integration, VAR, Software Applications, ERP, Mobility, Collaboration, UC, Cloud Technologies, SaaS, Cybersecurity, Networking, Data Center, Audio-Video, ISP, IT Staffing, Monitoring, Document Management, Digital Marketing and other technology and engineering areas.

Some examples of transactions they’ve conducted within the Axial network:

• Computer and Technology Distributor or Wholesaler / Managed Service Providers: They advised Converged Technology Group of New York in a deal to get acquired by Focus Technology.
• IT Services, Software, and Online Services: They advised IMS Soft & Services in a deal to get acquired by Hostway.

Next Steps: Find the Best Technology Investment Bank For Your Business

Ready to find the right technology investment bank for your exit? Schedule your free Exit Consultation today.

We’ll start by pairing you with an Exit Consultant who learns about your business and exit goals. Then we’ll leverage our network of 3,000+ investment banks and M&A advisors to create a shortlist of 3–5 candidates with recent, relevant deal experience in your sub-sector, proven ability to generate buyer interest, and strong professional reputations.

Frequently Asked Questions

How Long Does it Take to Find a Technology Investment Bank through Axial?

While there is no set-in-stone timeline, in our experience, it takes an average of 3 months from initial consultation to hire an advisor.

Here’s the timeline breakdown:

• 15–20 days: We make introductions to your curated shortlist of 3–5 advisors
• Remaining time: You conduct interviews, review proposals, evaluate fee structures, and make your decision
• Could be faster: If you were working on this full-time, you could complete the process in 45 days. But most owners are running their businesses simultaneously.

The timeline exists because we want you to make an informed decision, not a rushed one. You’re interviewing multiple advisors, comparing their approaches, understanding their buyer networks, and evaluating different fee structures. We work with you during this time to help you ask the right questions, better understand the answers you get, and make an informed decision.

What Types of Technology Companies Does Axial Work With?

At Axial, we’ve helped various technology businesses find an investment bank to handle their exit, including:

• SaaS companies: Typically $5M–$100M+ in ARR, valued on recurring revenue multiples
• IT services firms: Including consulting, managed services, system integration, and government contractors
• Software development companies: Including those with offshore teams, labor arbitrage models, or international operations
• Specialized technology companies: AI platforms, data analytics, cybersecurity, edge computing
• Website development and digital agencies: Companies that blur the line between marketing and tech

While revenue typically ranges from $5M–$100M+, we work with companies outside this range based on their business model and exit goals.

How Much Do Technology Investment Banks Typically Charge?

Here are some fee structures we’ve seen in our network:

Success Fees

• Flat percentage: 3–6% of purchase price
• Sliding scale: Higher percentage for smaller deals, lower for larger deals
• Lehman Formula (5-4-3-2-1): 5% on first $1M, 4% on second $1M, 3% on third, 2% on fourth, 1% on anything above $4M in sale price.

Retainer Fees

• Fixed upfront: $5k–$50k
• Monthly: $5k–$15k per month
• Milestone-based: Payment at specific deal milestones (less common)
• 24% of advisors charge no retainer, only success fees

Tech valuations tend to be higher than other industries, so percentage fees may be lower in absolute terms. But the higher fee can be worth it if it comes with better buyer relationships and higher valuations. Paying 5% on a $12M exit (you net $11.4M) is better than paying 3% on a $9M exit (you net $8.73M).

For example, one software company we were advising chose an investment bank with a 4–6% sliding scale and higher retainer over another investment bank with 3% flat rate and lower retainer. They chose the bank with higher fees because of their confidence in that bank’s buyer network. The owner understood that better buyer relationships justified the higher fee, as it’d likely result in a more premium offer.

What If I’ve Already Received an Offer?

Often, owners will receive an unsolicited offer. This is actually a perfect time to contact Axial. You want to get an investment bank that can help you evaluate that offer and, ideally, create a competitive bidding process where you get more offers to choose from.

You’re not committed to selling just because you received an offer. Get expert guidance on whether it’s worth pursuing and how to maximize your outcome if you decide to proceed.

How Do I Know If Now is the Right Time to Sell, or If I Should Wait?

This is exactly the kind of question your Exit Consultant will help you think through during the initial consultation.

Red flags that suggest waiting:

• Customer contracts renewing in the next 3–6 months (creates uncertainty for buyers)
• Financial performance declining or unstable (wait until metrics stabilize)
• Key customer at risk of churning (address retention before going to market)
• Major product transition in progress (buyers prefer stable product roadmaps)
• Financials are disorganized (spend 2–3 months getting them buyer-ready)

Green lights to proceed:

• Contracts recently renewed successfully
• Financial metrics stable or improving
• Clean story to tell buyers about your business trajectory
• You have 2–3 years of organized financial statements
• No major uncertainties on the immediate horizon

You can learn more in our article on: When to Sell Your Business