Cisco taps new M&A firm Tidal for $28 billion Splunk deal

NEW YORK, Sept 21 (Reuters) - A new mergers and acquisitions advisory firm launched last year by former Centerview Partners dealmakers has scored a big win by advising Cisco Systems Inc (CSCO.O) on its $28 billion acquisition of cybersecurity firm Splunk Inc (SPLK.O).

Based in Palo Alto, California, Tidal was started by technology bankers David Handler and David Neequaye. Their firm, which employs just two dozen people according to its website, was the sole financial adviser to Cisco, while larger investment banking peers Qatalyst Partners and Morgan Stanley (MS.N) advised Splunk.

While at Centerview, Handler worked closely with Cisco for several years and advised on numerous deals including, Cisco's $5 billion acquisition of NDS Group in 2012 and Cisco's $3.7 billion purchase of AppDynamics in 2017.

"We've known David (Handler) and his partner David (Neequaye) for a very long time, they did a great job for us, and so we've had that relationship for a long time," Cisco CEO Chuck Robbins said in an interview on Thursday.

Tidal's win comes as more technology bankers decide to launch their own firms amid an overall slowdown in dealmaking in the sector. Three former Qatalyst Partners bankers launched a new technology-focused investment banking boutique called AXOM Partners earlier this week, Reuters reported.

Handler and Neequaye helped launch Centerview's technology advisory group in 2008. The group went on to advise other major technology companies including Cisco, Qualcomm Inc (QCOM.O) and Twilio Inc (TWLO.N).

Handler, who previously worked at UBS Group AG (UBSG.S), sued Centerview after his departure over a pay dispute.

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Milana Vinn reports on technology, media, and telecom (TMT) mergers and acquisitions. Her content usually appears in the markets and deals sections of the website. Milana previously worked at GLG and PE Hub, where she spent several years covering TMT deals in private equity. She graduated from CUNY Graduate School of Journalism with Masters in Business Journalism. Contact: 347-463-7957

Anirban Sen is the Editor in Charge for U.S. M&A at Reuters in New York, where he leads the coverage of the biggest deals. After starting with Reuters in Bangalore in 2009, Anirban left in 2013 to work as a technology deals reporter in several leading business news outlets in India, including The Economic Times and Mint. Anirban rejoined Reuters in 2019 as Editor in Charge, Finance to lead a team of reporters, covering everything from investment banking to venture capital. Anirban holds a history degree from Jadavpur University and a post-graduate diploma in journalism from the Indian Institute of Journalism & New Media. Contact:+1 (646) 705 9409