Acquisition criteria
Control acquisitions of established internet businesses in the United States and Canada.
Payments and online businesses are our priority. We also consider vertical B2B software, subscription data and digital services.
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Criteria
- Earnings
At least US$10 million of actual annual net income.
Not adjusted EBITDA or forecasts. Please identify the reporting period and currency.
- Geography
Headquartered and principally operated in the United States or Canada, serving customers online.
- Transaction
Majority or full ownership. Founders and managers are welcome to retain or roll over a meaningful stake.
- Management
A leadership team able to continue running day-to-day operations through and after the transition.
- Business model
A record of profitability, recurring or repeatable revenue and a diversified customer base.
- Financing
Arranged per transaction from senior debt, seller participation and outside equity.
Sectors
PaymentsPriority
Payment processors and facilitators, merchant services, billing and payment software, and other businesses built on how money moves online.
Online businessesPriority
Profitable web-native companies, including platforms, marketplaces, online brands and digital products with loyal customers.
Vertical B2B software
Industry-specific software, often SaaS, embedded in customers' operations and renewing reliably.
Subscription data
Proprietary datasets, benchmarks, research and information services sold on subscription.
Digital services
Tech-enabled services with repeat clients, documented processes and steady margins.
Adjacent models
If the earnings and the team are in place, we will consider businesses that sit between these categories.
Screening
Generally outside our mandate
- Pre-profit or early-stage companies, or valuations based on projections
- Minority investments or growth-capital raises
- Turnarounds and distressed situations
- Businesses dependent on a departing owner, with no team to continue
- Companies based outside the United States and Canada
Helpful at first contact
- Actual annual net income for recent years, with reporting period and currency
- A short description of the business model and customers
- An overview of management and who continues after closing
- Seller objectives, any asking price and the process timeline
None of this needs to be confidential. We request detailed information only after fit is established and an NDA is in place.
Next step
Owners can request a confidential valuation. Brokers and advisers can submit a deal.