Last twelve months revenue
$101.8M
40.7% growth
For Deal Teams
Diligence that keeps up with your deal flow.
An AI-powered diligence platform built with senior diligence operators, configured to how your firm runs diligence. Accelerate full data room coverage on every deal, so your team gets to a clear answer faster.
The problem
Every bolt-on burns weeks you don’t have.
Your team is built for platform deals. Add-ons still need real diligence, and associates absorb it.
- Associate time on add-ons is time off the deals that move the fund.
- The long tail goes unread. That’s where deals blow up post-close.
- Outside advisors don’t pencil at this deal size.
Where Fulcra fits
Spend time on judgment, not document triage.
Fulcra reads every workstream and surfaces strengths, risks, inconsistencies, and open questions.
Screen and diligence more deals
Three or four processes at once. Same team. Full coverage.
Nothing gets missed
Every document read. Risks surface before close, not after.
Every finding cited to source
Document, page, and clause. Ready for committee.
A clear answer, faster
Kill bad deals early. Reach conviction before exclusivity ends.
Product preview
The platform.
Analysis
Strength
-
Revenue
Revenue growth has accelerated for three consecutive years: FY2025 40.7%, FY2024 28.4%, and FY2023 18.1%.[1]
[1] Financials_Atlas_FY22-FY25.xlsx
Risks
-
High
Master services agreement termination on close. Annual recurring revenue exposure $14.2M.[2]
[2] MSA_Atlas_2023.pdf, p. 14
Value creation
-
Accounts payable automation: $1.2M–$1.8M savings, 8-month payback.
-
Offshore customer success: $0.8M–$1.1M run-rate savings.
Management questions
- What drove the step-up from 28.4% growth in FY2024 to 40.7% in FY2025, and how much is recurring?
- Walk us through the EBITDA add-backs in the quality of earnings and which are expected to recur.
Report
Headline metrics
3-year revenue growth rate
12.1%
Growing
Gross margin
33%
Down 300 basis points
EBITDA
$12.2M
Flat year over year
EBITDA margin
12.0%
Down 630 basis points
Selling, general & admin % of revenue
21.0%
Up from 17.7%
Key strengths
- Revenue growth accelerating three years running: 18.1% → 28.4% → 40.7%.
- Net revenue retention 118%; top 20 accounts expanded in each of the last three years.
- Gross margin held at 33% despite volume growth and mix shift into lower-margin services.
Key risks
- Customer concentration 34%; change-of-control termination right.
- Flat EBITDA despite revenue growth.
Value creation
- Accounts payable automation: $1.2M–$1.8M savings, 8-month payback.
- Offshore customer success: $0.8M–$1.1M run-rate savings.
Chat
Walk me through the EBITDA add-backs in the financial documents.
Checking data room…
Reported EBITDA $12.2M; adjusted $14.3M after $2.1M of add-backs, all supported in the QoE:
Severance $0.9M — Q2 reduction of 14 roles; reconciles to payroll. Non-recurring.[1]
Litigation $0.7M — FY2024 commercial settlement; counsel confirms closed. Non-recurring.[2]
ERP $0.5M — Oracle cutover dual-run and consultants; go-live done. Non-recurring.[3]
- [1] QoE_Report_Atlas.pdf, p. 22
- [2] Legal_Settlement_2024.pdf, p. 3
- [3] ERP_Implementation_Costs.xlsx
01 Evidence-backed findings 02 IC-ready memo draft 03 One workspace
Configurability
Your playbook, not a generic checklist.
Built with senior diligence operators. Tuned to your playbook and thesis on every deal.
Your workstreams
Modules on or off. Weighted to the thesis. Your standing checks.
Your standards
Risk assessed your way, not a generic rubric.
Your format
Output in your firm’s format, ready for your process.
Workstreams covered
Full data room coverage.
Areas we cover by default, tuned to your playbook on every deal.
01
Corporate Ownership
02
Financial
03
Revenue & Customers
04
Workforce & Vendors
05
Legal & Contracts
06
Tax
07
IT, Data & Security
08
Operations
09
Insurance
Alongside your QofE and counsel, not instead of them.
What deal professionals say
From diligence experts.
“70% of acquisitions fail. And it rarely has to do with the financial part. The finances are just under the microscope. What ends up breaking is people, process, technology: things they did not take into consideration. That’s where Fulcra fits.”
“The quality of the analysis that AI has been able to generate is far superior to what the senior associate on my team generates. The senior associate bills out at $500 an hour.”
“This automates to the point where this enables junior people to do the same thing that I do, which is far less expensive.”
“This allows a junior analyst to come in and say, you can now run the diligence, or you can take a senior guy and run three or four diligences simultaneously. It helps you walk through the main issues and flag the things you really need to dig in on.”
Encrypted in transit and at rest
Encrypted end to end. Access scoped to the engagement.
Secure infrastructure
Single-tenant. US-hosted on AWS.
SOC 2 Type II in progress
Active SOC 2 Type II program underway.
No training on your data
Never used to train models.
What your team gets
A full diligence report on every deal.
View sample reportStrengths, risks, inconsistencies, and management questions across every workstream.
Use the platform
See it on your next deal.
We’ll run Fulcra on a live data room with your team.
Done-for-you
Prefer our operators run it?
Senior operators read the data room and deliver the report.