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One of the biggest challenges in M&A is bridging the gap between due diligence and integration. Often treated as separate phases, these critical steps are handled by different teams using various tools and processes, leading to disjointed communication, inefficiency, and costly missteps. In this article, we will discuss the best practices for uniting diligence and integration in M&A, featuring Matt Arsenault, VP of Corporate Development at Jamf, and Camilo Franco, Director of M&A Integration and Operations at Jamf.
“You need a solid synergy and integration plan before you can justify the valuation that you want to pay. So you have setup the idea that due diligence informs integration planning.” - Matt Arsenault
Integration-Led Diligence
At Jamf, the team doesn’t wait for due diligence findings to create their integration plan. Instead, they begin building their integration thesis early—well before an LOI (Letter of Intent) is signed. By aligning due diligence with integration objectives, the team ensures resource allocations and expectations are established from the start.
This approach allows the M&A team to identify risks and synergies early on and fine-tune their integration plan throughout the due diligence process. Start integration planning alongside diligence to create a roadmap for success and prevent surprises after the deal is signed.
"Having a clear report from due diligence helps us know what resource allocations are needed and allows us to plan properly. It also highlights red flags, like when we don't have enough resources for a proper integration." - Camilo Franco
Early Engagement of Cross-Functional Teams
Rather than bringing integration teams into the process at the last minute, Jamf engages cross-functional teams in the pre-LOI stage. This includes key departments like HR, IT, and finance, ensuring they are fully involved in shaping the integration plan from the beginning.
By involving these teams early, Jamf ensures that the people responsible for executing the integration have a solid understanding of the company’s strategic goals.
Centralizing Processes with Technology
A critical factor to success is to use centralized technology to manage the M&A process. Before implementing a single platform, team members used a mix of tools like SharePoint, Confluence, and Dropbox, which resulted in scattered information and inefficiencies. To overcome this, Jamf adopted DealRoom to streamline their operations.
Now, all documents, from due diligence to integration plans, are stored in one place, improving communication and making onboarding faster and more efficient.
Aligning Synergies with Valuation
Jamf integrates synergy considerations directly into their valuation process, which helps create a realistic view of the value that the acquisition will deliver. This ensures the investment case is tied directly to measurable outcomes like go-to-market strategies, operational efficiencies, and product integration.
By taking this approach, they sign fewer LOIs but with greater confidence, knowing they have a well-developed plan to achieve their financial goals.
Fostering Collaboration with Sellers
Collaboration with the seller is another key practice that Jamf emphasizes during the M&A process. By working together with the seller, Jamf is able to co-create an integration plan that both parties buy into. This helps ensure alignment on key objectives, making the transition smoother for both organizations.
In addition, having someone on the seller’s team who can lead integration efforts has proven to be invaluable in making sure the vision and synergies are effectively communicated to both sides.
Creating Accountability Post-Deal
Create accountability to ensure the success of the integration. Hold departments accountable to the integration thesis and synergy targets. This is tracked through detailed scorecards and metrics that measure progress against the original business thesis.