We are deliberate about fit, which allows us to move quickly and communicate transparently.
| Parameter | Target | Notes |
|---|---|---|
| Total Revenue | $3M - $100M USD | Our typical range, though we evaluate exceptional businesses outside it. |
| Recurring mix | 50%+ ARR | At least half of revenue must be recurring. SaaS, maintenance contracts, and subscription models all qualify. |
| Profitability | No requirement | We underwrite the business on revenue quality and retention, not current EBITDA. Loss-making businesses are in scope. |
| Business type | Vertical market software | B2B or B2G software purpose-built for a single industry vertical and deeply embedded in mission-critical workflows. |
| Existing Geographies | North America · UK & Ireland Europe · Australia · Brazil |
We're continuously growing into new countries and regions, if a business meets all other criteria we are excited to explore. |
| Special situations | 50% of deals in last 2 years |
Carve-outs, distressed assets, and PE/VC divestitures are all situations we're comfortable underwriting. Bring us the complex ones, we'll give you a simple deal. |