We advise software businesses on acquisitions, ownership changes and financing, connecting product fit, recurring revenue and development needs with the right capital structure.
Product value and customer retention
Recurring revenue is valuable when the product continues to solve an important problem. The assessment begins with the customer's workflow, the alternatives available and the practical cost of switching. A subscription may be contractually recurring while usage is weakening or implementation remains incomplete. Product adoption, customer support demands and renewal behaviour help distinguish a durable relationship from one sustained by inertia. The analysis should also separate software revenue from implementation, consulting and other services.
Quality of recurring revenue
Annual recurring revenue should have a consistent definition and reconcile to contracts, billing and recognised revenue. A movement schedule separates new customers, expansion, contraction and churn. Gross retention shows the revenue retained before expansion; net retention also captures changes in spending by existing customers. Both need context by cohort, customer size and product. Growth achieved through heavy discounting, acquisitions or price rises has different implications from broader adoption and repeatable new-customer acquisition.
Business model and technology review
We assess current software economics alongside ongoing product investment needs. We coordinate financial diligence with technical and cybersecurity specialists. The objective is to understand the resources required to maintain reliability, serve customers and deliver the roadmap under a new ownership structure.
- Customer cohorts, renewal concentration, contract terms and usage-based revenue.
- Hosting and support costs, product margins and customer acquisition payback.
- Code ownership, open-source dependencies, cybersecurity, technical debt and key-person risk.
- Product usage, implementation backlogs, service levels and planned development costs.
Product fit and acquisition integration
We assess how an acquisition would strengthen the product offering, customer access or technical capability. We examine product overlap, integration costs, migration requirements and the development roadmap with the relevant specialists. Cross-selling assumptions need evidence of customer demand and commercial capacity. The transaction plan should preserve product reliability, customer support and the people whose knowledge underpins the business.
Financing matched to the development stage
We connect funding needs with measurable product and commercial milestones. Depending on development stage, recurring revenue and cash generation, we assess venture capital, growth equity, private equity, private credit and bank financing through our international network. We compare dilution, investor rights and future funding requirements. Our analysis also considers deferred revenue obligations, capitalised development costs and the effect of slower sales, longer implementation or customer losses.
