Technology due diligence on a $600M fintech acquisition

The situation

A fund was acquiring a fast-growing lending platform. The growth was real, but the technology had been built for a company a tenth of its current size.

What we did

1. Assessed architecture, security, data and the engineering team in four weeks, with full access to the code.
2. Priced remediation into three scenarios the deal team could negotiate with.
3. Wrote the 100-day technology plan for the new owners.

What changed

• $45M of remediation identified before signing
• Renegotiated terms reflecting the findings
• 100-day plan adopted by the new leadership

The lesson

Growth hides technology debt. Diligence is where you decide who pays for it.