In January, Solomon Partners announced several key leadership appointments, including the hiring of Ian O’Neal as a Partner in the firm’s Technology Group and senior-level promotions. Ian recently sat down with CEO Marc Cooper to discuss his background, current market themes, and what he’s hearing most often from clients.
Ian, tell us about your background and what brought you to Solomon.
I joined earlier this year after spending the past decade focused on the technology sector. My work has centered on software, data analytics, and the broader technology and tech-enabled services sector. The market expects bankers to have specific domain knowledge and expertise within the technology space.
Within software, data and tech-enabled services, my work has centered around businesses providing Governance, Risk and Compliance (GRC) and a broad set of related solutions, along with extensive work around the marketing technology, real estate / property technology (Proptech), and knowledge solutions ecosystems.
I am excited to help expand our presence across these categories. I also was drawn to Solomon’s partnership model – it’s one of the few investment banks where you have both white space to grow your business and a real impact across the firm.
From your perspective, what are acquirers and investors most focused on in today’s market?
Differentiation and defensibility are two key areas that investors are scrutinizing in today’s market. The threat of AI as a disruptor is impacting all sectors, and tech investors are extremely focused on understanding how companies can benefit from AI or face significant disruption. Investors also want to understand how companies are differentiated and what proprietary attributes they may have or lack.
Investors also remain increasingly focused on core fundamentals—retention, growth rate, and profitability. During the pandemic, profitability and strong unit economics were often outweighed by a convincing growth story. That is no longer the case. Generally, investors want companies with a strong qualitative story, balanced fundamentals, and durable – and demonstrated – growth.
Metrics matter, and that’s shaping how clients think about timing, positioning, and value creation.
Artificial Intelligence is dominating headlines and boardroom conversations. How is it influencing the technology landscape and buyer sentiment?
AI comes up in nearly every conversation. What’s interesting is the range of perspectives and the market’s reaction (and in many instances overreaction) to the daily advances of generative AI.
For companies in my core sectors, AI is being assessed as both a threat and an opportunity. Buyers have always placed a premium on “must-have” data and analytics, and AI only amplifies that. The most durable and valuable companies are those viewed as mission-critical and requiring proprietary data—and AI reinforces that model. Conversely, businesses with less proprietary or more commoditized data are facing tougher scrutiny.
Ultimately, buyers are still forming opinions about how AI risk and opportunity should be evaluated, so part of our job is helping clients prepare for that dialogue. It’s a pretty exciting time to be a tech banker!
Where are you seeing the most activity across the technology ecosystem? Are we nearing the end of this innovation cycle?
Not at all from my vantage point. Technology reinvents itself constantly—that’s what makes this industry so energizing. Twenty years ago, I never imagined I’d drive a car that processes millions of data bytes and essentially drives itself. I never imagined I’d use a tool like ChatGPT to help me prepare for a meeting in seconds instead of hours.
AI is, of course, drawing an outsized share of attention. But buyers aren’t just backing foundational models like ChatGPT or Anthropic—they’re backing the tools built on top of those models; the ones you and I will actually use. That’s where I expect we’ll see consolidation and rapid evolution.
Large incumbents will need to stay vigilant, because the pace of innovation creates classic opportunities for disruptors. That dynamic is only accelerating.
What risks or red flags tend to surface during due diligence in this space?
The biggest risk I see right now—especially in the context of AI—is understanding whether AI represents a threat or an opportunity for a given business. Deal teams and investment committees are spending a lot of time on that question.
Our role is to help clients anticipate that scrutiny. We dig in early to understand how real the risk is, how defensible the business model remains, and how effectively the company can leverage AI across its portfolio. Because the market is evolving so quickly, buyers are still calibrating their frameworks, and thoughtful diligence is essential.
Beyond AI, what themes are surfacing most often in your conversations with clients?
The number one topic is the market itself—specifically, the volatility we are seeing in the public markets and how that factors into M&A activity, private company valuations, and exit timing. Over the past few quarters, we’ve started to see real green shoots: improving volume, stronger appetite, and more constructive buyer engagement.
Clients are asking how the next six to 12 months might unfold as they evaluate exits, recapitalizations, or broader liquidity events. That’s the strategic question on everyone’s mind right now.
Visit Solomon’s Technology Group to learn more.
