Adexa was a thriving global provider of AI-driven supply chain and enterprise business planning solutions when its founder and CEO Cyrus Hadavi started to contemplate its sale. Hadavi knew the right buyer could unlock untold opportunities for Adexa’s future, and he wanted to explore the possibilities.
But embarking on the sale process was easier said than done. Adexa’s size and international presence would make for a complicated transaction. He needed to choose the right buyer from a sea of interested parties and the right time to sell. For all that and much more, Marks Baughan served as Adexa’s trusted guide.
An Advisor Who Truly Understood the Business
Hadavi had no shortage of interest from other investment bankers. “I was talking to two or three bankers a week,” he recalled.
But it was Marks Baughan that stood out for several reasons. Hadavi said it came down to deep industry knowledge: “The team at Marks Baughan knew the competition, understood our product, and had direct experience working in our space. That gave me confidence they could communicate our value clearly and position our company for the best acquisition outcome.”
Hadavi had three months of discussions with Marks Baughan’s supply chain experts — mulling timing, potential buyers, and the ultimate vision for the transaction — before formally expressing interest in the marketplace.
A Complex Global Sale — With Plenty of Competition
Adexa’s footprint spanned multiple countries, and “there were many moving parts that needed to be addressed — especially by our bankers,” said Hadavi.
Marks Baughan helped Hadavi understand the range of valuation possibilities, the types of buyers that might be interested, and the strategies for positioning Adexa’s strengths. “They helped me see what the potential was and what the possibilities were,” said Hadavi. “As the process evolved — and it was very dynamic — we were constantly in touch about how to approach the market and manage expectations.”
As interest grew, Marks Baughan actively cultivated additional demand — creating a competitive environment around the deal. Eventually, Eyelit Technologies — a leader in optimized planning, scheduling, and execution systems for manufacturers — emerged as the right buyer.
Marks Baughan spearheaded the negotiations, but the transaction process itself was lengthy, complex, and “everybody was exhausted at some point,” said Hadavi. “That’s when your banker needs to step up and bring life back into the transaction. Marks Baughan did a great job of that.”
The team conducted negotiations “based on the realities of the marketplace as well as my expectations,” he added. “They were a true advisor.”
A Successful Transaction in a Shifting Market
Eyelit’s acquisition of Adexa heralded a critical market shift: compliance imperatives are fundamentally redefining the value of supply chain technology. Strategic acquirers increasingly value supply chain planning software platforms not just for operational efficiency, but also for their ability to create governance infrastructure, traceability architecture, and risk management capabilities that regulatory frameworks now mandate.
Marks Baughan identified this opportunity for Adexa and led the way. “Having a good banker on your side makes a huge difference,” said Hadavi. “Especially with such a complicated transaction, you need to have people you can trust, who you have confidence in, and who you know are doing all the right things.”
“What really mattered was the passion, intellect, and perseverance of the team at Marks Baughan during a convoluted deal,” he added.
Marks Baughan is a global investment banking firm specializing in legal and compliance. We have completed +125 transactions with an aggregate value of +$10 billion. Get in touch with us here.