Throughout my career, I have had the privilege of managing many types of business, ranging from high-growth start-ups to mature, private equity-backed consolidation groups. I have also had the opportunity to serve customers ranging from SOHO’s to Fortune 500 enterprises. What I’ve come to realize is that what I most enjoy is everything in between—or, in other words—the midmarket.
Over the last two decades, I’ve had the privilege of helping to acquire founder-led businesses. These entrepreneurs had the vision to see a problem and the ambition to build a business around solving it. That initial growth journey—building out a proven product for a niche market—often takes a lifetime, and it’s so incredibly inspiring.
The skillset required to get that first 10 million is often very different from the skillset required for the 10-100 million journey. There’s no insult there, because I’m no founder, and I’ve met plenty of founders with no interest in the midmarket growth journey—which is what I know how to do, and what I’ve come to realize I love to do.
By far, the most rewarding aspect of the job is witnessing the professional development of the people in these businesses. The honor of my career has been mentoring young, sometimes second-generation management teams and unlocking their big ideas.
I also really enjoy the speed of execution that comes with the midmarket growth journey. The companies are still too small for bureaucracy, and the people are deeply loyal and knowledgeable. It’s an environment where small but enlightened teams can achieve tangible results quickly, and where success is extremely personal.
I also love witnessing the impact of growth initiatives—particularly from a customer perspective. Sometimes even simple changes to their service experience or a single product release can have transformative value creation and turn happy customers into true ambassadors.
INDIANAPOLIS, September 19, 2024—Mirador Software Group (Mirador), a family-owned group of midmarket ERP software companies, today announced it received an influx of growth debt capital from Wells Fargo to fuel the group’s continued expansion in the global ERP application software space. Wells Fargo, one of the largest financial institutions in the world, has partnered with the group following substantive growth and a string of acquisitions over the past 15 months.
“We’re thrilled to bring on a world-class institution like Wells Fargo, knowing the firm’s deep experience supporting acquisitive software groups like us,” said Corbin Tognoni, CEO of Mirador. “The credibility, stability and scale they bring to the table will support our growth strategies for decades to come.”
“Mirador and their management team have decades of experience acquiring and operating ERP software companies. Their thoughtful and founder-friendly approach to asset selection and culture differentiates their platform and has positioned Mirador to be a priority partner for management teams looking to monetize, while retaining a strong cultural identity for their employees. The combination of strong execution, paired with a shared focus on human capital and data, positions Mirador to continue to be a strategic partner in the software space,” said Clay Scovill, Wells Fargo Technology Banking Group Relationship Manager.
Mirador was founded to be the best permanent home for specialized ERP software companies at every stage of growth. “I’m energized that the team at Wells recognizes the differentiated nuances of our investment thesis,” said Tognoni. “Unlike private equity fund led leveraged buyouts, our strategy does not include plans for an exit. Our expectation is to acquire highly specialized ERP companies and help them achieve their highest sustainable market share in perpetuity. Our long-term approach to organic growth and value creation for all stakeholders is unprecedented in this space.”
Richard Furby, COO of Mirador, agreed: “Our message is resonating with founders and owners who wish to safeguard their legacies, and ensure their businesses will serve customers and employees indefinitely. Our promise to protect the brand position and unique value proposition of their products is why we’ve been able to close a remarkable number of proprietary deals since the company was founded in May of 2023.”