Use cases / Mergers and acquisitions

Mergers and acquisitions

Build the operating model, refresh the comps, cut the ARR waterfall and put it in the book. From one workspace, with every number traced.

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One workspace: Model, comps and materials in one place.
Refreshable: New data in, the book updates.
Auditable: Every figure in the pitchbook to its cell.
Reusable: The next mandate starts from the last.

01workstream

Operating model

The target's model from drivers to cash, in your template, connected to the historicals. Senior review notes become named assumptions, not overwritten cells.

Your architecture, your formatting, your links
Cases as scenarios, not copies
Checks on what must tie

Model · Excel-compatible

The market, country by country

Market = Seats × Price per seat

	Seats	Price / seat	Market
Germany · 250+	15.6M	$107	$1.67B
Germany · 50–249	4.3M	$168	$0.72B
France · 250+	8.5M	$104	$0.89B

Firms of 10–49 people buy a flat plan, so their rows use Customers × Plan price instead.

Total matches the finest grainRefreshes when its inputs do

02workstream

Valuation refresh

Trading and transaction multiples as a table with its sources. Replace the data, refresh the model, and the football field redraws under your screening rules.

Multiples with their filings cited
Calendarisation and screening rules stated once
The field redraws when the peer set changes

Valuation

Trading comparables

	EV · €m	EV / Revenue	EV / EBITDA
Peer A	2,140	4.1x	18.2x
Peer B	980	3.4x	15.9x
Peer C	3,610	5.2x	21.0x
Median		4.1x	18.2x

Implied value range · €m

Trading comps

Transactions

DCF

1Filings and market data; calendarised to December.

03workstream

ARR waterfall

Customer files stitched, deduplicated and reconciled with the method on the record, then the waterfall and the retention cuts drawn from the result. Messy source data, clean lineage.

Files stitched and deduplicated, the method kept
New, expansion, contraction, churn as a chart
Cohort and retention cuts from the same table

Derived data · method on record

Software adoption, every year

Germany, 10–49 people	Adoption	How
2021	31.2%	As surveyed¹
2022	34.3%	Between surveys
2023	37.3%	As surveyed¹
2024	37.4%	Between surveys

The survey runs every two years. The years between are the average of their neighbours: stated once, applied to every country.

1Eurostat ICT survey, share of firms with integrated business software.

Every assumption, audited

Where did that number come from?

Every assumption in a model has an origin: the table it was derived from, the method that derived it, the document the table cites. All of it is on the record, so the question in the room has an answer, and so does the same question a year later.

The method that derived a figure is stored with the figure
A confidence on every input, stated where it is a proxy or an estimate
Change a source and see everything it touches before you do

Every assumption · audited

What $1.67B rests on

Assumption	Value	How it was derived	Source
Adoption	89.1%	Average of the 2023 and 2025 surveys	Eurostat
Price per seat	$107	Vendor band price × price level	Vendr, Eurostat
Employed	17.5M	As published	Eurostat

Three of three traced to a documentConfidence stated where it is a proxy

The deliverable

Hand over the workspace, not a file.

The deck and the report still come out, in your house style. But the client can also join the workspace as a guest: read the pages, open the models, see every source, and ask the next question through their own assistant, with the data and the reasoning already there. Out as files, too: the pitchbook and the discussion materials.

Guests read the pages, the models and the sources
Their assistant answers the next question from the same data
The deck and the report link back to the workspace

Shared with the client deal team

How big is the market, and where is it?

$7.5B¹: HR-software market, 2024
55%²: in firms of 250+ people
+5.7%³: a year since 2021

By region, 2024 · USD billions

DACH2.9

Western2.1

Southern1.8

CEE0.4

Nordics0.3

1Eurostat business statistics and ICT survey; vendor list prices and purchase benchmarks.
2Bottom-up by size band. Adoption is a proxy: read the split, not the level.
3Prices held at today's list, so growth is all volume.

MRClient · Partner

What does that look like for mid-sized firms in Spain?

$0.24B in 2024: 23,000 firms of 50–249 people, 1.8 million seats at $134 a seat.

From the same model · Eurostat · Vendr

Where the work lives

A chat forgets. A workbook is alone. A workspace compounds.

	A chat	A spreadsheet agent	aqmen
The data	Pasted in, gone after	In the workbook, from wherever	Tables with their sources, versioned
An assumption's origin	In the transcript	In a cell comment	Method, table and document, on the record
When a number changes	Ask again	Fix the workbook	Everything downstream is flagged
Who works on it	One person	One person, one file	The team, and the client as a guest
The deliverable	A message	A workbook and a deck	A workspace to ask questions of, plus the deck
Next quarter	From zero	From the last file	From everything already there

Built on

MCP first

Any assistant that speaks MCP works here. Bring the one you already pay for; we do not sell you an agent.

Open skills

The step-by-step practice is an open repository you can read, fork and improve.

Your tools, not our cage

Excel-compatible models, decks in your style, SQL if you want it. The right tool for each job.

Confidential

Private to your organization, never used to train models.

Run it in the app, or hand it to your assistant with the aqmen skills: one for every step, scope to delivery.

The aqmen skills →

Also

Commercial due diligence →Financial due diligence →Valuations and modelling →Private equity →

Book a demo

Decisions deserve a backbone.

See it on a live question. Yours, if you like. Invitations follow the same day.