In Romania, M&A is often associated with large corporations and headline-grabbing transactions. In reality, M&A can work extremely well for SMEs too—including in IT—provided there’s a clear process, strong preparation, and, most importantly, strategic alignment between seller and buyer.
This is a short case study on how Adnumus (M&A advisory in Romania) supported Vertical Digital, an IT company based in Oradea, to prepare for a sale and successfully complete a cross-border transaction with Eleco PLC, a UK-listed software group
The reality of SME M&A: it takes time (15 months)
This wasn’t an “overnight” deal. The full journey—from rebuilding readiness to signing and completion—took 15 months.
That timeline is important because it reflects what most founders don’t hear often enough: a successful sell-side process for an SME is not just about finding a buyer. It’s about building investability, running a disciplined process, and keeping business momentum strong throughout.
Phase 1: Restarting preparation and making the company buyer-ready
We began by rebuilding the foundations, because an international buyer doesn’t buy “potential” alone—they buy clarity, evidence, and transferability.
The initial work focused on:
- cleaning up and clarifying the accounts (normalizations, consistency, explanations)
- structuring documentation and building a professional data room
- sharpening the equity story into an investment narrative that resonates with UK/EU buyers
- preparing core M&A materials (teaser, information memorandum, financial pack, structured Q&A)
In short: we helped move Vertical Digital from “a good operational company” to a company ready for due diligence and acquisition.
Phase 2: Reaching out to multiple buyers (and keeping control)
In parallel, we launched a structured outreach to a targeted list of potential buyers—primarily strategic groups—using a controlled process:
- NDAs before sensitive information
- structured management meetings
- a clear timetable and process discipline (so the deal wouldn’t drift)
- comparing offers by price + structure + certainty + strategic fit
This approach resulted in multiple offers on the table, which matters hugely in SME M&A: one buyer means low leverage; multiple credible options means you can choose the best outcome, not just the only one.
Phase 3: Growth during the process (not “pausing” the business)
A key part of this story is that the company didn’t stagnate while preparing for sale.
Even though Vertical Digital was on the smaller side by M&A standards, the M&A process itself helped unlock new momentum: through partnerships, positioning, and commercial discipline, we supported the business in growing by 33% in one year—at a time when the broader IT market was experiencing a downtrend.
That growth changed the dynamics:
- it increased buyer confidence
- strengthened the investment story
- reduced perceived risk
- improved deal quality and negotiation positioning
Why Eleco was the right buyer (not just the highest number)
In a high-quality M&A transaction, “best offer” rarely means “highest price only.” It means the best combination of:
- strategic alignment
- integration capability
- long-term platform potential
- leadership continuity
- international expansion fit
What Vertical Digital needed
Vertical Digital needed a “big brother”—a group that could help accelerate entry into larger, more international markets, provide commercial stability, and offer a platform for scaling beyond local limitations.
What Eleco needed
Eleco needed deeper technical capability and delivery horsepower: a company with strong engineering expertise to help support and manage a large SaaS portfolio and deliver on technical integration and innovation across the group.
This wasn’t a financial-only match. It was a capabilities + platform match.
A strong signal of strategic fit: leadership scaled to group level
One of the clearest indicators of real strategic alignment is what happens to leadership after the deal.
In this case, the CTO of Vertical Digital became the CTO of Eleco PLC—a strong sign that the buyer acquired not only revenue, but also critical expertise and leadership worth scaling at group level.
Following the acquisition, Eleco’s stock reportedly increased by over 30% during that year, reinforcing the market’s positive view of the transaction and the strategic direction.
The takeaway: SME M&A in Romania is absolutely achievable—if it’s built properly
This case demonstrates a practical truth:
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Yes, you can successfully sell an SME in Romania to an international buyer.
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Yes, the process takes time (here: 15 months) and consistent effort.
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Yes, the “right buyer” is the one who fits strategically—not just financially.
For founders, the message is simple: a successful exit is built, not found—through preparation, a structured process, multiple credible options, and a strategic match that makes sense for both sides.
If you’re considering selling an SME in Romania (IT or other sectors), Adnumus can support you with sell-side preparation, targeted buyer outreach (including cross-border), process management, negotiation, and execution through closing
Link for article -https://eleco.com/regulatory/acquisition-of-vertical-digital/
