Dec 16, 2022
Dec 16, 2022
'This is how you avoid buying a technological damp squib’ [interview with Jons Janssens]
'This is how you avoid buying a technological damp squib’ [interview with Jons Janssens]
Written by
Written by
Jons Janssens
Jons Janssens
Private Equity
Young, yet refined in their field. The founders of Conway & Co boast an impressive portfolio almost two years after starting their business. In this interview, Jons Janssens talks about the growth strategy of his independent boutique consultancy for digital commerce - a company with technical due diligence as the main focus.
This article originally appeared on the M&A website on December 14, 2022
It’s an inspiring environment, that large building on Amsterdam's Prinsengracht, with many start-up tech companies and renowned law firms, often specialised in M&A and VC. Conway & Co - 'Experts in Digital Commerce' - fits seamlessly into that atmosphere of startups. Co-founder Jons Janssens (40) talks enthusiastically about the route of the company that he founded in April 2021 together with Martin Samsa.
When asked about the added value of Conway & Co in the digital commerce landscape, he says: “We use our experience as executives to assist investors in how they can make their portfolio companies fit for growth through technology. About 70 percent of the companies we assist are private equity investors, but certainly, also venture capital if they have large participation. We specialise in strategic, technical advice for consumer and retail brands. Over the years, we’ve learned that a good retailer is certainly not always a good e-tailer. We try to bring those worlds together.”
Often, the challenge is that management is 'flying blind', says Janssens. “That’s when they call us. First, we decrease the number of KPIs. Typically, fewer KPIs are better as long as they are the right ones. We then advise on the best technology stack for each growth phase with the associated data architecture. This is how we relieve the pain of growth spurts. In the M&A process, we prevent investors from buying a car without an engine, a technological damp squib.”
He continues: “Martin and I walked the walk, we’ve done deep dives in technology, data and strategy for fifteen years. At the beginning of last year, we decided to pool our experience and offer it to investors.”
The world of M&A is not new to Jons. “I sold software company Marvia – which I founded together with partners Steven van Wel and Arnoud Harapport – to PostNL, so I know the drill. What struck me most was that PostNL, a large company, didn’t pay much attention to tech due diligence. When talking about legal, tax and finance, there were sometimes as many as fifteen representatives in the room. But when tech due diligence came up, only one expert showed up. I expected more substance in that area.”
Young, yet refined in their field. The founders of Conway & Co boast an impressive portfolio almost two years after starting their business. In this interview, Jons Janssens talks about the growth strategy of his independent boutique consultancy for digital commerce - a company with technical due diligence as the main focus.
This article originally appeared on the M&A website on December 14, 2022
It’s an inspiring environment, that large building on Amsterdam's Prinsengracht, with many start-up tech companies and renowned law firms, often specialised in M&A and VC. Conway & Co - 'Experts in Digital Commerce' - fits seamlessly into that atmosphere of startups. Co-founder Jons Janssens (40) talks enthusiastically about the route of the company that he founded in April 2021 together with Martin Samsa.
When asked about the added value of Conway & Co in the digital commerce landscape, he says: “We use our experience as executives to assist investors in how they can make their portfolio companies fit for growth through technology. About 70 percent of the companies we assist are private equity investors, but certainly, also venture capital if they have large participation. We specialise in strategic, technical advice for consumer and retail brands. Over the years, we’ve learned that a good retailer is certainly not always a good e-tailer. We try to bring those worlds together.”
Often, the challenge is that management is 'flying blind', says Janssens. “That’s when they call us. First, we decrease the number of KPIs. Typically, fewer KPIs are better as long as they are the right ones. We then advise on the best technology stack for each growth phase with the associated data architecture. This is how we relieve the pain of growth spurts. In the M&A process, we prevent investors from buying a car without an engine, a technological damp squib.”
He continues: “Martin and I walked the walk, we’ve done deep dives in technology, data and strategy for fifteen years. At the beginning of last year, we decided to pool our experience and offer it to investors.”
The world of M&A is not new to Jons. “I sold software company Marvia – which I founded together with partners Steven van Wel and Arnoud Harapport – to PostNL, so I know the drill. What struck me most was that PostNL, a large company, didn’t pay much attention to tech due diligence. When talking about legal, tax and finance, there were sometimes as many as fifteen representatives in the room. But when tech due diligence came up, only one expert showed up. I expected more substance in that area.”
Opening up the black box
Opening up the black box
"We help private equity investors understand the technological state of their business. It’s the technology version of a financial audit, conducted in their own language,” says Janssens. “As a result, clients can keep a cool head and make fact-based decisions as they embark on that path of growth.”
Tech due diligence plays a key role in Conway’s digital counsel and advisory services. “We open that black box and provide investors with the complete picture of both the risks and possible growth potential. We advise them on how to align technology with their operating model of processes and people so that can either go through with an acquisition well-prepared or walk away from it with no regrets. All of this is done in three weeks, from start to finish.”
