From an acquisition thesis to an evidence-backed decision

A practical starting point for buyers of SaaS, fintech, digital media and other technology-enabled businesses. Use it to sharpen the brief, identify missing evidence and decide which opportunities deserve deeper work.

By Joash Boyton, Founder and Managing Director of Acquiry. Joash’s work focuses on buyer-led acquisition research, off-market business origination and relevant owner introductions. Read the official author profile.

Scope: General acquisition education, not valuation, investment, legal or tax advice. Public information and early owner discussions are starting points, not completed diligence. Use your own professional advisers before agreeing terms or committing capital. Do not put confidential target information into a public page or shareable tool URL.

Preparation note: Created with AI assistance for Acquiry. Public factual statements were checked against the linked official sources. The guide is not represented as solely human-written or as professionally reviewed transaction advice.

1. Start with the business you need, not the listing you found

An acquisition thesis should explain what ownership would achieve. “A profitable software company” is a category, not a decision rule. State the strategic purpose first, then the constraints that would make an otherwise attractive target unsuitable.

Copyable buyer brief

• Purpose: What capability, customer access, product or cash-generating operation would the acquisition add?
• Business model: What does the customer pay for, and how is revenue earned?
• Customer fit: Which customer segment and buying behaviour should the business serve?
• Markets: Where must operations and customers sit? What regulatory or language constraints apply?
• Size and funding: What purchase-price capacity and financing assumptions require confirmation? Keep enterprise value, equity value and cash available at completion separate.
• Ownership: Whole business, majority stake, minority investment or defined assets? Who must agree to a transaction?
• Operating model: Must management remain, or can the buyer replace functions without disrupting customers?
• Non-negotiables: List true deal-breakers, not an unlimited wish list.
• Exclusions: Record businesses already known or in discussion before a search starts.