How Finerva supported Innersight’s Founders during their Exit

Innersight is a UK company, founded in 2015 by Oxford graduates Lorenz Berger and Eoin Hyde, joined shortly thereafter by Matt Gibb, another former Oxford PhD student.

The company developed Innersight3D, a software product that allows surgeons to create patient-specific 3D models from medical scans, such as CT or MRI. These three-dimensional representations can then be accessed and interacted with by physicians, via a web link.

Innersight’s surgery planning platform is specifically designed to significantly reduce manual effort in 3D model creation, thereby cutting the cost per model and time to deployment.

In January 2024, Innersight was acquired by German medical device company KARL STORZ for an undisclosed amount.

How Finerva supported Innersight

Innersight approached Finerva when a potential buyer issued their Letter of Intent (amongst other buyers showing interest). From then, to the final days of the successful Exit, Finerva’s leading advisor Myles Treharne provided advice and assisted the Innersight team to manage their M&A transaction.

Myles has over 20 years of M&A experience, as an advisor (EY and Finerva), investment banking (Barclays Capital), and as part of the founding management team at a KKR-backed energy investment business. He is also a Chartered Accountant, a Chartered Tax Advisor and has an MA from the University of Cambridge.

Over the course of the deal, Myles, alongside Finerva’s Founder Adam Brodie, supported Innersight with the evaluation of their commercial options and establishing a strategy to maximise the overall valuation of the business.

The key areas we provided advice surrounded:

• Management of the complex M&A transaction, such as negotiation of The Heads of Terms;
• Help the Founders to understand the buyer’s likely “wants & needs” so they can design a transaction structure that works for all parties;
• Support the Founders with understanding the term sheet in a real-world commercial context so they could decide what was important to them and conduct further discussions with the buyer;
• Work with the appointed lawyers to manage the execution process;
• Preparation of a working capital model for calculating final settlement amounts and purchase price adjustments;
• Communications with the buyer’s M&A team, such as attending and leading calls; and
• Assistance with various post-completion steps after M&A transaction completed. 

Eoin Hyde, Co-Founder of Innersight said:

”Working with Finerva during our Exit has been a fantastic experience and I would highly recommend it for any fast-growth business that is looking for more than just financial or tax support but an expert in the start-ups & scale-ups landscape. Myles and Adam are very knowledgeable and responsive, therefore we always felt assured that any urgent matters will be dealt with quickly.”