Jons Janssens explains that during this tech due diligence, he and his team help organisations to understand where to focus and where to invest. “Tech due diligence should be discussed in the boardroom, not in the basement,” is the Conway & Co motto.
Clients such as Vendis Capital and Parcom Capital give glowing reviews on the company's website. Allard Jacobs, Partner Parcom Capital, says: 'Conway & Co created an omnichannel growth strategy for HEMA, which gave us and the Management Team new insights into how we could bring online and offline sales channels together. They delivered an in-depth strategic plan within two weeks, with clear and actionable recommendations.”
"We help private equity investors understand the technological state of their business. It’s the technology version of a financial audit, conducted in their own language,” says Janssens. “As a result, clients can keep a cool head and make fact-based decisions as they embark on that path of growth.”
Tech due diligence plays a key role in Conway’s digital counsel and advisory services. “We open that black box and provide investors with the complete picture of both the risks and possible growth potential. We advise them on how to align technology with their operating model of processes and people so that can either go through with an acquisition well-prepared or walk away from it with no regrets. All of this is done in three weeks, from start to finish.”
Jons Janssens explains that during this tech due diligence, he and his team help organisations to understand where to focus and where to invest. “Tech due diligence should be discussed in the boardroom, not in the basement,” is the Conway & Co motto.
Clients such as Vendis Capital and Parcom Capital give glowing reviews on the company's website. Allard Jacobs, Partner Parcom Capital, says: 'Conway & Co created an omnichannel growth strategy for HEMA, which gave us and the Management Team new insights into how we could bring online and offline sales channels together. They delivered an in-depth strategic plan within two weeks, with clear and actionable recommendations.”
"We help private equity investors understand the technological state of their business. It’s the technology version of a financial audit, conducted in their own language,” says Janssens. “As a result, clients can keep a cool head and make fact-based decisions as they embark on that path of growth.”
Tech due diligence plays a key role in Conway’s digital counsel and advisory services. “We open that black box and provide investors with the complete picture of both the risks and possible growth potential. We advise them on how to align technology with their operating model of processes and people so that can either go through with an acquisition well-prepared or walk away from it with no regrets. All of this is done in three weeks, from start to finish.”
Jons Janssens explains that during this tech due diligence, he and his team help organisations to understand where to focus and where to invest. “Tech due diligence should be discussed in the boardroom, not in the basement,” is the Conway & Co motto.
Clients such as Vendis Capital and Parcom Capital give glowing reviews on the company's website. Allard Jacobs, Partner Parcom Capital, says: 'Conway & Co created an omnichannel growth strategy for HEMA, which gave us and the Management Team new insights into how we could bring online and offline sales channels together. They delivered an in-depth strategic plan within two weeks, with clear and actionable recommendations.”
"We help private equity investors understand the technological state of their business. It’s the technology version of a financial audit, conducted in their own language,” says Janssens. “As a result, clients can keep a cool head and make fact-based decisions as they embark on that path of growth.”
Tech due diligence plays a key role in Conway’s digital counsel and advisory services. “We open that black box and provide investors with the complete picture of both the risks and possible growth potential. We advise them on how to align technology with their operating model of processes and people so that can either go through with an acquisition well-prepared or walk away from it with no regrets. All of this is done in three weeks, from start to finish.”
Jons Janssens explains that during this tech due diligence, he and his team help organisations to understand where to focus and where to invest. “Tech due diligence should be discussed in the boardroom, not in the basement,” is the Conway & Co motto.
Clients such as Vendis Capital and Parcom Capital give glowing reviews on the company's website. Allard Jacobs, Partner Parcom Capital, says: 'Conway & Co created an omnichannel growth strategy for HEMA, which gave us and the Management Team new insights into how we could bring online and offline sales channels together. They delivered an in-depth strategic plan within two weeks, with clear and actionable recommendations.”
Shaping the digital backbone
Shaping the digital backbone
Before starting Conway & Co, Janssens worked as Chief Digital Officer and Chief Innovation Officer. He shaped the 'digital backbone' of eyewear manufacturer Ace & Tate, which then grew from seven to 73 locations in ten countries while expanding to twenty countries online.
“At Conway, Martin focuses on the back-end of businesses, which includes the technology and processes that are essential for success,” Jons explains when asked about the division of tasks within Conway & Co. “I focus on the front-end, so the parts that consumers can see. Our expertise comes together in the digital experience. Together we design the 'technology stack' for companies, which is the sum of all software. In doing so, we mainly look at the opportunities that technology and data offer. “Is the technology stack scalable across all systems?” “Is there legacy software that can become a risk?” and “What needs to be done to grow turnover to 200 million euros plus?”
