Short perspectives on technology, diligence and value.
Observations from the work we do with investors, acquirers and founders across the lower mid-market.
The refactor trap in the first 100 days
A new owner feels like the moment to tidy the technical mess. It is often the moment it quietly takes over the plan.
Read insightSystems or effort?
On the surface, two very different businesses can look the same. The difference shows up the moment something needs to change.
Read insightThe most useful diligence question is often the simplest
Documents tell a slightly rosier version of the truth. The people running the systems usually know the real one.
Read insightTechnology as the growth enabler
If every increment of revenue requires more headcount, more coordination, or more reconciliation, growth gets expensive quickly.
Read insightWhat a sideways question reveals
Silence. "Should be fine." Or someone leaning in. How a team reacts can tell you as much as any code review.
Read insightAI and the question of defensibility
Everyone talks about post-acquisition AI strategy. Fewer talk about whether AI could erode the moat you have just paid a premium for.
Read insightTechnical debt, in perspective
Debt is inevitable. The useful question is not whether it exists, but whether it creates drag.
Read insightEnterprise systems, Excel reality
The logos in the stack look reassuring. The operational reality often lives somewhere else entirely.
Read insightHidden technology risk in non-tech businesses
Technology that is good enough to run a business day to day is not always good enough to support an investment thesis.
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Technology risk in non-tech businesses.
Many lower mid-market businesses rely on internal systems, workflows, integrations and key people that rarely appear clearly in the CIM - but can materially affect value, scalability and post-acquisition cost.
A practical guide for investors and advisers assessing technology risk outside traditional software companies.