1stDibs.com acquired Design Manager (Franklin Potter Associates, Inc.) for $4.2 million, a transaction completed in May 2019, structured as combination — cash paid at closing plus 1stDibs common stock (including shares deferred to the second anniversary of closing) and deferred contingent consideration.
Design Manager (Franklin Potter Associates, Inc.) operates in Software services — interior-design project management / purchasing / accounting SaaS, is based in United States. Design Manager, operated by Franklin Potter Associates, Inc., is a subscription software platform that gives interior designers project-management, purchasing, and accounting tools. On May 2, 2019 1stDibs acquired 100% of the equity of Franklin Potter Associates and ran Design Manager as a software-services subsidiary alongside its online marketplace, reporting it as one of the company's two reporting units. 1stDibs subsequently divested Design Manager to private-equity firm Performant Capital in June 2022 to concentrate on its core marketplace, auctions, and international expansion.
The acquisition was intended to further enhance the Company's offerings to interior designers, as both the 1stDibs and Design Manager platforms offer tools that are integral to their businesses.
On May 2, 2019, the Company acquired 100% of the outstanding equity of Franklin Potter Associates, Inc. and its subsidiary, doing business as Design Manager, a privately-held company that sells subscriptions to a software solution to interior designers to assist with project management, purchasing, and accounting, for a total purchase consideration of $4.2 million, subject to customary purchase price adjustments.1stDibs.com, Inc. FY2021 Form 10-K, Business Combinations note
Advisory firms were not disclosed for this transaction.