Redacted Case Studies
Anonymised summaries of completed transactions. Identifying details have been removed.
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.
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. |
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. |
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. |
Confidentiality Note
All case studies are anonymised. Any resemblance to specific companies or transactions is coincidental. These summaries are provided for illustrative purposes only and do not constitute a representation of past performance.