01 · Research
Overview
The following case studies are drawn from completed transactions. All identifying details, including company names, specific financials, and parties, have been removed. The purpose of these summaries is to illustrate the types of situations, structures, and diligence issues that arise in digital asset M&A transactions across different verticals and deal sizes.
02 · Research
Case Study 01 | SaaS | APAC | $5M - $15M
| Situation | Founder-led B2B SaaS business serving professional services firms. Seeking full exit after 7 years. ARR of approx. $1.8M with 85% gross margin. |
|---|---|
| Structure | 70% cash at close, 20% earnout over 18 months (revenue-based), 10% seller note at 8% p.a. |
| Diligence Issues | Moderate customer concentration (top 3 clients = 38% of ARR). Founder was primary relationship holder for key accounts. Required structured handover plan. |
| Outcome | Closed within 90 days of LOI. Earnout fully achieved at 18 months. Founder retained in a consulting capacity for 12 months post-close. |
03 · Research
Case Study 02 | Fintech Infrastructure | US | $20M - $50M
| Situation | Payments infrastructure business processing transactions for SME merchants. High-volume, low-margin model with strong recurring revenue from platform fees. |
|---|---|
| Structure | 85% cash at close, 15% rollover equity. Buyer was a strategic acquirer seeking to expand into the target's geographic market. |
| Diligence Issues | Regulatory licensing in two jurisdictions required transfer approval. One licence required re-application under the new ownership structure, adding 45 days to the timeline. |
| Outcome | Closed with a 30-day escrow extension to accommodate the licensing transfer. Full consideration paid on close of regulatory approval. |
04 · Research
Case Study 03 | Media / Affiliate | UK | $1M - $5M
| Situation | Affiliate media site in the personal finance vertical. 92% organic traffic. Revenue primarily from affiliate commissions with a small display advertising component. |
|---|---|
| Structure | 100% cash at close. Buyer was a portfolio operator with existing sites in the same vertical. |
| Diligence Issues | High SEO concentration risk: top 5 keywords drove 61% of organic traffic. Google algorithm volatility was flagged as a material risk. Buyer priced this into the multiple. |
| Outcome | Closed at a 3.2x revenue multiple, below initial seller expectations of 4.0x, reflecting the traffic concentration risk. Post-close, buyer successfully diversified traffic sources over 12 months. |
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About the analyst
Joash Boyton
Founder and Managing Director, Acquiry · Melbourne, Australia · Global coverage
Joash Boyton is the Founder and Managing Director of Acquiry, a specialist M&A advisory firm focused on the acquisition and sale of businesses. He executes buy-side and sell-side mandates from USD $1M to $500M across technology, SaaS, fintech, payments, gaming, blockchain and emerging verticals, and is not limited to them. Any sector, any market.