7 January 2002 Broadview, one of the leading mergers and acquisitions (M&A) advisors in the technology and telecoms sector, is reportedly up for sale. The company has been struggling to cut costs in recent months following the technology spending downturn and subsequent collapse in M&A activity.

According to Broadview research, the number of technology mergers in the first half of 2001 fell by 55% in comparison to the first half of 2000, while the value of the deals plummeted by 82%. In the third quarter of 2001, Broadview advised on just 33 deals against 86 in the same period a year earlier.

In response, Broadview – which has three offices in the US and one in London – laid off a quarter of its staff in November 2001. It also announced that Victor Basta, chairman of Broadview International, would be taking a sabbatical. The company said that the cuts were part of a plan “designed to ensure the competitive strength and long-term success of the firm”.

But according to newspaper reports, Broadview has now appointed US investment bank Lazards to try to find a buyer for the company. The Broadview group, which includes Kennet Capital, the early stage private equity company, and Broadview Capital Partners, a late stage investment company, is expected to be worth in the region of $500million (€558m).