Mandate profile
Digital asset custody infrastructure buyer profile
Buyer profile: a regulated financial institution acquiring institutional custody and wallet infrastructure businesses with proven security and regulated clients.
Qualified custodians, MPC wallet providers and key-management technology vendors are all in scope.
Mandate profile
Why regulated institutions buy custody technology.
- Reference
- AQ-0477
- Sector
- Digital assets
- Region
- Europe, UK, Switzerland, North America
- Last reviewed
Banks, asset managers and market infrastructure providers are moving into digital assets, and custody is the first thing they need. Building secure, regulated custody in-house takes years. Acquiring a proven custodian or wallet infrastructure provider gives an institution the technology, the security record and the team in one step.
This profile covers qualified and regulated custodians, MPC and HSM wallet technology, key management, tokenisation platforms and the policy and governance tooling around them. Businesses with institutional clients, independent security audits and a clean operating record are the core focus.
Buyers here usually keep the product and team intact and offer custody to their own client base. A provider already trusted by funds or fintechs becomes a platform the acquiring institution can scale quickly.
Acquisition criteria
What this buyer is looking for.
Security and trust drive this search. Five factors shape it.
Institutional clients
Banks, asset managers, exchanges or corporates using the platform today.
Security architecture
MPC, HSM or hybrid key management with an independent audit trail.
Regulatory standing
Custody licences or a structure regulated clients can rely on.
Recurring fees
AUC-based or SaaS fees under multi-year contracts.
Integration reach
Connections to exchanges, staking and DeFi venues.
Close, but not an exact match? Tell us anyway.
Share an overview
Target financial profile
The numbers this buyer type works to.
Typical ranges for this profile. Businesses outside a range are still assessed on their overall strength.
- Enterprise value
- US$20M–US$200M
- Assets under custody
- Growing institutional AUC
- Revenue model
- Recurring custody and licence fees
- Security
- SOC 2, ISO 27001 or equivalent
- Typical valuation basis
- Multiple of recurring revenue
- Consideration
- Cash, with retention for core engineers
Deal structure and terms
Structure
Full acquisition, usually as a standalone subsidiary.
Approvals
Regulatory approvals timed with the acquiring institution’s regulator.
Team
Security, cryptography and engineering leads retained with long-term incentives.
Product continuity
Existing client service continues unchanged through integration.
What makes a relevant business
Infrastructure institutions can trust with assets.
What stands out is a long record of protecting client assets.
All of these are welcome
- Custodian or technology vendor
- SaaS or AUC-based pricing
- Profitable or scaling
- VC-backed or founder-led
- Any of the listed regions
Zero-loss record
A clean security history through market stress.
Assets under custody growth
Steady growth in assets held.
Enterprise sales motion
Repeatable wins with regulated institutions.
Certifications
Independent assurance reports renewed on schedule.
Market drivers
What keeps demand strong in institutional custody and wallet infrastructure.
Tokenisation
Tokenised funds, bonds and deposits all need institutional custody.
Bank entry
Clearer rules are bringing banks into digital assets.
Security bar
Institutions only work with audited, proven providers.
How it works
You decide what is shared, and when.
Nothing goes to any buyer automatically. Every step after the first happens only if there is potential fit and you are comfortable going further.
- 1
Share an overview
Send a short, non-confidential summary using the form. Anonymous is fine at this stage.
- 2
Acquiry reviews fit
We compare it with this profile and the buyers we work with, and tell you plainly whether there is a match, usually with a few questions.
- 3
Agree what can be disclosed
If there is potential fit, we agree with you what can be shared, and with whom, before anything moves.
- 4
Detailed discussions
Deeper conversations progress under confidentiality arrangements put in place for that discussion.
Submit an opportunity
Think your business could fit AQ-0477?
Tell us a little about it. A short, non-confidential overview is enough, and you can leave the company name out. We review every submission ourselves and reply directly.
AQ-0477 is a mandate profile, not a named buyer. We match your overview against the buyers we work with and tell you honestly whether there is a fit.
- Reviewed by Acquiry, never sent to any buyer automatically
- Anonymous overviews welcome
- Owners and advisers both welcome
FAQ
Before you send anything.
What does this mandate profile describe?
It sets out what a regulated financial institution looks for in an acquisition: the target profile, deal size, structure and regions shown above.
What is Acquiry’s role?
Acquiry works on the buy side. Profiles like this one set out the criteria acquirers in this segment use to assess targets.
Is a custody licence required?
No. Technology vendors serving licensed institutions are equally in scope.
How is security diligence handled?
Security reviews run under strict confidentiality, with sensitive material shared only in controlled sessions.
Are pure technology vendors in scope?
Yes. MPC, HSM and wallet technology vendors fit alongside licensed custodians.
Does tokenisation software fit?
Yes, where it sits alongside custody or settlement for institutions.
Is a security incident a deal-breaker?
Not necessarily. How it was handled and fixed matters more than the event itself.