Technical due diligence pipeline
Template-driven TDD for acquisition targets — ten standardised sections, scored and compared against the existing 13. Output goes directly into the Investment Committee deck. A passed TDD becomes day-zero Play Queue entries for the new PortCo.
BuildLogic (hypothetical)
IC PrepConstruction-vertical PM SaaS, 18 years old, ~$8m ARR, 95%+ GRR, founder exit. Technical debt moderate but AI roadmap absent. Fits Software Combined investment thesis; TDD surfaces 3 material risks and 2 upside plays.
Monolithic Rails 5.2 app on Heroku; no horizontal scale beyond web dynos; DB is 350GB Postgres RDS. Viable for 3 years, not 5.
ISO 27001 in progress; SOC 2 Type I obtained 2024. GDPR posture adequate for AU/NZ scope. Pen-test Q3 2025 — 2 mediums, resolved.
Rails upgrade 5.2→7.x not planned; Ruby 2.7 EOL reached. Remediation = ~6 engineer-months over 12mo.
14 engineers, 2 in senior tier; CTO departure risk post-close (no retention package). 6 contractors in Manila — quality mixed.
Fortnightly releases; feature-flag coverage 40%; release rollbacks 2x in last 12 months — both recovered <2h.
Zero AI features; leadership aware but no plan. Falls below Software Combined portfolio average (~38) and below direct competitors Buildxact / Procore (both shipping).
~6 years of project cost/time data from 1,100 SMB builders. Strong for predictive-margin framework transfer.
Adjacent to Scope Systems (industrial project mgmt); Streamtime (creative PM). Framework library applies cleanly (margin-prediction, doc-intel).
Heroku cost $180k/yr — trajectory steep if customer growth continues; migration to AWS/GCP = ~3 months.
Q1 CTO departure risk: MEDIUM — mitigate with retention. Q2 Copilot analogue (Procore AI): WATCHING. Q3 Concentration: top 10 customers = 22% ARR — within tolerance.