M&A Intelligence

Insights

Exit strategy and M&A intelligence for European SaaS CEOs. Written by Ian Saunders, VP at Corum Group.

Latest
M&A Strategy 8 May 2026 · 7 min read

The NRR Mechanism

Two businesses. Both at £10M ARR. Both showing 115% NRR. One exited at £52M. The other at £78M. The difference was not the number — it was the story behind it.

IS
Ian Saunders · VP, Corum Group
Previously
M&A Strategy 7 May 2026 · 7 min read

The Preparation Premium

Two founders. Same ARR. Same growth rate. Same buyers. One sold at 7.2x. The other at 4.8x. The difference was not the business — it was 18 months of preparation. And on £8M ARR, that gap is £19.2M.

IS
Ian Saunders · VP, Corum Group
Archive
Market Signal 6 May 2026 · 7 min read

The Vertical Premium

Vertical SaaS traded at a 25-30% premium over horizontal SaaS in the 2025 M&A market. At identical ARR, growth rate, and NRR, category is determining the baseline multiple — and European founders are misdescribing what they have built.

IS
Ian Saunders · VP, Corum Group
M&A Strategy 5 May 2026 · 7 min read

The Contract Cliff

How change-of-control clauses in two enterprise customer agreements caused a £16M gap between one founder’s LOI price and what they received at close — and what to do about it 18 months before you enter a process.

IS
Ian Saunders · VP, Corum Group
Previously
M&A Strategy 4 May 2026 · 6 min read

The Volume Trap

659 SaaS acquisitions closed in Q1 2026. The median multiple was 4.5x ARR. Why a record-breaking deal market is not the same as a favourable seller's market — and what separates founders who close at 7–9x from those who close at the median.

IS
Ian Saunders · VP, Corum Group
Previously
Due Diligence 2 May 2026 · 5 min read

The CFO Discount

A buyer repriced a €42M offer to €34M during due diligence. The financials were correct. The problem was the founder had been his own CFO for four years. Buyers don't just check your numbers — they assess whether those numbers can survive your absence.

IS
Ian Saunders · VP, Corum Group
Previous
M&A Strategy 1 May 2026 · 5 min read

The Board Exit Veto

A founder in Amsterdam had a 6.1x ARR offer on the table. He wanted to take it. His lead investor did not. The hidden party in every M&A negotiation is sitting inside your own boardroom.

IS
Ian Saunders · VP, Corum Group
Previous
Founder Conversation 1 May 2026 · 8 min read

The AI Buyer Screening Filter

45% of M&A executives now use AI to screen acquisition targets before making first contact. Founders with vague positioning don't get rejected — they never appear.

IS
Ian Saunders · VP, Corum Group
Market Signal 30 April 2026 · 7 min read

The Transatlantic Multiple Gap

North American SaaS trades at 4.8x ARR. European at 3.9x. The 23% gap is structural — and a well-designed process captures it.

IS
Ian Saunders
Deal Anatomy 28 April 2026 · 6 min read

The CGT Trap

A founder waited three years for a better multiple. The October 2024 Budget changed the CGT rate while he was preparing. Same deal. Same £22M. £920K more in tax.

IS
Ian Saunders
M&A Strategy 27 April 2026 · 6 min read

The IP Chain-of-Title Trap

Missing IP assignments are the most common chain-of-title defect in technology M&A. Most founders discover the problem during due diligence. By then, the repricing has already begun.

IS
Ian Saunders
M&A Strategy 26 April 2026 · 6 min read

The Cultural Due Diligence Test

75% of M&A failures trace to cultural misalignment. Most founders never ask the buyer a single culture question before signing.

IS
Ian Saunders
Latest
M&A Strategy 23 April 2026 · 7 min read

The Preference Waterfall Problem

In Q1 2026, 266 private SaaS companies completed acquisitions. For a growing number of those founders, the proceeds looked nothing like the headline number. The preference waterfall — built into 2021-2022 round terms — is consuming what founders thought they had earned.

IS
Ian Saunders · VP, Corum Group
15%
growth threshold that triggers the switch
£62M
gap between ARR and EBITDA models on same deal
Framework mismatch. Not negotiation.
Previously
M&A Strategy 22 April 2026 · 6 min read

The Per-Seat Myth

A founder walked into due diligence with NRR of 108%, GRR of 94%, and ARR growing at 28%. He expected 8x. The offer was 4.5x. The valuation gap had nothing to do with his retention metrics — it had everything to do with his pricing architecture.

IS
Ian Saunders · VP, Corum Group
12x
ARR for top-quartile Buyer Clarity
4x
bottom quartile · same sector, same ARR
9x gap. Same revenue.
Previously
Exit Strategy 19 April 2026 · 6 min read

The Principal Dependency Discount

When the founder is the business, buyers apply a 15-30% multiple discount before you open a data room. A Hamburg SaaS founder with €4.2M ARR and 112% NRR saw €3.1M repriced out of her deal.

IS
Ian Saunders · VP, Corum Group
15-30%
typical Principal Dependency Discount
€3.1M
repriced from a live deal during diligence
14 months to recover it
Buyer Strategy 18 April 2026 · 6 min read

Two Buyers. One Deadline. Why Founders Get the PE-or-Strategic Question Wrong.

Strategic acquirers paid 30-50% over PE on comparable mid-market SaaS deals through Q1 2026. Here is the mechanism and the two questions to ask before you sign a mandate.

Market Analysis 17 April 2026 · 7 min read

The Q1 2026 Valuation Signal

Public SaaS median multiples dropped 21% in Q1 2026. The 12 to 18 month lag to private M&A is now running.

Deal Structure 16 April 2026 · 7 min read

She Signed at €18M. She Closed at €12M.

The LOI headline and the cash you receive at close are rarely the same number. A deal anatomy showing exactly how earnout structure, escrow, and customer concentration findings transform exits.
Revenue Quality 15 April 2026 · 6 min read

Not All ARR Is Equal: The Revenue Quality Myth in M&A

Buyers decompose your ARR. Here's why the spread between a 4x and 8x exit is inside your revenue, not the headline.
Valuation 14 April 2026 · 5 min read

Capital Efficiency: The New M&A Currency
Previous Insights
Exit Readiness

The Exit Readiness Gap: Why Builders Prepare but Sellers Don't

13 April 2026
AI & Valuation

The AI Defensibility Test: What Makes a SaaS Company AI-Proof to Acquirers

12 April 2026
Market Analysis

The Goalposts Moved: Why European SaaS Founders Face Shifted Acquirer Expectations

11 April 2026
M&A Strategy

The ARR Mirage: Why Revenue Quality Determines Your Exit Multiple

10 April 2026
Exit Timing

The Plateau Window: Why Growth Slowdowns Create Exit Opportunities

Coming soon

Valuation

The Valuation Gap: What Founders Believe vs What Buyers Pay

Coming soon

Weekly Intelligence

Exit Strategy. Straight to Your Inbox.

M&A intelligence for European SaaS CEOs planning their next move. No fluff. One email per week.