With more than two decades’ experience in the technology industry, Bruno Tourme specialises in mergers and acquisitions (M&A). He tells us why Upliift’s Permanent Equity model is so important for small and mid-size software companies in Europe, for which funding opportunities are often limited.

Spotlight on 

• Europe’s small and mid-size software companies are often founder-owned and struggle to work out what to do next. 

• I am now based in Spain where a new generation of entrepreneur is changing the software landscape. 

• I am not normally interested in sitting on the boards of private equity or finance institutions due to their short-term horizons for the companies they invest in – but made an exception for Upliift. 

• I hope there will be opportunities for me to act as an advisor to the CEOs of Upliift’s portfolio companies. 

In conversation 

What’s your background in technology and investment? 

I’d describe myself largely as a tech guy and began my career in big companies, like AT&T. Then I was lucky enough to meet someone who changed my life, Gideon Gartner, founder of Gartner Group. We co-founded a technology research company called Giga Group, which we later sold to Forrester. I was then approached to work in finance and moved to London, focusing on investment, financing and M&A activity in the tech sector. That’s what I’ve been doing in a number of different guises since 2006. 

 What type of work have you been doing?  

I’ve been working largely in an advisory capacity with software companies in Europe, providing support around financing and M&A. Typically, these companies are small to mid-size, often founder-owned and wanting to work out what to do next. I now commute between London and Barcelona. Spain has a strong tech ecosystem, which is thriving.  

 How does the Spanish software market differ from other parts of Europe? 

A lot of the companies are still family owned, rather than owned by investors. Spain is a smaller market compared to the likes of London, Paris or Berlin but a new generation of entrepreneur is changing things. Barcelona and Madrid are great places to live, with lower labour costs than elsewhere, and they’re attracting people from outside Spain. So, the software ecosystem here is a mix of traditional family-owned companies and firms from outside, including France, the US, Australia and Germany. The family firms in particular have a long-term view of their company future, which is a similar philosophy to that at Upliift. 

 How did you hear about Upliift and its philosophy? 

I reconnected with Phill Robinson, a founder of Boardwave and strategic adviser to Upliift, via a mutual friend. Phill and I got talking about the Spanish market for Boardwave’s network of European software CEOs and founders and this led on to him suggesting I met Alex Myers, Upliift’s CEO and co-founder. Boardwave and Upliift have a partnership designed to create new opportunities for company founders and leaders in Europe. 

 What attracted you to join Upliift as an Advisory Board member?  

I am not normally interested in sitting on the boards of Private Equity or finance institutions due to the short-term horizons they have for the companies they invest in. But Upliift has a different approach and that interests me. To start with, Upliift’s team are from the software sector, rather than being finance people, which is important. They are also European, so understand how the sector works in this region as opposed to being US backed. 

Also, I feel there is limited opportunity for small and mid-size software companies in Europe when it comes to financing growth. There are two funding worlds. First you have the very fast-growing and start-up companies, which attract Venture Capital, and then there are the much bigger companies (typically Private Equity backed) looking for unicorn status. In the middle, are the small and mid-size companies valued from €5-10 million up to €50 million, which fall in between these two funding worlds. The founders might be looking to sell, or they could be interested in staying with the company and being part of its future. That’s what Upliift enables them to do and that’s why I made an exception and joined the Advisory Board. 

 What do you see as your role on the Advisory Board? 

Having worked in finance and deal-related roles for the past 20 or so years, I know a lot of people in the European software space. I want to use that network to bring software businesses to Upliift. I want to help them think about Upliift as the next stage in their development. I spent 14 years in the UK so have a lot of connections there, but I’m also French and now live in Barcelona, so I’ll be operating in all three markets.  

Also, I am looking forward to the opportunities for me to act as an advisor to some of Upliift’s portfolio companies. This might be helping them with their development, in their operations, with management topics, or even supporting an acquisition. Frequently, these companies don’t have the M&A experience needed for that next step, which is where I can help.