For investorsBy deal stage · Due diligence
See how the target really runs, before you sign.
Management presentations tell one story; the systems tell another. We rebuild earnings, processes and synergies from the target’s own data, read-only, so the price and the plan rest on what was built.
The problemWhat goes wrong today
Diligence still samples what the target chooses to show.
Advisers read management slides, interview a few people and test samples. Whatever runs outside the systems, in spreadsheets, e-mail and chat, stays invisible, and so does the cost of keeping it running.
That is where one-off earnings, propped-up margins and optimistic synergies hide, and where the first year of ownership is lost to surprises.
What the benchmarks sayPublished research, with its source
What the research says.
- ~60%of deal executivesblame failed deals on diligence that missed critical issues1 Bain & Company, Global M&A Report 2020
- 2 in 3M&A managerssay their approach routinely overestimates synergies2 Bain & Company, “Over due”, survey of 250 senior managers with M&A responsibilities, 2006
- 1 dayinstead of a weekexpected time to summarize diligence data with AI3 Bain & Company, M&A Report 2025 (early adopters)
- 30–50%faster deal cyclesreported by 40% of respondents in a survey of 200 M&A participants4 McKinsey, “Gen AI in M&A: From theory to practice to high performance”, 2026
How AIx2 helpsWhat changes with the company as built
Four things change.
Earnings from real data
EBITDA rebuilt from ERP transactions, not management slides.
Hidden work exposed
Manual workarounds in Excel, e-mail and chat brought to light.
Synergies tested
Each synergy traced to a real process, cost line and owner.
Plan ready at signing
A 100-day plan built on how the company really runs.
How the work runsThe Five Step Method, in this setting
From read-only access to results, step by step.
- Week 1
Read-only access
The target’s ERP, finance and operating systems connected read-only under NDA, with the data-room files.
- Weeks 1–3
Earnings and processes rebuilt
Every transaction mapped to the process that produced it; recurring and one-off earnings separated.
- Weeks 3–5
Red flags and synergies tested
Findings ranked by value at risk; each synergy checked against a real process, cost line and owner.
- Week 6
Investment committee pack
Adjusted EBITDA bridge, findings register and a 100-day plan, ready at signing.
Illustrative caseA worked example, with its arithmetic
PE fund buying a $600M-revenue industrial company
Illustrative case: a worked example, not a client result. The arithmetic is shown below it.
The situation
The target reported $50M of EBITDA. The fund had six weeks to signing and a management case built on that number.
What AIx2 did
- Rebuilt EBITDA from the target’s ERP transactions instead of the management slides.
- Found $4M of reported EBITDA that was one-off or propped up by manual work outside the systems.
- Tested every transaction, not samples, and turned the findings into a value-creation plan.
BeforeWith AIx2
Recurring EBITDA
$50M reported to $46M
Transactions tested
samples to 100%
Value-creation plan
after close to at signing
Illustrative. $4M of reported EBITDA found to be one-off or propped up by manual work; at an assumed 10× multiple, $4M × 10 = $40M less paid.
What you receiveThe deliverables
What lands on your desk.
- Adjusted EBITDA bridge from transactions
- Findings register with value at risk and owner
- Synergy test, line by line
- 100-day plan on the company as built
More for investorsThe other deal stages and investor types
The same evidence, for every seat at the table.
- By deal stageM&A and integrationCapture the synergies you paid for, from the first day after closing.$14M more revenue synergies a year
- By deal stageValue creationTurn the value-creation plan into EBITDA, not slides.+$10M EBITDA a year
- By investorPrivate equity and growth fundsCreate value across the portfolio, and prove it to your LPs.+$30M EBITDA a year across five companies
- By investorHoldings and family officesRun a diverse group of companies with one clear, live view.+$24M EBITDA a year across the group
- By investorLPs and endowmentsSee through every fund to the companies underneath.1,400 portfolio companies seen through
- By investorSovereign and state portfoliosLift the performance of state-owned companies, with transparency the public can trust.$60M lower costs a year