Client: Intellica Limited
Sector: Pensions and Financial Services
Location: Liverpool, UK
Target Acquired: Cosan Consulting
Transaction Type: Funded Acquisition
Advisors: Logros (Lead Advisor – Brian Higgins, Lee Dinsdale, Sam Pavey), HSBC UK (Debt Provider – Jenny Taylor), Clarke & Son (Legal – Will Anderson, Glenn Skivington), McKeague Morgan (Tax – Terrence Hollywood), Saffery (FDD – Hayley Brightmore-Cox, Erin Berry), Marriott Harrison (Legal for Cosan)
Overview
Intellica is a data and digital consultancy firm supporting UK pension schemes with specialist services including GMP equalisation, data remediation, and pensions dashboard readiness. Initially founded as a pension industry consultancy in 2014 by Brendan Doherty, Intellica transformed in 2020/21 to become a provider of software-based pension advisory solutions, investing heavily in the creation of its software platform, Constellation.
In 2024, the company embarked on its first-ever acquisition: the purchase of Cosan Consulting, a firm known for administration resilience, scheme governance, and its proprietary Cosan Datastore platform. Cosan had also developed an exciting new product ‘Administration Resilience and Mobility’, a software platform to provide fund trustees with the confidence that their scheme’s data is robust and could be transferred to another platform either because of a platform’s insolvency or because the trustees wish to move the scheme.
The transaction was a strategic move to expand Intellica’s service capabilities and footprint within the pensions market, and to add to the existing Constellation software suite with the aim of accelerating the growth in Intellica’s Annual Recurring Revenue income from SaaS revenues.
The transaction was led by Brian Higgins, Lee Dinsdale and Sam Pavey from Logros, who acted as Intellica’s corporate finance advisor and supported the board through each deal stage. Logros played a central role in developing the funding strategy, engaging with multiple lenders and supporting negotiations with both the funder and seller.
Logros’s Role
Initially engaged to assist with acquisition funding, Logros quickly became a key partner in every stage of the process. Intellica’s board had pre-existing relationships with the Cosan owners and as such discussions were direct between the two parties. But acting as a trusted advisor to the board, Logros helped Intellica’s board shape the deal terms and decision-making. The key timeline was driven by the fundraising process and Logros maintained momentum from the initial choice of potential funders through diligence and finally to closing of the transaction.
The Journey
- Engagement:
- Advising the Board on the key terms within the ‘Heads of Agreement’ that formed the basis of the agreed deal;
- Liaising with the lawyers around the legal aspects both of the deal and the requirements of the funder
- Supporting the CFO in financial modelling and funding scenario analysis
- Managing the external diligence process, from introducing the FDD provider through to analysing cash/working capital movements through the deal process to ensure adequate funding levels
- Funding: Engaging with multiple lenders and helping the board assess structures and impact.
- Execution: Assisting in negotiations with both funder and target while coordinating with legal and diligence workstreams.
“This wasn’t just about getting a deal done — it was about helping a first-time acquirer navigate a complex, multi-party process with clarity and confidence.”
Challenges and How They Were Overcome
Intellica’s board had not previously navigated a corporate acquisition, and the management team faced several unfamiliar dynamics:
- Understanding the Funding Landscape: With several funders in the mix, Intellica needed clear insight into how deal structures would impact cash flow, and operational flexibility in reference to financial covenants. Logros provided side-by-side comparisons, coached the board through term sheet implications, and led negotiations with HSBC to secure a funding arrangement that supported both growth and governance.
- First-Time Buyer Confidence: As a first-time acquirer, Intellica’s leadership team was mindful of risk. Logros brought reassurance and momentum, breaking down the process into clearly staged phases, providing structure and removing uncertainty.
- Coordination of Multiple Advisors: From accounting to legal to financial diligence, managing timelines and communication across various professional parties can be complex. Logros played a unifying role, keeping everyone aligned, forestalling issues before they arose, and maintaining a pace that led to a smooth completion.
Skills That Made a Difference
Logros’s ability to deliver value in this deal stemmed from a blend of:
- Commercial Financial Acumen: Translating models into funder- and board-friendly outputs.
- Debt Market Knowledge: Deep understanding of funder expectations, structures, and triggers.
- Negotiation Expertise: Managing subtle negotiations with both buyer and seller to build trust and move through sticking points.
- Clear Communication: Offering the board structured updates and actionable advice to support confident decision-making.
Outcome
The transaction completed successfully with funding secured from HSBC UK and close co-ordination across all advisory teams. The acquisition enhances Intellica’s capabilities and positions them for further strategic growth.
Why This Matters for Other Business Owners
This deal highlights Logros’s ability to help business owners navigate complex, high-stakes decisions — even if they’re acquiring for the first time. From accessing funders to negotiating terms and coordinating advisors, Logros creates clarity, drives progress, and brings the confidence business owners need when pursuing growth through acquisition.
Did you know?
More than half of first-time acquirers underestimate the complexity of deal-making until they are mid-process. Logros bridges this gap by guiding management teams across funding, structuring, diligence, and negotiation — all while maintaining focus on the long-term vision.
Client Testimonial
“As this was our first acquisition, we needed more than just transactional support — we needed someone who could guide us, challenge us, and be a sounding board throughout. Logros did exactly that and more.
What started as a brief to help us raise funding quickly evolved into a full advisory relationship. Logros gave us absolute confidence in navigating the funding landscape — helping us engage multiple lenders, understand the structure and impact of different offers, and ultimately secure the right funding partner for our business.
Their knowledge, commercial acumen, and hands-on support were outstanding. They worked closely with our CFO on the financial model, helped us understand the SPA and negotiate key terms, and guided us through the due diligence process by bringing in trusted FDD partners. They were in the detail when needed, but always focused on the bigger picture.
They earned the trust of our board and felt like an extension of our team throughout. I wouldn’t hesitate to recommend Logros to any business — especially if, like us, you’re navigating your first acquisition and want a partner who genuinely adds value at every stage.”
— Brendan Doherty, CEO, Intellica
Key Insight
This engagement highlights Logros’s ability to act as both a strategic and execution partner — blending funding knowledge, commercial judgement, and board-level support to help businesses successfully complete their first acquisition. Our role is not just to manage a process, but to build confidence, deliver clarity, and unlock value.
Next Steps
Logros will continue to support Intellica to assess future growth opportunities, including further acquisitions, and with long-term strategic planning regarding the shareholder value enhancements in the development of a strong SaaS revenue base.
For more information about how Logros supports entrepreneurial and first-time acquirers, please contact us
