Descartes describes M&A as buying the next-door neighbor. According to Ed Ryan, much of the M&A funnel comes from employees suggesting acquisitions or customers recommending solutions. Can you share your perspective on M&A at Descartes, your experiences, main contributors, and perhaps an example you dealt with, if possible?

When it comes to M&A, it is true that any employee can nominate a company or suggest that a particular company is interesting. Often, we are looking for companies that are closely related or adjacent to what we are already doing. Think of it as a puzzle where the next missing piece is something specific. We ask, "Who does that? What companies handle this?" and explore opportunities. During my tenure, I suggested three or four companies that I thought were a good fit, and two of those were eventually acquired. I was also part of the team that integrated them into the Descartes space.

When you suggested QuestaWeb, realizing it had foreign trade zone capabilities that Descartes lacked, what was the process from there to actually acquiring the company?

When a company is recommended, the corporate development team, led by Ed Gardner, evaluates it. After that, it becomes very quiet because, as a publicly traded company, we must keep things confidential. They assess the financials, ensure the books are solid, and understand the company's earnings since the purchase price is typically an earnings multiple. Once there is an agreement, I am brought back in to delve into my area, such as the product, to evaluate it, talk with customers, and ensure we are getting our money's worth. During this time, every acquisition has a code name to maintain confidentiality. Only a small circle of people know the real name of the company. The majority of people within Descartes learn about it only when the transaction closes and is publicly announced.