The Rohit Sarin owner's view — entry → today → exit, the multiple-expansion that recurring revenue earns, and the synergy programs behind it.
Enterprise value has gone from $0M at entry to $1M today; $2M of the plan remains to the $3M exit. The prize is multiple expansion — push recurring mix from 63% toward 45% and bank the $1M of open synergy before exit.
4 of 4 headline metrics improving vs prior · still off target: Revenue ₹242Cr vs ₹260Cr, EBITDA ₹93Cr vs ₹100Cr, EBITDA Margin 38.5% vs 40.0%
$2M of enterprise value stands between today's $1M and the $3M exit plan — the swing that realizes the Rohit Sarin thesis.
$1M of $1M run-rate synergy is still to capture — the same work that finishes integration and flips the newest brands to actuals.
Insurance, fleet, purchasing and systems consolidation
Reaching the scaled tier (45%+ recurring) is worth 2–3 EBITDA turns — on $93M of EBITDA that is $186M–$279M from re-rating alone.
Rohit Sarin underwrites a Value Creation Dashboard from entry to exit. Client Associates has gone from ~$100M to $242M of revenue; the prize from here is multiple expansion — recurring revenue re-rates the business, and monitoring RMR is valued separately at 30–50×. This is the screen that tracks it.
Each lever shown entry → today → exit, with progress through the plan.
| Workstream | Lever | Entry | Today | Exit | Progress | Status |
|---|---|---|---|---|---|---|
| Scale the platform | Organic + accretive M&A | 3.08M | 24.2M | 37M | On track | |
| Shift to recurring | Attach monitoring / ITM on every install | 1.05% | 1.23% | 1.48% | Behind | |
| Expand margin | Synergy capture + operating leverage | 0.39% | 0.46% | 0.55% | On track | |
| Grow profit | Scale × margin | 0.4M | 3.58M | 6.63M | On track | |
| Delever | EBITDA growth + cash | 0.18× | 0.13× | 0.09× | On track | |
| Re-rate the multiple | Recurring-driven re-rating | 0.25× | 0.34× | 0.43× | On track |
Recurring mix moves the EBITDA multiple. At 63%, Client Associates sits in the platform tier — every point toward 45% pulls it up.
Reaching the scaled tier (45%+ recurring) is worth 2–3 EBITDA turns — on $93M of EBITDA, that's $186M–$279M of enterprise value from re-rating alone.
Recurring monitoring revenue trades on its own convention — separate from, and on top of, the EBITDA multiple.
So what: growing the monitoring book (attach Miles PMS on every install) creates value at 30–50× — far above the 0.34× the whole company trades at. It's the single highest-return dollar in the plan.
The concrete programs behind the synergy % — not a slogan, a checklist.
Rohit Sarin's playbook in action: put acquired companies on Client Associates's insurance, fleet, purchasing and systems. $1M of run-rate is still to capture — the same work that finishes integration and flips the newest brands to office-grain actuals.