- RollUpEurope
- Posts
- Crush your M&A workout in our Software Gym!
Crush your M&A workout in our Software Gym!
Inside: How to run a software buy-side A->Z. Deep-dives on 20 aggregators

Disclaimer: Unless noted otherwise, views and analysis expressed here are the author's own and based on public sources. The article is intended for informational and entertainment purposes only. This is not financial advice. Please consult a professional for investment decisions.
*********************
Today, we are launching the Software Gym đđ». Like any decent gym, ours offers a variety of workouts aimed at making you a better acquirer - and a better owner of software businesses.
Choose between 3 types of workouts:
âHow-toâ primers. Deferred revenue liability. Translating off-the-cuff CTO remarks like âspaghetti codeâ into deal terms. Stress-free M&A in France. If you have a question, we probably have an answer!
Ace your fundraising game. Here, you will find everything you need to succeed in getting your rollup off the ground, funding-wise. Investor directory. Check. Insights on rollup structures. Check. Structuring incentive equity. You bet!
Consolidator deep dives. Why is Constellation Software worth $100B+? Why are the rich and famous piling into Chapters Group? And why not into Upland Software?
We are committed to regularly updating the Gym with new âworkoutsâ. Also, look out for in-person and online seminars and workshops. The next one will be in London on 6 May. Register here.
Looking for a tailored programme? Drop an email on [email protected], and we will connect you with verified partners across capital introductions / debt broking; recruitment; fractional CFO - and more.
This weekâs post is about revenue concentration. Problem statement: most niche, defensive software businesses have one major vulnerability. A small number of clients represent a disproportionate % of revenue. As an acquirer, how can you mitigate this risk? Tune in this Thursday for Pavelâs battle-tested advice.
1. âHow-toâ primers
How to win intellectual arguments with sellers - without upsetting them. Always Be Closing: How to Resolve Key Seller Pushbacks
Dealing with accrual vs. cash accounting and deferred revenue liability
How to squeeze cash from VMS, Constellation style. If they can do it, you can do it!
How to ace Product and Technical Due Diligence, presented by Techminers (bonus: horror stories đ§ââïž)
Are you focusing on the right SaaS metrics? Why TAM, "Rule of 40" and synergies are at best misleading metrics, and why you should focus on Invested capital, ROIC and hurdle rate instead.
Lots of VC-backed software businesses are for sale. Hereâs a checklist to determine which ones are worth salvaging: "Stranded" Software: Great Opportunity or a Fool's Bargain?
Shopping for software businesses in France? đ«đ· Hereâs all you need to know - Part 1 & Part 2: Losing headcount without losing your mind
2. Ace your fundraising game
RollUpEurope databases - 2 for the price of 1 annual subscription:
A directory of technology serial acquirers: 360+ companies (70%+ software)
Rollup investors: 400+ names from 30+ rollups. Industries represented: software, Youtube channels, mobile apps, MSPsâŠyou name it
What on earth are âpermanent equityâ backed acquirers like Arcadea - and are they better than everyone else? We have a go at answering this question
What type of software acquirers are out there? Whoâs backing them? The patient capital writing big checks into software HoldCos
Maximise fundraising success with these 3 tips
How to structure your rollup? Minimise dilution or maximise capital raised / flexibility? No bargains on your equity Part 1 & Part 2
Time to exit? Then read this: Whatâs a scaled-up serial acquirer worth? Insights from 11 x $1B+ rollup exits
3. Consolidator deep dives
Companies profiled:

Adaptavist (UK, private): the worldâs largest rollup of Atlassian partners. $7M to $400M revenue in 10 years, 16 deals & STILL bootstrapped: Adaptavistâs incredible story
Aries (UK, private): a rollup of Microsoft Dynamics apps. Azure, Google & AWS cloud commits at $400 billion. 2 ways rollups can play this mega-trend
AscendX (UK, private): a rollup of Salesforce applications (Unaricâs frenemy đ). No Sponsor? No Problem! Learnings from 2 non PE backed aggregators
Balio (UAE / UK, private): a HoldCo of PLG SaaS businesses. Hush-hush! Upliift and Balio: the under-the-radar aggregators
Carbon6 (Canada, subsidiary of a listed company): a HoldCo for Amazon SaaS and recovery businesses. Who said miracles donât happen in ecommerce? Inside Carbon6âs stunning $210M exit to SPS Commerce
Chapters Group (Germany, listed): a VMS HoldCo. Chapters Group revenues have topped $100M. What does it actually do?
Clearcourse (UK, PE owned): an acquirer of transaction-heavy vertical software businesses. What can we learn from ClearCourseâs deal hangover?
Constellation Software (Canada, listed): the worldâs largest VMS aggregator
Everfield (UK, PE owned): an industry agnostic HoldCo of European enterprise software businesses. Do it like Everfield: how PE firms structure software serial acquirers
group.one (Sweden/Germany, PE owned): a web hosting rollup. Euro Hosting Wars Vol.3. Can group.one catch up to team.blue?
Idera (US, PE owned): a rollup of database and developer tools. Idera Inc.: a 10-bagger for TA Associates
Nuvini (Brazil / US, listed): a HoldCo of Brazilian software businesses. Nuvini was supposed to be Brazilâs Constellation Software. What happened?
team.blue (Belgium, PE owned): a web hosting rollup. Will team.blue end up dominating European web hosting?
Therapy Brands (US, PE owned): a rollup of software providers to mental health and rehabilitation practices
Totalmobile : a buy & build in the Field Service Management software space
Horizon Capital clinched a 5-bagger with TotalMobile. Here's how
It wasn't all smooth sailing apparently: Always Be Rolling? 30 million reasons sellers should roll over equity in PE buy & builds
Upland Software (US, listed): a rollup of enterprise work management software tools. 300%+ up, 90%+ down: the rollercoaster journey of Upland Software (UPLD)
Upliift (UK, private): a HoldCo of VMS businesses. Hush-hush! Upliift and Balio: the under-the-radar aggregators
Unaric (UK, private): a rollup of Salesforce applications. No Sponsor? No Problem! Learnings from 2 non PE backed aggregators
Visma (Norway, PE owned): a HoldCo of accounting, HR and payroll software. What can we glean from Visma's âŹ4B M&A spree?