Project Clicks – CarData’s sale to Spruce Grove Capital

Scope of Mandate

CarData is a SaaS company providing an easy and cost-effective way to reimburse company employees who use their personal vehicles for work. Their proprietary solution reduces company liability, lightens administrative burden, and generates annual cost savings for its customers. CarData engaged IJW to explore exit opportunities as the company’s CEO and main shareholder was looking to retire.

Situation Overview

IJW canvassed the market globally and brought in interest from strategic and financial acquirers across the world. The mandate was being marketed during the peak of the COVID-19 pandemic, resulting in difficult deal marketing conditions. However, the IJW team was able to leverage its industry relationship and deep subject matter expertise to solicit interest from several buyers.

Client Outcome

The eventual transaction was consummated with a Canadian private equity group that provided our client with the liquidity and exit structure that the main shareholders were looking for, giving them the desired path to eventual retirement.