Due diligence for assets that are changing underneath the deal
Why commercial, operational and technology diligence must increasingly test future scenarios rather than validate historical performance.
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M&A strategy
Shape M&A strategy from portfolio rationale and target priorities through diligence, value creation and integration.
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Articles
Integration is where the deal thesis gets tested
How post-merger operating choices, synergy discipline and organizational readiness determine whether expected transaction value reaches performance.
Read articleFocus
Business-model assessment tests whether target economics are structurally credible
The issue is how demand, pricing, customers, competition and cost drivers combine to sustain the target's performance.
Technology diligence tests whether digital capability supports the deal thesis
Architecture, systems, data, cyber exposure and technical debt can materially affect scalability, integration cost and future investment needs.
Strategic challenges
Where does M&A genuinely improve the portfolio?
The challenge is identifying where acquisition changes strategic position faster or better than organic investment, partnership or exit.
How much of the revenue case survives independent commercial scrutiny?
The challenge is separating credible demand from assumptions shaped by management optimism, recent momentum or favorable market conditions.
POV
A long target list usually means the acquisition thesis is still too loose
Good screening should eliminate most companies quickly; selectivity is a sign that strategy is doing its job.
If the acquisition logic cannot be stated simply, the deal may not have one
Complex narratives often hide the absence of a clear reason why ownership should improve enterprise value.
Strategic impact
Portfolio-led M&A makes acquisition priorities more selective and coherent
Clear strategic gaps and timing criteria help leadership pursue transactions that reinforce portfolio direction rather than distract from it.
Commercial diligence makes the revenue thesis more explicit and testable
Independent evidence on customers, markets and competition helps buyers assess growth quality and downside exposure.
What we observe
Target assessments often extrapolate recent growth without testing its underlying cause
Strong historical results can conceal customer concentration, weak differentiation or favorable conditions that may not persist.
Target lists often become long because acquisition criteria remain vague
Broad screening creates activity but little discrimination when strategic fit is described in generic rather than testable terms.