The roll-up thesis: durable growth, margin expansion, recurring-revenue quality, prudent leverage and disciplined capital allocation.
The roll-up thesis is proving out: 3 integrated cohorts delivered +0pts of EBITDA margin and leverage sits at 0.3x against the 5.5x covenant. The remaining value is in the 4 unintegrated cohorts — finish synergy capture before exit diligence prices it.
6 of 6 headline metrics improving vs prior · still off target: Revenue $60M vs $65M, EBITDA Margin 36.7% vs 38.0%, Revenue Growth 9.1% vs 12.0%
Sets deal capacity and refinancing risk.
4 of 7 cohorts sit below 80% synergy capture; integrated cohorts already show +0pts of margin — the same playbook is unbanked EBITDA until applied.
Hold management to 90-day synergy recovery plan; track at next board meeting.
Synergy at 78% of model; integration 80% complete.
Push subscription/Portfolio Management Dashboard attach on Integration installs.
Recurring 40% vs 45% strategic target; Integration BU dilutive.
Consistent top-line growth with steady margin expansion.
Proof of the roll-up: EBITDA uplift and synergy realization per acquired brand.
| Acquired brand | Year | Revenue | ARR | EBITDA uplift | Synergy | Status |
|---|---|---|---|---|---|---|
| Hybrid Fund B | 2021 | $2.6M | $0.92M | 0.69%→1.07% (+0.3800000000000001) | 92% | Integrated |
| Tax-Saving Fixed Deposit | 2021 | $1.68M | $0.61M | 0.61%→0.99% (+0.38) | 90% | Integrated |
| ELSS Fund A | 2022 | $7.34M | $3.97M | 0.84%→1.22% (+0.38) | 88% | Integrated |
| NRI Wealth Portfolio | 2023 | $4.43M | $1.45M | 0.76%→0.99% (+0.22999999999999998) | 74% | In progress |
| CRM / KYC Portal | 2024 | $3.13M | $1.07M | 0.69%→0.84% (+0.15000000000000002) | 55% | In progress |
| Portfolio Management | 2024 | $2.83M | $0.99M | 0.69%→0.92% (+0.2300000000000001) | 78% | In progress |
| Fund Admin System | 2024 | $2.22M | $0.69M | 0.61%→0.69% (+0.07999999999999996) | 40% | Early |
Integrated cohorts (AFA, Firecom, DavEd) show ~0pt EBITDA expansion post-integration; newer cohorts (ISC, Signet) remain early with synergy capture in progress.
Covenant headroom funds the continued M&A program; cash generation supports debt service.
High-materiality external signals and competitive M&A from the adapter feed.