Houlihan Lokey Advises eCapital Advisors

Houlihan Lokey is pleased to announce that eCapital Advisors, LLC (eCapital) has been acquired by Thought Logic Consulting LLC (Thought Logic), a portfolio company of Renovus Capital Partners II, LP (Renovus). The transaction closed on September 13, 2024.

eCapital is a leading management consulting firm specializing in advisory and transformation, performance management, data and analytics, and intelligent automation services. Founded in 2001, eCapital delivers enhanced business insights across a diverse range of industries, providing enterprise-grade solutions that empower strategic decision-making. With more than 20 years of experience, the company offers a comprehensive suite of services designed to transform fragmented data into actionable insights for C-Suite leaders. eCapital’s four core service offerings include:

• Advisory and transformation, which focuses on strategic planning, financial forecasting, and predictive analytics, enabling businesses to navigate complex challenges and drive efficiency.
• Performance management, offering expert services in data-driven solutions that enhance operational and financial performance, supported by advanced tools like OneStream and Workday.
• Data and analytics, which provides clients with cutting-edge solutions that integrate business logic, predictive analytics, and streamlined system integration.
• Intelligent automation, focuses on streamlining and automating critical business processes through advanced technologies such as robotic process automation (RPA), AI-driven analytics, and workflow optimization.

The company is a OneStream Diamond Partner, one of the first Incorta partners, and also has expertise in the Oracle, Workday Adaptive, and IBM ecosystems. These partnerships have helped position eCapital as a trusted partner to more than 200 active enterprise clients.

“We were extremely pleased with the process and feel confident that we found the ideal business partner for eCapital’s future. The Houlihan Lokey team provided exceptional guidance every step of the way, always available to answer our questions and offer insights from their experience with similar firms. The process unfolded exactly as they described, and I would highly recommend them to other business leaders,” said Steve Whinnery, Partner and CEO of eCapital.

“Following a thorough evaluation, we decided to put the company up for sale to pursue new opportunities and synergies. To navigate this complex process, we engaged the expertise of Houlihan Lokey, a well-respected M&A advisory firm, known for its comprehensive approach and industry insights. Throughout the sale process, we maintained a strong collaborative relationship with the Houlihan Lokey team, leveraging their market knowledge and strategic guidance to ensure a smooth transition. Their partnership was characterized by open communication and a shared commitment to maximizing value for all stakeholders, leading to eCapital Advisors being acquired by Thought Logic, marking a significant milestone in the strategic growth of both organizations. I am excited about what the future holds with the new partnership with Thought Logic, and I want to highlight that the shared vision and cultural alignment between the two companies made this process an incredible experience. I believe the new organization will enhance our capabilities, enabling us to better serve our clients and drive innovation in digital transformation and financial analytics,” said Lisa David, Partner and CRO of eCapital

Thought Logic is a leading business and technology transformation consulting firm headquartered in Atlanta, Georgia. Since its founding in 2014, Thought Logic has grown into a digital-enabled consultancy, offering a range of people-centric, transformational solutions that help companies navigate complex challenges in areas such as supply chain, finance, data analytics, and technology. Thought Logic’s expertise spans project leadership, business intelligence, and organizational transformation, allowing clients to improve operational efficiency, reduce costs, and accelerate growth. With offices in Atlanta, Richmond, Nashville, and Washington, D.C., Thought Logic continues to expand its geographical footprint, focusing on serving enterprise-level clients across multiple sectors.

Renovus is a private equity firm focused on investing in education, healthcare services, technology services, and professional services businesses. It targets lower-middle-market companies with an EBITDA between $3 million and $15 million. Since its founding in 2010, Renovus has committed over $1.5 billion in capital and completed more than 100 portfolio companies and add-on investments.

“We are very excited to have eCapital and its strong leadership team as part of Thought Logic. Their proven track record of success, strong partnerships, and focus on making their clients successful; all combined with a focus on culture and people, makes for a perfect addition for us. I am excited to work with Steve and Lisa as part of our leadership team. In addition to our partners at Renovus Capital, I appreciate the efforts of Houlihan Lokey to make this transaction happen, as I continue to be impressed with their knowledge of our sector and the talent they bring to the table,” said Keith Roberts, CEO of Thought Logic.

Houlihan Lokey served as the exclusive sellside financial advisor to eCapital.

Houlihan Lokey’s IT Services team is among the most active M&A advisors in the market, having closed 90+ IT services transactions in the past 24 months. This most recent transaction further strengthens Houlihan Lokey’s leadership in the enterprise applications universe and highlights continued momentum and leadership in its core vertical, which includes cloud/data and analytics, digital engineering, enterprise applications, and managed and security services.

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