The Sale of Together Software: How We Used a Bank to Maximize Our Exit

The Sale of Together Software

Transaction Details:

• Company: Together Software
• Vertical: HR Tech
• Founders: Matthew Reeves, Nathan Goldstein
• Transaction Type: Full Sale
• Investor: Absorb Software
• Location: Toronto, Ontario, Canada
• Financial Advisor: Vista Point Advisors

Where Vista Point added the most value was near the end of the process. We got two offers that were in line with our expectations. Without a bank, we might have just taken one of them, but which one?

Because we had multiple strong offers on the table, Miles went back to our preferred buyer and used that dynamic to improve terms. That competitive tension helped push the final outcome meaningfully higher—enough to more than cover the cost of banking fees and to reaffirm our confidence in that preferred buyer.

Origin & Growth

Together Software was co-founded by me and Nathan Goldstein. We met while working at The Boston Consulting Group, a management consulting firm where mentorship and professional development were core parts of their culture. Because we were consultants, we worked with other client organizations and learned that most employees at those companies didn't have the same level of opportunity for mentoring that we did.

In speaking with senior leaders at these organizations, we realized they actually wanted to solve this gap. We had exposure to what world class mentoring looked like and felt that we could bridge the gap for other companies with software. So that's what we set out to do.

We founded Together Software in 2018. Neither Nathan nor I had a technical background, but we just put our heads down and figured out how to build the first version of the product using Google and Stack Overflow. The product was quite janky in the early days, but the fact that people were still willing to buy it was a testament to the market's need for such a solution.

After we acquired our first few customers, we were accepted into a startup accelerator called Y Combinator in 2019, raised our first institutional round, and then things continued to go well. Shortly after that was the COVID-19 pandemic, and for us, the sudden shift to remote work was an accelerant. Companies wanted to be more intentional about mentoring when their employees were no longer meeting at the office.

We saw a hockey stick sort of momentum after that and were growing quite well from 2020 into 2021. We raised a Series A and then continued to grow to about $6 million in ARR when we sold at the end of 2024.

Deciding to Pursue a Transaction

A few things led to our decision to sell. First, we were reaching a scale where we thought buyers would be interested, so it made sense to explore the opportunity. Second, my co-founder and I had some macro concerns—different ones, but both ended up being somewhat prescient.

I was becoming concerned about the rise of AI and what that could mean for B2B SaaS, especially point solutions. If new entrants could develop software more quickly, it might increase competition. Nathan had his own concerns around geopolitical tensions.

From an opportunity standpoint, our business was growing well, was capital efficient, and had strong efficiency metrics. Even though the broader market wasn’t ideal for every company to sell, we felt we were in a golden period for the specific type of business we had built.

For a while, buyers and investors seemed to prioritize growth at all costs. More recently, they still valued growth—but now with a new focus on efficiency. For our specific profile, that shift made it a good time to sell.

Choosing to Work with an Investment Bank

Obviously, it's a pretty important moment for any company and its founders. We decided that trying to manage the company, our personal lives, and a transaction at the same time would be too much. And while banking fees can seem like a lot for a one-time event, it wasn’t hard to see how a bank could move the needle on both process and valuation—well beyond the cost of fees.

There are a few ways they do that. First, even apart from valuation, the process is extremely time-consuming. You still need to run the business and make sure it’s performing well. Having the bank handle materials, modeling, the data room—that took a huge load off our plate. And they’ve done it many times before, so they know how to do it quickly and to a high standard.

We even got feedback—and I consider it feedback for us and Vista Point Advisors—that our data room and materials were the cleanest many of them had ever seen.

It’s also one of the more stressful periods in a founder’s journey. Having someone a bit more emotionally removed is helpful. They can stay level-headed throughout the process and especially in the final hours, pushing buyers and negotiating better outcomes—just like Vista Point did for us.

And finally, having a bank involved signals to buyers that you’re serious, which makes them take you more seriously too.

Choosing to Work with VPA

In the couple of years before running a transaction, we spoke with a fair number of banks—I probably met with seven or eight. In the months leading up to the decision, we asked our four favorites to give formal pitches.

We chose Vista Point for a few reasons. They had very focused experience with our specific market and sales size: companies exiting in the $25M–$250M range. They were based in the Bay Area, which speaks to the origin ethos of the bank and who they work with. They weren't overselling or over promising. And we had a great personality match with Miles, the managing director we worked with. In speaking with him—and with past clients—Vista Point came across as having a high level of integrity.

We did our due diligence and spoke with references that were provided—as well as some back channel references—and Vista Point seemed like the gold standard for companies like ours. Other banks may have been flashier or more aggressive in their pitch, but Vista Point felt like a safe choice to us—and ultimately the right one.

The Process with a Bank

For us, the process went almost exactly like a textbook transaction. I was fairly familiar with the M&A process going in—my fiancée worked in banking, and I went through business school with a lot of friends in the industry—so there weren’t many surprises.

If anything, the surprise was how unsurprising it was, and how closely it followed what Vista Point laid out at the beginning.

Miles explained upfront exactly how we would manage the steps of the process, why we were including some less qualified buyers, how we’d use them to drive leverage, and everything unfolded exactly as he said.

After the deal closed, I told Miles how uncanny it was that everything played out almost exactly how he predicted—timing, dynamics, even which buyers would make it to the end.

And just by having a bank involved—especially one with a strong reputation—buyers didn’t play games. They came in with serious offers. No one tried to lowball us. I think that’s just what happens when you’re represented by a well-regarded bank.

The Outcome

Where Vista Point added the most value was near the end of the process. We got two offers that were in line with our expectations. Without a bank, we might have just taken one of them, but which one?

Because we had multiple strong offers on the table, Miles went back to our preferred buyer and used that dynamic to improve terms. That competitive tension helped push the final outcome meaningfully higher—enough to more than cover the cost of banking fees and to reaffirm our confidence in that preferred buyer.

Overall, we were very happy with the outcome. Vista Point executed the process exactly as promised. They set expectations accurately, executed cleanly, and got us a very fair price for the business.

Founder-to-Founder Advice

The most important thing you can do to sell your business is build a great business in the first place. No bank is going to fix that. And make sure your business is in good shape before starting the process—clean financials and organized data can make a big difference.

On a personal level, try not to have other big life events going on at the same time. It’s already a stressful process—you’ll want to be able to focus.

And I’d absolutely encourage founders to use a bank. In my opinion, you can't go wrong with Vista Point. They’re a good choice—and in our case, the right one.