Analysis & insights
Independent commentary on M&A, asset management, and IT consulting from the Intecracy Ventures team.
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The evolution of earn-out structures in European B2B SaaS M&A: a 2026 perspective
Earn-out provisions have become markedly more common in European tech M&A, driven by the need to bridge valuation gaps in a compressed multiple environment. This analysis explores how these structures…
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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…
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The Evolving Role of ARR Predictability in Enterprise SaaS M&A Valuation
Private SaaS EV/ARR multiples have compressed materially from their late-2021 peak, intensifying the focus on predictable recurring revenue streams as a core driver of enterprise value in M&A transactions. This…
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The evolving role of AI in SaaS valuation multiples: 2026 outlook
AI integration is fundamentally reshaping how SaaS assets are valued, moving beyond traditional revenue multiples to incorporate defensibility and efficiency gains. Shareholders and executives must understand these shifts to optimize…
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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…
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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…
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The Evolving Role of Supervisory Boards in Safeguarding Tech Asset Value Post-M&A
Supervisory boards face increasing pressure to actively preserve and enhance tech asset value after M&A. This requires a shift from traditional oversight to proactive engagement with post-acquisition integration and strategic…
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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…
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The rise of earn-outs in European SaaS M&A: implications for sellers in 2026
Earn-outs are becoming a dominant feature in European SaaS M&A, driven by market uncertainty and valuation gaps. This shift significantly impacts deal structures, risk allocation, and the ultimate capital realization…
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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…
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