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Commercial Thesis Review

A Commercial Thesis Review is an independent read on a B2B SaaS acquisition target, built entirely from public and inferable signal with no seller cooperation required. It tells a buyer whether the commercial case survives first contact and whether the target is worth an exclusivity period. It runs in two to four weeks and ends in prioritized findings and a one page verdict.

No seller access needed. This runs on public and inferable signal, before you have a seat at the table.

What’s involved

  1. Revenue quality reconstructed from the outside. What can be established about retention, concentration and pricing from public filings, review sites, job postings, product changelogs, customer footprints and the company’s own published material, and what cannot.
  2. The real competitive set. Not the three logos on the market slide, but the companies a buyer in this category actually evaluates, and where this product tends to lose.
  3. Pricing position. Where this sits against the nearest alternatives, when it last moved, and whether there is room in the price that nobody has taken.
  4. Commercial engine signals. Sales headcount and tenure patterns, hiring and attrition, the shape of the go to market motion, and how much of it appears to depend on the founder.
  5. A prioritized list of findings and a one page verdict, with the questions a full Assessment would need to answer if you proceed.

Who this is for

A Review is the right first spend when you are early and unsigned.

  • You have a teaser or an information pack and no standing to ask the seller for anything yet.
  • You are deciding whether this target is worth an exclusivity period, and the exclusivity itself is the expensive part.
  • You are one of several bidders and want an independent commercial read before you price.
  • You are screening two or three targets in the same category and need them assessed on the same basis.
  • Your investment committee will not release diligence budget without something written in front of it.

What it costs

Fee
from EUR 25,000
Duration
2 to 4 weeks

Fixed fee, fixed timeline, agreed before work starts. Fees are never contingent on a transaction closing, because the entire value of this work is that it has no stake in the answer. Scope is set on a first call. Ranges reflect company size, geographies and interview volume.

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