The desire to work with entrepreneurs is what spurred ICON Corporate Finance associate director Will Cave to move from business marketing into M&A, specialising in tech deals.
Why did you decide to train as an ACA?
I took a degree in business marketing and management at Newcastle University, where I was part of the Entrepreneurial Society. Entrepreneurs and business growth excited me – I was pretty good with numbers and wanted to understand businesses from the bottom up. I knew that knowing the numbers means you can X-ray businesses quickly.
I started in audit at accounting firm SRLV in London. I quickly realised I wanted to work in corporate finance after dipping my toes in finance and networking with peers. The prospect of working on deals and taking a more commercial approach excited me. I moved from SRLV to BDO in the middle of my training contract. I knew there would be corporate finance opportunities at BDO and transferring internally from their audit team would be easier than applying for such positions externally from SRLV’s audit team.
Why did you move to ICON Corporate Finance?
I had been promoted to corporate finance assistant manager at BDO and had moved to Bristol, but I was attracted by both the role and the setup at ICON. The company also appealed because of its track record on closing international tech deals – I saw the business a lot in the trade press. I joined in early 2023. It was a move away from financial due diligence at BDO and into sell-side M&A. I use a lot of the financial skills I’d learned at BDO and SRLV, but now I work closely with technology entrepreneurs all over the world, acting as a trusted adviser to management teams. Nine out of the last 10 deals at ICON have been cross-border, which demonstrates our global reach.
Why have you specialised in tech deals?
I worked on a tech deal that I particularly enjoyed at BDO and asked to work on more tech mandates. From there, my interest in tech snowballed – the more I did, the more I enjoyed it and the more knowledgeable of the sector I became. The tech ecosystem is exceptionally fast moving, and from a corporate finance perspective, it is where a lot of the action is. Even quite lean outfits can be doing really big things. I also like the typical tech management team, which is often made up of tenacious people who operate in a high-risk environment. I find it more interesting than working with less tech-focused businesses.
What is your current role?
I am an investment banking associate director. I do a lot of business development, meeting venture capitalists, private equity houses, funds and prospective clients. Recently I have been giving informal advice on a datatech platform, advising it on how to package itself for an M&A process. I am involved with all the phases of an M&A transaction.
I produce formal pitches and information memorandums, build financial models, craft investor lists for potential acquisitions and present businesses to potential acquirers. In addition, I host management meetings, negotiate terms and advise on the best deal. I also work closely with lawyers to get transactions across the line.
What recent transaction have you worked on?
The latest was a proptech (property technology) deal – the sale of tech tenancy platform The Lettings Hub to Canopy, a platform that enables faster referencing for landlords, tenants and agents. The management team is great. The importance of camaraderie in deals was really apparent – we have a strong relationship with The Lettings Hub team and work well together.
We got a great result for the shareholders with the highest amount ever paid for a UK tech tenancy platform. Through the deal process, we spoke to a lot of the top-tier acquirers in the proptech space. I now have a fantastic network in that area that I’m already leveraging on current deals.
What are your future ambitions?
ICON is growing very fast and I joined at a good time. A nice milestone to reach would be successfully taking a client through early-stage investment rounds, through to helping them exit, realising the value we have built together. Staying as close as I can to the businesses I work with and driving as much value for entrepreneurs is my goal.
