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
Build, partner or buy is a choice about control, speed and strategic dependence
Different routes create different economics, ownership rights, capability requirements and long-term constraints.
Deal failure usually begins in assumptions made before signing
Strategic overreach, weak diligence, unrealistic synergies and integration constraints often become visible only after commitment is irreversible.
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.
What must integrate first for the deal thesis to remain credible?
The challenge is sequencing change around value drivers and critical dependencies instead of trying to combine everything at once.
POV
A forecast is not commercially credible because the spreadsheet balances
The revenue case should be supported by observable customer and market behavior, not by internal consistency alone.
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.
Strategic impact
Independent target intelligence strengthens early acquisition judgment
External evidence on positioning, capabilities and exposure helps buyers decide where deeper diligence is warranted.
A clear deal thesis defines the economic and strategic logic before valuation dominates
Explicit assumptions make it easier to test fit, alternatives and the conditions required for the acquisition to create value.
What we observe
Commercial diligence often validates forecasts without challenging the mechanisms behind them
A model can appear reasonable while customer retention, pricing power or market-share assumptions remain weakly evidenced.
Technology diligence often inventories systems without testing strategic consequence
A long application list adds little unless technical weaknesses are linked to growth, integration, cost or operational risk.