Sergio Ermacora, Finance Expert in Sarajevo, Bosnia and Herzegovina
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Sergio Ermacora

Verified Expert  in Finance

Finance Expert

Sarajevo, Bosnia and Herzegovina
Toptal Member Since
March 16, 2017

Sergio is an investment banker with 12+ years of experience in complex environments. He has advised company owners and C-level executives on M&A transactions as a partner at RSM International as well as on intellectual property and strategy for high-tech companies like Yahoo, Sony, and Panasonic while at Black Stone IP/Houlihan Lokey. Sergio enjoys freelancing at Toptal to continue working on interesting projects while starting his own company.

Career Highlights

Partner, M&A
RSM International
Senior Financial Analyst
Black Stone IP (Part of Houlihan Lokey)
M&A Director | Head of Research
Ascendant Capital Advisors (Member of IMAP)

Education Highlights

University of Michigan | Coursera
Master of Science
Staffordshire University
Bachelor's Degree
University of Rijeka

Case Studies

Work Experience


2015 - PRESENT
  • Raised angel and seed funding from a corporate venture capital in the automotive industry.
  • Built several investor and pitch decks tailored to different investor types and presentation lengths.
  • Defined and implemented a go-to-market strategy.
  • Conducted market and competition research in the connected car segment.
  • Built a business development list; implemented several partnership agreements.
  • Built a financial model for internal projections and external fundraising efforts.
  • Implemented a 6-month pilot project with an automotive OEM.
Focus areas: Fundraising

Partner, M&A

2013 - PRESENT
RSM International
  • Advised 10+ mid-sized companies and startups in their fundraising efforts with outside investors—including private equity firms, venture capital funds, and angel groups.
  • Created 3-statement integrated financial models and valuations with trading comparables analysis, precedent transactions, discounted cash flow (DCF), and leveraged buyout analyses for acquisitions, divestitures, and joint ventures.
  • Identified hundreds of acquisition targets and potential buyers. Created lists using several tools like Capital IQ and Mergermarket.
  • Built a financial model and presentation, and negotiated a debt restructuring deal valued at more than €30 million.
  • Advised the leading website and classified ads site in the Balkans on the sell-side mandate. The company was eventually sold to Naspers.
  • Performed company, industry, market, and competitor research.
Focus areas: Bank Debt Raises, Private Equity, Venture Funding, Angel/Seed Funding, Fundraising, Debt Restructuring, Project Finance, Corporate Finance, Financial Modeling, Strategy, Mergers & Acquisitions (M&A)

Senior Financial Analyst

2013 - 2016
Black Stone IP (Part of Houlihan Lokey)
  • Created a valuation model and sell-side strategy for the sale of Yahoo's patent portfolio.
  • Helped build the licensing strategy model for HEVC Advance patent pool (includes companies such as Sony, Panasonic, and Dolby).
  • Developed a patent portfolio valuation model and sell-side strategy for a segment of Broadcom's patent portfolio.
  • Developed an intellectual property strategy for Dolby.
  • Identified non-core patents for SAP and assisted with valuation and sell-side advisory.
  • Led the intellectual property strategy and valuation for HID Global.
Focus areas: Pastel, Valuation Modeling, Valuation, Financial Modeling, Three-statement Modeling, Mergers & Acquisitions (M&A), Discounted Cash Flow (DCF), Strategy, Intellectual Property

M&A Director | Head of Research

2010 - 2013
Ascendant Capital Advisors (Member of IMAP)
  • Advised 3 of the largest private security companies in the South Eastern European region in their sell-side mandate with Securitas (valued at more than €30 million).
  • Advised a German automotive company on the buy-side of a regional injection moulding company.
  • Created research memorandums for different industries with a focus on Central Eastern Europe.
  • Created several buy-side and sell-side long lists for international and regional clients.
  • Led the fundraising process (both debt and equity) with a pool of local banks and IFC for a Bosnian automotive company in the total amount of €18 million.
  • Created more than 30 financial models, teasers, and information memorandums for clients.
  • Worked on mandates with a total value of more than USD $500 million.
Focus areas: Valuation Modeling, Valuation, Three-statement Modeling, Private Equity, Venture Funding, Angel/Seed Funding, Fundraising, Project Finance, Pitch Decks, Financial Engineering, Financial Modeling, Strategy, Debt Restructuring, Mergers & Acquisitions (M&A)

M&A Director

2008 - 2010
Prevent DEV
  • Screened several hundred potential acquisitions.
  • Analyzed financials, operations, potential synergies, and conducted interviews with management for more than 20 potential acquisitions.
  • Worked on 9 potential acquisitions, analyzing detailed financials, potential synergies, and negotiated share purchase agreements.
  • Closed 4 acquisitions with a total value of more than USD $100 million and revenues exceeding USD $600 million.
  • Led the team on the acquisition of Eybl International—an Austrian company with revenues exceeding USD $500 million in the automotive sector and more than 10 locations around Europe.
Focus areas: Mergers & Acquisitions (M&A)

Financial Analyst | Portfolio Manager

2006 - 2008
  • Built several financial and valuation models for listed companies including BHTelecom, Hrvatski Telekom, Elektroprivreda BiH, and Sarajevska Pivara.
  • Advised on equity portfolios for different client types ranging from wealthy individuals, and international mutual and hedge funds.
Focus areas: Transaction Advisory, Portfolio Management, Portfolio Analysis, Equity Research
2015 - 2015

Certificate in Successful Negotiation: Essential Strategies and Skills

University of Michigan | Coursera - Online

2005 - 2006

Master of Science in Business Analysis

Staffordshire University - Stoke-on-Trent, UK

2000 - 2004

Bachelor's Degree in Finance

University of Rijeka - Rijeka, Croatia