Idris Hassim

Transcript

My name is Idris Hassim, and I co-founded Hiflow with Claire Cano-Houiller. Claire and I met in our final year at HEC Paris in a program called HEC Entrepreneur, and we decided to create the company together right after graduation, at the age of 23. Our business is in automotive logistics. A concrete example: if you buy a vehicle online, we'll deliver it to your home. We have a technology platform that connects automotive professionals who need to move vehicles with professional drivers who will then drive and deliver those vehicles to the end customers. The company has grown gradually, acquiring a significant number of clients in the automotive industry. In 2022, we were contacted by several companies, both clients and partners, who considered our business strategic and wanted to inquire about acquiring a stake in Hiflow. So, we decided to structure a competitive bidding process. From there, we met with several investment banks. We decided to choose IPTP for several reasons. The first was obviously the human fit. These aren't bankers who have spent their entire careers solely in investment banking. They're people who have held positions in companies, particularly in the technology sector. So they find it easier to explain how the process is structured and how to move forward in negotiations than someone who has been in this field their whole life, who might be able to explain it well theoretically but less so practically, and who might not connect with us as much on the business side. It's important to know that the M&A process can last six months, but it can also last a year and a half. Throughout this period, there will be times when entrepreneurs also have to focus on their business, since they need to demonstrate strong results throughout the entire process. The second reason is the references we received. We obviously had the recommendation of our investment fund, which endorsed IPTP, but we also spoke with other entrepreneurs who had been or were currently clients of IPTP, and that reassured us about their approach. The third reason is IPTP's very strong understanding of Hiflow's strategic challenges. We were a company experiencing strong growth but also profitable, and we didn't need cash. This meant we were really looking for the best partner to create a leader in Europe. So, from our perspective, we had time. That means you need to find an investment bank with two key qualities. The first is composure. The second is perseverance. Why composure? That's something I learned during the M&A process — it's a journey that involves a lot of emotion. Sometimes you're on the verge of signing, and then it falls through. Other times, you're very far from a deal at the beginning, and suddenly you're close. You need someone who's used to these ups and downs and who can reassure you throughout the entire process. And that's exactly what we found at IPTP. The second point is perseverance. You need people who never give up, because the process is full of ups and downs. And that's something we also truly found at IPTP. Let me give you a concrete example. We were moving forward with an American company that was very interested and very promising for us. Then, 24 hours later, we learned that the war in Ukraine had started. At that point, many American companies stopped their investments in Europe, which was the case for this particular partner. So you need an investment bank that stays committed, because it's a real blow for us as entrepreneurs — one that demonstrates composure and perseverance to support us emotionally through those phases. What we really appreciated about IPTP is that they found us our lawyer, Jérémy, with whom it went extremely well. And above all, Denis, who led the process, negotiated in exactly the same way we do — whether in our day-to-day work with our teams or with our stakeholders, we always negotiate to find a win-win situation. What I discovered in the M&A process is that the role of an investment banker is actually similar to that of a conductor. There are several different types of professionals involved in a process: a lawyer, business angels, investment funds. And in a competitive process especially, there's a real challenge in ensuring everyone is playing to the same tempo. IPTP listened carefully to our understanding of the key market players and what we were looking for to make this company a leader in Europe. And in fact, we co-developed a strategy together — that was very important to us. Two key factors were essential: first, we needed people who could intellectually teach us a great deal, and we definitely found that. Second, we needed people with whom we felt comfortable and could truly exchange ideas. We learned a lot about how to manage an M&A process and how to foster competition. We found the ideal partner to make Hiflow a leader in Europe. We're very happy with the outcome of this whole process, which, honestly, is very difficult for entrepreneurs. Thanks to IPTP, we had a lot of fun: the pleasure of exchanging ideas, the pleasure of negotiating, and also the pleasure of co-creating something that has led to a result I think we're all very pleased with.