Before starting Conway & Co, Janssens worked as Chief Digital Officer and Chief Innovation Officer. He shaped the 'digital backbone' of eyewear manufacturer Ace & Tate, which then grew from seven to 73 locations in ten countries while expanding to twenty countries online.
“At Conway, Martin focuses on the back-end of businesses, which includes the technology and processes that are essential for success,” Jons explains when asked about the division of tasks within Conway & Co. “I focus on the front-end, so the parts that consumers can see. Our expertise comes together in the digital experience. Together we design the 'technology stack' for companies, which is the sum of all software. In doing so, we mainly look at the opportunities that technology and data offer. “Is the technology stack scalable across all systems?” “Is there legacy software that can become a risk?” and “What needs to be done to grow turnover to 200 million euros plus?”
How to get out of the technology swamp
How to get out of the technology swamp
Everyone at Conway & Co Jons speaks the language of both business and tech. “We first look at the growth strategy from a business point of view and then advise on how technology can be the engine,” says Janssens. “Sometimes clients get stuck in that technical swamp where they should talk about strategy first. The order is important here, as technology is only a means to an end. It’s people and strategy that make the difference, which means you should always start there.”
Speaking of people and strategy - Conway & Co is definitely on the right track. Jons and Martin hired seven people since February last year, specialising in commerce, strategy and software development. “We’re looking for that link between business experience and technology knowledge. Young and cheap? No, thank you. At the moment, we’re mainly going for seniors. At the same time, we’re looking for ambitious talent that’s ready for a fast learning curve and a lot of responsibility.”
Everyone at Conway & Co Jons speaks the language of both business and tech. “We first look at the growth strategy from a business point of view and then advise on how technology can be the engine,” says Janssens. “Sometimes clients get stuck in that technical swamp where they should talk about strategy first. The order is important here, as technology is only a means to an end. It’s people and strategy that make the difference, which means you should always start there.”
Speaking of people and strategy - Conway & Co is definitely on the right track. Jons and Martin hired seven people since February last year, specialising in commerce, strategy and software development. “We’re looking for that link between business experience and technology knowledge. Young and cheap? No, thank you. At the moment, we’re mainly going for seniors. At the same time, we’re looking for ambitious talent that’s ready for a fast learning curve and a lot of responsibility.”
Dry powder
Dry powder
Jons Janssens has different plans for Conway & Co compared to 'his' Marvia, which was acquired by PostNL. “A buy-out is certainly not our goal, we want to build a strong brand ourselves,” he responds. “We aim to be the boutique consultancy in digital commerce that comes to mind when technical decisions need to be made in the boardroom. Our strength doesn’t lie in size; it lies in the quality of our people and world-class educational content.”
When asked about international expansion, Jons says: “We mainly operate in the Netherlands and Belgium, but our clients always work on an international scale. That's the beauty of digital commerce; you can be a multinational from day one. Growing on a global scale is also our personal ambition. The aim is to have ten cross-functional teams in various European countries by 2024, that target the top 250 e-commerce companies per country, with a turnover of around twenty million euros. Eventually, we want to grow from 35 clients to between 100 and 200 clients.”
Does Jons fear a recession? “Well, I started my company Marvia in the crisis of 2008, so no”, he responds, laughing. “Anti-cyclical growth is possible in the digital world. Opportunities are always there, even in bad weather. In fact, crises offer a different kind of possibility within mergers and acquisitions. Crisis or no crisis, it’s in the Conway DNA to believe in our own success. In the digital world, there’s always work to do. There seems to be enough dry powder still looking for a destination.”
Jons Janssens has different plans for Conway & Co compared to 'his' Marvia, which was acquired by PostNL. “A buy-out is certainly not our goal, we want to build a strong brand ourselves,” he responds. “We aim to be the boutique consultancy in digital commerce that comes to mind when technical decisions need to be made in the boardroom. Our strength doesn’t lie in size; it lies in the quality of our people and world-class educational content.”
When asked about international expansion, Jons says: “We mainly operate in the Netherlands and Belgium, but our clients always work on an international scale. That's the beauty of digital commerce; you can be a multinational from day one. Growing on a global scale is also our personal ambition. The aim is to have ten cross-functional teams in various European countries by 2024, that target the top 250 e-commerce companies per country, with a turnover of around twenty million euros. Eventually, we want to grow from 35 clients to between 100 and 200 clients.”
Does Jons fear a recession? “Well, I started my company Marvia in the crisis of 2008, so no”, he responds, laughing. “Anti-cyclical growth is possible in the digital world. Opportunities are always there, even in bad weather. In fact, crises offer a different kind of possibility within mergers and acquisitions. Crisis or no crisis, it’s in the Conway DNA to believe in our own success. In the digital world, there’s always work to do. There seems to be enough dry powder still looking for a destination.”
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