How Strategic Positioning Got Me 5 LOIs | Fenella Boyle's AI Exit Story | Exitwise at Ideas Fest

What does it actually take to generate 5 competing acquisition offers for your company? Fenella Boyle, founder of Versed AI (a Cambridge University spinout in AI-powered supply chain risk), did exactly that. She secured 5 LOIs, navigated two exclusivity agreements, and closed a major exit to Exiger (backed by Carlyle and Insight Partners). She did it without a traditional M&A advisor. And with a newborn. In this talk from Ideas Fest, Fenella joins Exitwise CEO Todd Sullivan to pull back the curtain on her entire exit journey, from the moment she knew it was time to sell to the negotiating tactics that increased her final purchase price by 10% during due diligence. What you'll learn: -Why strategic partnerships aren't just good for revenue. They're what makes acquirers notice you. (50% of Fenella's revenue came through partners, which is exactly what buyers want to see.) -The signals that told Fenella it was time to sell: LLM disruption, a well-funded US competitor, and capital efficiency realities after 11 funding rounds -What 5 LOIs actually look like, and why the structure (cash upfront vs. earn-out/MIP heavy) matters as much as the number -The single most important negotiating insight: "Your point of maximum negotiation is the day before you sign into exclusivity" -How Fenella negotiated her purchase price UP by 10% after her first exclusivity fell through -What happens when your buyer gets acquired mid-deal, and how to recover -The due diligence surprises no one warns you about: contract transferability, international tax exposure, data scraping rights -Why M&A always takes longer than anyone tells you, and why you need runway to survive it -The emotional reality of life after exit, and why more founders struggle with identity loss than they let on About the speakers: Fenella Boyle is the founder and former CEO of Versed AI, a Cambridge University AI spinout that built technology for supply chain risk intelligence. She navigated a full competitive M&A process solo, generating 5 LOIs and closing a successful exit to Exiger. She now advises founders going through their own exits as part of the Exitwise advisor network. Work with Fenella on your exit: https://exitwise.com/founders/fenella... Todd Sullivan is the CEO and co-founder of Exitwise, the only M&A advisory firm that matches business owners with industry-matched exited founders who have sold companies just like theirs. With 100+ advisors and $5B+ in successful exits, Exitwise brings hard-won expertise to every transaction. Learn more: https://exitwise.com Did you attend Ideas Fest? Check out exclusive offers on working with Exitwise: https://offers.exitwise.com/ideasfest/ Video credit: In The Business TIMESTAMPS: 00:00 Introduction and how Exitwise works 02:00 Fenella's background: Versed AI, Cambridge spinout, UBS investor turned founder 05:00 Building strategic partnerships as an acquisition strategy (50% of revenue through partners) 07:30 Deciding it was time to sell: LLM disruption and a well-funded US competitor 09:00 First acquisition interest arrives, June 2023 11:00 Running a competitive process and generating 5 LOIs 13:00 Comparing LOI structures: cash upfront vs. earn-out and MIP heavy deals 15:00 First exclusivity falls through (Fenella gets the call from a hospital bed) 17:00 Exiger enters with a convertible loan note to secure exclusivity 19:00 Investor conflict over which offer to accept 21:00 Due diligence: ISO 27001, tech declared best in class, policies written on the fly 23:00 Negotiating the purchase price up 10% during diligence 23:47 Signing the deal on July 4, 2024 with a six week old baby 27:00 "When did it hit you that it was over?" The emotional reality of closing 28:30 Post-exit identity: still figuring out what to write about on LinkedIn 29:30 Q&A: Was skipping an advisor worth it? 31:00 Todd on advisor fees and ROI 33:00 Tech due diligence: how buyers actually evaluate your code and data architecture 34:00 How long M&A really takes (they told her 3 weeks, it took a year) 34:48 Closing thoughts: find someone who has been in your shoes