Due diligence
Diligence is a room, a checklist, and a set of tests you can fail. These articles cover classic M&A files plus what changes when the asset is a model, an eval harness, or an LLM workflow. I write for buyers and sellers who still have to sign. A demo is not a test. A leaderboard is not a test. The file is the test.
Start with the checklist and the data room if the asset is a normal company. Start with evals and the Prior Labs notes if the asset is a model. Either way, pick the tests before you fall in love with the narrative. A buyer who skips the file is not being bold. They are being cheap with the wrong hour.
SAP Closes Prior Labs: €1B+ Bet on Tabular Foundation Models for Enterprise AI
SAP completes its acquisition of Prior Labs — the Freiburg TabPFN pioneer — committing more than €1 billion over four years to scale structured-data AI as an independent frontier lab.
What Prior Labs Teaches M&A Teams About Buying Frontier AI Capability
SAP's Prior Labs deal shows how strategics value independent AI labs, open-source traction, and structured-data moats — a diligence framework for the next wave of frontier acquisitions.
Benchmarks and Evals Are Now Core M&A Tech Diligence — Here's the Playbook
Frontier model leaderboards rotate weekly. M&A and corp-dev teams need task-level eval frameworks — not vendor benchmarks — before pricing AI assets or signing LOIs.
The Frontier Eval Gap: Why Leaderboard Wins Don't Survive M&A Integration
Kimi K3 tops coding arenas while finance-agent evals stall below 60% — the eval gap explains why AI acquisitions fail post-close and how to price the risk.
Strategics Go Shopping: The AI Tuck-In Wave Accelerates Into H2
HubSpot, Zoom, Salesforce, and Qualcomm all bought AI companies in a single week. Why the tuck-in wave accelerates into H2 2026, and what it means for venture-backed founders.
How LLMs Are Changing B2B Research and Due Diligence
How large language models are transforming market research, competitive analysis, and M&A due diligence — practical applications, accuracy considerations, and workflow integration.
Strategic Partnerships vs. Acquisitions: A Decision Framework
A structured framework for deciding between strategic partnerships and acquisitions — total cost of ownership, integration risk, speed to market, and reversibility.
Representations & Warranties Insurance in M&A: A Practical Guide
What R&W insurance covers, how it changes deal dynamics, who pays for it, and when it makes sense for mid-market transactions.
Earnout Structures in M&A: How They Work and How to Negotiate Them
How earnouts bridge valuation gaps in M&A — typical structures, payment triggers, accounting pitfalls, and negotiation strategies for both buyers and sellers.
The M&A Due Diligence Checklist: What Buyers Actually Look For
A comprehensive due diligence checklist covering financial, legal, operational, and commercial areas — organized by what buyers prioritize and what kills deals.
Letter of Intent (LOI) in M&A: What It Is and What to Negotiate
What a Letter of Intent covers in M&A transactions, which clauses are binding, and the key terms sellers and buyers should negotiate before signing.
EBITDA: Definition, Calculation, and Why It Matters in M&A
A clear breakdown of EBITDA — what it measures, how to calculate it, adjusted EBITDA variants, and why buyers use it as the primary valuation metric in M&A.
How to Build a Data Room for M&A or Fundraising
A practical guide to building a data room that accelerates due diligence — what to include, how to organize it, and the most common mistakes founders make.