"The owner, Rex, is a talented programmer and has built a great product in an industry with a large TAM," said the buyer. He added, "We built a lot of trust throughout the process, which allowed us to navigate renegotiating the deal structure at one point and also gave us the confidence that we could work well together post-close." The buyer acquired roughly half of the company at close, with an option to acquire a majority share of the business over the next three years.
The buyer initially contacted the owner through Rejigg in January. Their first call took place that same week, and the two parties later signed an LOI in early March. The deal closed on June 1st. "I liked how easy it was to get connected with prospective buyers at the beginning," said Rex Cooper, SmartDraft's owner. "We could easily find a time that worked and schedule meetings through the platform. Keeping those first meetings going through the platform made it very easy, and it was also nice having the freedom to talk directly to the buyer."
Post-close, Rex and his new business partner intend to collaborate to modernize workflows, invest in product development, and build awareness to increase market share. Rex concluded, "Because of this company's size and specialty, I realize this is the exit strategy that makes the most sense for me. I can see that this will be a really exciting choice for the future."
About SmartDraft
Founded in 1989 and based in Van Buren, Arkansas, SmartDraft develops low-cost, comprehensive software for civil engineers, surveyors, land planners, and mapping professionals. SmartDraft provides the engineering community with the tools necessary to create civil engineering plan sets more rapidly and consistently than AutoCAD® and BricsCAD® products straight out of the box. The company's solutions allow its users to spend less time manually creating compliant plan sets and more time focusing on the necessary design information. For more information, visit their website.
About Rejigg
Rejigg is a platform that connects small business owners with qualified acquirers and investors. Using proprietary technology, Rejigg enables buyers and sellers to discover new opportunities, communicate directly with interested parties, and easily schedule introductory calls to explore potential deals. To date, Rejigg has built a marketplace that includes 250+ off-market businesses and has made over 4,000 introductions between small business owners and interested buyers.
Based in San Francisco and venture-backed, Rejigg is simplifying the process of buying and selling small businesses by using technology to eliminate friction during the discovery process, increase transparency, and reduce transaction costs.
Media Contact:
Bobby Jackson
Head of Growth
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760-280-5169
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https://www.prnewswire.com/news-releases/smartdraft-acquired-by-individual-investor-following-introduction-by-rejigg-302228003.html
SOURCE Rejigg
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