The exit for good software with nowhere to go
Hundreds of healthy commerce and supply chain SaaS companies have no exit: no IPO window, weak strategic buyers, a PE backlog. We buy them, rebuild them AI-native, and take the combined company public.
| Measure | Then | Now |
|---|---|---|
| Public SaaS median EV / NTM revenue | 8.7x peak | 3.8x |
| Private SaaS M&A median EV / revenue | 6.3x (2021) | 3.1x |
| SEG SaaS Index EV / revenue | 5.7x (2Q25) | 3.2x |
| Private deals, $20–50M EV | — | 3.0–3.2x |
The market isn't saying software is dead. It's saying sub-scale software without an AI answer is worth ~3x revenue. That is our buy price — and the AI answer is our value creation plan.
The IPO door is shut for sub-scale SaaS. The median IPO company is now 12–14 years old.
Supply, price, tools and capital align at once — and not for long.
Acquire, rebuild, reaccelerate, list
Buy $20–150M ARR commerce and supply chain SaaS at 2–4x ARR — the price the market already reset to.
Re-architect R&D and G&A AI-native on one shared data layer, across one vertical and one customer: the merchant.
Put the savings into growth. Sellers roll ~25% of proceeds and stay in for the upside.
Take a ~$500M ARR commerce software company with 30%+ EBITDA margins public.
One vertical, one customer, one shared data layer. A team that has scaled commerce businesses, lent to them, and built their software.
Credit-led: ~45% private credit, ~25% seller rollover, ~30% new equity on a ~$600M first platform. Sellers stay in for the upside.
A ~$500M ARR commerce software company at 30%+ EBITDA margins is IPO-able. Illustrative base case: 3.6x MOIC, ~42% IRR over four years.
One merchant, three clusters, one data layer
We underwrite AI risk deal by deal. We buy systems of record and workflow tied to physical goods moving — orders, inventory, shipments, returns — not thin UI layers an agent can replace.
An operator, a lender and a builder
Every step of the model has an owner who has done it: scaled the businesses, lent against them, and shipped the software.
Scaled commerce businesses. Owns sourcing, diligence and integration.
Lent to commerce companies for years. Lender relationships are the edge.
Built the software this industry runs on. Leads the AI-native rebuild.
Founders and investors, start here.
Selling a company, or investing alongside us — one conversation, confidential from the first minute.