Success Stories


Based in New York City, Defran Systems was a leading developer of case, clinical, and financial management software for human and social services programs.


In spring of 2012, Defran Systems was approached by multiple private equity-backed, strategic buyers expressing an interest in acquiring the company. ST Advisors was introduced to and subsequently retained by Defran for our suite of transaction support services, where we served as an “M&A Coach” and trusted advisor to Defran’s founder and CEO.

Our first order of business was to assist the company in the selection of an investment banker to execute a slightly broader “market check”, the broader process enabling us to help Defran’s management optimize valuation and other key considerations. We subsequently worked alongside the banking team to build the financial model, broaden the list of potential suitors, develop marketing materials, ensure a strong management presentation and help assess term sheets and deal terms. More importantly, as we also had a strong relationship with the acquiring company’s board and management team, ST Advisors provided a “voice of reason” throughout the process, helping each party “get to yes” and reach a mutually satisfying conclusion.


In December 2012, Defran Systems was acquired by Netsmart Technologies, the leading provider of clinical solutions for health and human services organizations nationwide.

"As I navigated the sale of my business, ST Advisors was my trusted guide through the entire process. From the idea stage through close, they assisted with everything including banker selection, creation of the potential buyer short-list, financial modeling, management presentation coaching and negotiations. However, most importantly, ST Advisors was an instrumental asset during the most contentious period of the deal process. I have no doubt that we were able to achieve a successful close because of ST Advisors' involvement and contribution."

– Fran Loshin-Turso

former CEO of Defran Systems

"Ben's knowledge of the industry, and his ability to moderate and serve as the voice of reason during a complex process, proved to be the key to making a difficult transaction come to fruition. Whether a transaction is small or big, experience is critical, and Ben's experience makes all the difference when it comes to bringing two organizations together."

– Mike Valentine

CEO of Netsmart Technologies
(acquired Defran Systems in 2012)

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