The combination of SaaS and IT services made the company attractive but difficult to evaluate for most acquirers. SaaS revenue was recurring, scalable and defensible, but still represented a minority share of total turnover. Meanwhile, the IT integration arm generated strong cash flow but required detailed analysis of margins, project cycles and client dependency. Without a clear articulation of how both segments reinforced each other, buyers struggled to project long-term value.
Operationally, the company lacked standardized documentation required for cross-border due diligence. Although the tech team was strong, the absence of structured KPIs, segmented revenue reporting and SaaS-specific metrics made early discussions challenging. For international buyers, this increased perceived risk and reduced valuation confidence.
Finally, the founders had never engaged foreign investors. Without a structured approach to Western European buyers, they risked being approached by local acquirers offering lower multiples and limited strategic synergies. To unlock maximum value, the exit process needed to be reframed in a way that highlighted the cross-border appeal of the company’s hybrid model.
