MYD Capital Partners advises technology and fintech companies with €50M–€500M in annual revenue on selling, buying, raising growth capital, forming partnerships and preparing for a transaction. Our work spans software and SaaS, fintech and payments, artificial intelligence, gaming, cybersecurity, digital assets, consumer apps and digital media, with a focus on the revenue quality, regulatory position and technical diligence that determine outcomes in this sector.
Technology is the sector where the gap between a company's internal narrative and its institutional readiness is usually largest. Growth is visible and easy to present; revenue quality, customer economics, code ownership and regulatory standing are none of those things, and they are exactly where institutional diligence concentrates.
Where we focus
- Enterprise software and SaaS. Subscription businesses valued on net revenue retention, gross margin, cohort behaviour and the durability of contracted revenue.
- Fintech and payments. Payment processing, digital banking, lending technology and embedded finance, where licensing position and unit economics are inseparable from valuation.
- Artificial intelligence. AI-native products and AI-enabled platforms, where counterparties examine model ownership, data rights and the defensibility of any claimed advantage.
- Gaming. Studios and platforms, valued on portfolio concentration, live-operations capability and player economics rather than a single title's performance.
- Cybersecurity. Security products and managed services, where recurring revenue quality and certification standing are examined closely.
- Digital assets. Exchange, custody and infrastructure businesses, where regulatory posture frequently determines the counterparty pool before economics are discussed.
- Consumer apps and digital media. Audience businesses valued on retention, monetization quality and platform dependency.
What buyers and investors look for
Revenue quality before revenue growth. Contracted versus non-contracted revenue, net revenue retention, gross margin after true cost of service delivery, and cohort behaviour over time. A company growing quickly on revenue that does not renew is valued as a customer acquisition machine, not a software business.
Counterparties also examine customer concentration and contract terms including assignment and change-of-control provisions; the completeness of intellectual property ownership, including contributions from contractors and any open-source obligations; technical architecture and technical debt, since an acquirer inherits both; data protection and privacy compliance across every jurisdiction served; and, in fintech and digital assets, the licensing and regulatory position in each market — which frequently determines which acquirers can transact at all.
In AI specifically: what is owned versus licensed, what the data rights actually permit, and whether the claimed advantage rests on proprietary data, proprietary models or a third-party provider's API.
What lowers valuation
Revenue presented as recurring that is not contracted. Customer concentration without long-term agreements. Net revenue retention below the level the growth story implies. Gross margin that deteriorates once support, hosting and implementation costs are properly allocated.
On the technical side: incomplete IP assignment from founders or contractors, open-source licences incompatible with commercial distribution, undocumented architecture, and material technical debt that an acquirer will have to fund. On the regulatory side: operating in markets without the required licence, privacy compliance gaps, and — in digital assets particularly — a regulatory posture that narrows the buyer universe to counterparties with the same risk appetite.
Platform dependency is a distinct risk in gaming, apps and digital media, where a single distribution channel or algorithm change can reset the economics of the business.
Cross-border interest
Technology and fintech attract the most geographically indifferent capital of any sector. Strategic acquirers buy capability, customer access and talent regardless of location; growth equity funds invest across borders as a matter of course; and licensing position, rather than geography, is usually what determines whether a given counterparty can proceed.
That breadth is an advantage and a complication. The counterparty universe is large, which makes disciplined qualification more important rather than less — an unqualified approach to the wrong acquirer in a small sector community travels quickly.
Preparing for a transaction
A structured readiness process, aligned with The Goldsmith™, typically covers:
- Revenue recognition policy restated to institutional standard, with contracted and non-contracted revenue separated
- Cohort analysis, net revenue retention and churn by segment
- Gross margin rebuilt with hosting, support and implementation costs fully allocated
- Customer contract audit covering term, assignment, change of control and renewal
- Complete IP assignment documentation for founders, employees and contractors
- Open-source dependency audit with licence obligations identified
- Technical architecture documentation and a quantified technical debt position
- Security posture, penetration test history and relevant certifications
- Data protection and privacy compliance mapped by jurisdiction
- Licensing and regulatory standing in every market served, with applications in progress identified
- Key-person dependency in engineering and product, with retention arrangements
- Third-party platform and API dependency, with commercial terms and concentration quantified
Our Readiness Assessment benchmarks technology and fintech companies against these dimensions before a process begins.
How we work with technology and fintech companies
Most engagements begin with The Goldsmith™, and in this sector the most valuable early output is usually the restated revenue and margin picture. Founders are rarely wrong about their growth; they are frequently surprised by what their revenue looks like once it is separated into contracted and non-contracted, and by what gross margin looks like once delivery costs are allocated properly. Addressing that before outreach is considerably cheaper than addressing it during diligence.
The Confluence™ then builds and scores the counterparty universe — strategic acquirers, growth equity, platform consolidators — and manages the process through to signature. Where the objective is distribution, technology access or market entry rather than a sale, The Polarity™ structures the partnership, licensing or co-investment arrangement instead.
Frequently asked questions
Does growth rate matter less than revenue quality?
They are not in competition, but revenue quality sets the multiple that growth is applied to. High growth on low-quality revenue is discounted heavily once diligence reaches cohort behaviour, and that discovery arrives at the worst possible moment.
We use contractors for part of our codebase. Is that a problem?
Only if the assignment documentation is incomplete, which it frequently is. It is straightforward to resolve before a process and disruptive to resolve during one, because it goes to what the acquirer is actually buying.
How much does regulatory licensing affect who can buy a fintech business?
Substantially. In several markets, change of control requires regulatory approval, which both lengthens the timetable and narrows the counterparty pool to acquirers who can clear it. That is a structuring question, and it belongs at the start of the process.
Is our AI capability a valuation driver or a claim?
It depends entirely on what is owned. A product built on proprietary data and proprietary models is a different asset from one built on a third-party API, and institutional diligence establishes which within days. Preparing an honest answer is better than defending an optimistic one.