Code Advisors vs DBO Partners
Comparing two boutique M&A advisors · Last updated April 12, 2025
| Attribute | Code Advisors | DBO Partners |
|---|---|---|
| Type | Tech boutique | Tech boutique |
| HQ | San Francisco, CA | San Francisco, CA |
| Founded | 2010 | 2011 |
| Sector focus | Tech, Internet | Tech, Software, Internet |
| Deal size | $50M-$1B | $100M-$2B |
| Senior team |
|
|
| Rating | Locked | Locked |
| Reviews | 0 verified | 0 verified |
Choosing between Code Advisors and DBO Partners
Code Advisors and DBO Partners both work in Tech, Internet. Founders running a sell-side process in those categories often see both names on their advisor longlist, which is why this comparison comes up. Both firms position themselves as tech boutique advisors, so the choice is less about category and more about pattern recognition, senior attention, and process fit.
Code Advisors is headquartered in San Francisco, CA and was founded in 2010, while DBO Partners operates out of San Francisco, CA and was founded in 2011. Sharing a home market gives both firms similar buyer-side relationship density, so the differentiator tends to be senior attention rather than geography. On deal-size focus, Code Advisors states $50M-$1B while DBO Partners states $100M-$2B. Beyond shared coverage, Code Advisors also reaches into adjacent categories, while DBO Partners extends into Software.
For founders deciding between Code Advisors and DBO Partners, the honest recommendation is to take a working session with each named partner before signing. Read the firm-level reviews on BankerNotes for the pattern that matters most: did the partner who pitched the mandate run the buyer calls and final negotiations, or did the work slide down the org chart by week six. That pattern, more than league-table position, is what separates a good outcome from a mediocre one.
Code Advisors is a tech boutique headquartered in San Francisco, CA and founded in 2010. The firm focuses on Tech, Internet and typically advises on transactions in the $50M-$1B range. Key dealmakers include Rich Wong (F...
DBO Partners is a tech boutique headquartered in San Francisco, CA and founded in 2011. The firm focuses on Tech, Software, Internet and typically advises on transactions in the $100M-$2B range. Key dealmakers include St...
Frequently asked questions
- What is the main difference between Code Advisors and DBO Partners?
- Code Advisors is a tech boutique HQ'd in San Francisco, CA (founded 2010), focused on Tech, Internet, with a typical deal range of $50M-$1B. DBO Partners is a tech boutique HQ'd in San Francisco, CA (founded 2011), focused on Tech, Software, Internet, with a typical deal range of $100M-$2B. Beyond those facts, the most reliable differentiator is senior banker attention, which BankerNotes reviews are designed to surface.
- Which firm has better founder reviews, Code Advisors or DBO Partners?
- Code Advisors's current rating is Locked (reviews unlock after five verified founders submit ratings). DBO Partners's current rating is Locked (reviews unlock after five verified founders submit ratings). Read the individual firm profiles for the full review breakdown.
- Should I shortlist both Code Advisors and DBO Partners?
- For most founders evaluating sell-side advisors with overlapping sector and deal-size fit, putting both on a shortlist is reasonable. The point of a bake-off is to test how the senior team behaves under pressure, how the firm shapes the buyer universe, and how it handles a difficult diligence question. Treat the shortlist as an interview, not a beauty contest.
- How does BankerNotes verify reviews of Code Advisors and DBO Partners?
- Every review is submitted by a founder who confirms they hired the firm as their sell-side advisor. We verify the reviewer privately using work email, LinkedIn, and approximate engagement timing. The verified identity is never published. Only the rating, written review, and a generic sector label appear on the public page.
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Last updated: April 12, 2025