#Capital raising

The rise of earn-outs in European SaaS M&A: a shareholder's guide

Earn-out provisions have become markedly more common in European tech and SaaS M&A, driven by the need to bridge valuation gaps between buyers and sellers. This guide examines the implications for shareholders, focusing on …

Defense Tech in Europe: From Grants to Private Capital

European defense tech is undergoing a significant funding shift, moving beyond traditional government grants towards attracting private capital. This transition presents both opportunities and challenges for shareholders …

The rising cost of capital: reassessing SaaS valuation multiples in 2026

Private SaaS EV/ARR multiples have compressed materially since the late-2021 peak, signaling a fundamental shift in capital allocation and investor expectations. This re-evaluation necessitates a strategic reassessment of …

Why Recurring Revenue Multiples for Enterprise SaaS Are Diverging from ARR Growth

Private SaaS multiples have compressed materially from their 2021 peak, leading to a disconnect between high ARR growth and lower valuation multiples. This shift necessitates a re-evaluation of value drivers beyond top-line …

EV/Revenue, EV/EBITDA, and DCF: which valuation model fits SaaS

Private SaaS multiples have compressed materially from their 2021 peak, reshaping how earn-outs are structured and intensifying scrutiny on valuation methodologies. Understanding which model best reflects your company's value is …

Earn-out structures in European SaaS M&A: navigating increased buyer caution

Private SaaS multiples have compressed materially from their late-2021 peak, reshaping how earn-outs are structured in European M&A. This shift reflects heightened buyer caution and a greater reliance on future performance to …

Working capital adjustments at closing: a hidden lever in IT deals

Working capital adjustments are often overlooked in IT M&A, yet they can materially impact the final transaction value and cash proceeds for shareholders. Understanding and proactively managing these adjustments is critical …

Earn-out structures in European SaaS M&A: anticipating post-deal value creation

Earn-out provisions have become markedly more common in European tech/SaaS M&A, driven by the need to bridge valuation gaps in a compressed market. This article dissects their structure, implications for shareholders, and the …

Founder Buyout Structures in European SaaS: When They Make Sense

Private SaaS multiples have compressed materially from their late-2021 peak, reshaping deal structures and making founder buyouts a more relevant option for specific scenarios. This analysis explores the strategic utility of …

Building a Financial Model Investors Will Believe

A credible financial model is not merely a forecast; it is a strategic narrative grounded in verifiable assumptions. This article details how shareholders can construct models that withstand investor scrutiny and directly impact …

Why SaaS ARR Multiples Are Diverging From EBITDA Multiples in 2026

The SaaS market is experiencing a notable divergence between ARR and EBITDA multiples, driven by shifts in capital allocation and investor focus on sustainable growth. This trend necessitates a refined approach to valuation and …

SaaS enterprise value multiples: navigating shifts from EV/Revenue to EV/EBITDA in 2026

The SaaS valuation landscape is shifting, with a projected move from revenue-based multiples to EBITDA-based metrics by 2026. This transition reflects increased market maturity and a focus on profitability, impacting shareholder …

Where capital flows in European B2B SaaS in 2026

European B2B SaaS is experiencing a recalibration, with capital increasingly favoring profitability and sustainable growth over hyper-growth at any cost. This shift impacts valuations, deal structures, and the strategic …

Strategic partners as capital sources: Beyond traditional funds

While traditional investment funds remain a primary capital source, strategic partners offer a distinct alternative, often providing not just funding but also market access, operational synergies, and a clearer exit path. This …

Navigating the valuation arbitrage between ARR and EBITDA multiples in mid-market SaaS

The divergence in how Annual Recurring Revenue (ARR) and EBITDA multiples are applied to mid-market SaaS valuations presents a critical arbitrage opportunity and risk for shareholders and investors. Understanding this dynamic is …

Corporate governance in IT companies: when it becomes a barrier

Poorly structured corporate governance in IT companies often directly impacts valuation multiples and deal terms, with 40% of M&A transactions seeing adjustments due to governance-related risks.

Why IT companies are worth less than their founders expect

Founders frequently overestimate the market value of their IT companies, often due to a disconnect between perceived innovation and objective valuation methodologies. This discrepancy impacts deal outcomes, risk assessment, and …

Most common red flags in financial due diligence of IT companies

Financial due diligence for IT companies frequently uncovers issues that materially impact valuation and deal structure. Recognizing these common red flags early is crucial for shareholders and potential buyers.

Raising capital through a strategic partner instead of a fund

For technology companies, securing growth capital often presents a dichotomy between traditional institutional funds and strategic corporate partners. This analysis explores the distinct advantages and implications of pursuing a …

Restructuring an IT holding: when it is necessary, when it is fashionable

IT holding restructurings are increasingly common, driven by market shifts and capital demands. This analysis differentiates between value-driven necessities and trend-following initiatives, focusing on shareholder implications.

GovTech as an investment category: why interest is growing in the EU

Earn-out in IT deals: how to structure to avoid post-closing conflicts

Information memorandum for a tech company: what works in 2026