Revenue due diligence for software investors

Commercial due diligence covers the market. Someone needs to cover the engine.

A standard commercial report tells you the market is growing and customers rate the product. That's useful. But the plan you're underwriting depends on things inside the business. Is the pipeline real? Can the reps carry the quota? Are discounts leaking margin? Are the contracts already signed paying what they should?

Those questions fall between advisers. Financial diligence checks the ARR and legal reviews the clauses. The strategy house sizes the market. Nobody rebuilds the forecast from the company's own conversion rates, or counts the contractual price rises that were never applied.

That's the work we do.

For PE investors: before you sign, and after you close

Red flag screen (5 to 7 working days)

For use before exclusivity or in a competitive process. We rebuild the ARR bridge and the pipeline. We look at how quota attainment is actually spread across the team and read the top customer contracts. You get back a go, a no-go or a price question.

Full revenue engine review (2 to 3 weeks, alongside your CDD and FDD providers)

• A pipeline-backed forecast for the next four quarters, set against management's.
• A capacity model showing whether the hiring plan can produce the bookings.
• Retention by cohort, discount discipline and marketing payback.
• Founder dependency, and a view on whether the CRO is right for the next stage.

100-day revenue plan

We turn the findings into actions with owners and dates, run by management. Your operating partner attends the weekly review but doesn't chair it.

What lands on your desk

• A two-page view that takes a position: is the revenue plan supported, supported with a haircut (and how much), or not supported?
• A four-quarter forecast rebuilt from the company's own history.
• A capacity model built on headcount, ramp, realistic attainment and attrition.
• A contract register showing unbilled usage and unapplied uplifts, in pounds.
• Each finding marked for price, deal structure, legal protection or the 100-day plan.
• The workbooks themselves, not a PDF of them.

Why operators, not analysts

We've run sales teams, built deal desks and defended forecasts in front of a board. We know where a CRM flatters a business because we've seen what sits behind it.

In Bridge Group's 2026 survey of 158 B2B companies, 48% of account executives reached quota. If the plan in front of you assumes 80%, that's the first conversation.

What we don't do: market sizing and competitor landscapes. Your strategy adviser does that well, and we work alongside them.

How we work

• Fixed fee, agreed before we start. It is never contingent on the deal completing.
• One side of a deal only. If we've prepared a business for sale, we won't diligence it for a buyer, and the reverse also applies.
• Data before decks. We ask for CRM, billing and contract exports on day one and form a view before we meet management.
• Gaps stated plainly. If access is restricted, the report says so rather than filling the gap with assumptions.