For sponsor-held assets where the hold has run long

Get your portfolio company priced
as software, within the hold.

Re-In-Essence Portfolio OS™ is an operating partnership for one sponsor-held software asset — or a rollout across your book. A 24-month mandate for companies at €9–27M revenue and 100–300 people.

The outcome: you walk away with an asset a buyer prices as pure software, achieved inside the hold period you already have.

The core problem

Buyers value your market position,
then discount how you deliver.

Your asset’s moat is its embedded workflow, high switching costs and decades of customer relationships. Nobody can replicate it.

The problem is that the code underneath was never built to scale. Nobody owned the boundary between the core product and custom client requests, so the core eroded.

Here is how we fix it:

Rebuild the core to scale.

Customer-specific workflows are migrated to the edge. The core stops rotting.

Lower engineering spend.

The cost base shifts and agentic tooling goes in behind a human gate; the people who hold the domain knowledge stay.

Reclassify revenue.

Support and custom services revenue move to subscription and consumption contracts that survive Quality of Earnings.

The target metrics

Where the numbers should end up.

R&D 28–35% of revenue ~22%
Professional services Above 15% Under 15%
Net revenue retention Under 100% Above 105%
Revenue multiple ~1–2.6x, priced as services Toward ~3–3.8x, priced as software
The arithmetic of a clean core

An asset at €18M revenue priced as services, at around 1–2.6x revenue, is worth roughly €18–47M.
The same revenue priced as software, at around 3–3.8x, is worth roughly €54–68M.

Revenue multiples, private M&A, medians 2024–Q1 2026 (Aventis). Indicative ranges, not a forecast for your asset; the drivers are gross margin and customer retention. Your specific bracket is set at day 90 against a signed baseline.

Identified and realised savings are reported as two distinct numbers, never summed. The gap between them is the honest measure.

EstimatorCheck your company against these targets. Run the estimator 

The 24-month roadmap

What happens, month by month.

Weeks 1–2
The Two-Week Read. Calls with your executive team: is there a deal here, before you spend anything.
Days 1–30
The Baseline. Executives, the top-five customer relationship holders and the last four board packs. By day 30, a signed baseline on cash, delivery predictability and key-person risk.
Day 90
The Plan. Two costed plans: a 9–12 month cost-out and a 24-month core rebuild, independent of each other.
Months 3–9
Cost-out. Quarterly cost-outs executed without breaking delivery.
Month 6
Truth in delivery. Delivery reports that match what customers say.
Month 12
Diligence-ready. A full dry run of exit diligence, eighteen months early.
Months 18–24
Migration. The new core is fully migrated, with no cutover that stops the business.

How the work is done →

The commercial model

Paid from spend you already have.

You already spendDelivery spend the company already carries
RedirectedOne fixed fee, from that spend
Only if it movesA share of the increase, paid once
The leadership

Two titled operators.

An Operating Partner and a Platform CTO, reporting directly to the CEO.

The fee

One fixed line on the P&L.

Funded from delivery spend the asset already carries — not from the sponsor or your management fee.

The performance fee

A share of the increase.

A share of the EBITDA increase above a hurdle set at day 90. Paid once.

The five guarantees

The Two-Week Read.

No fee. If the upside isn’t there, we say so.

The 30-Day Stop.

Walk away at day 30 and pay nothing further.

Paid on the Increase.

If the number doesn’t move, you’ve paid one monthly line from spend you already carried.

The Twelve-Month Replacement Guarantee.

Hires who leave within a year are replaced at our cost.

The Technical Diligence Guarantee.

If the new core fails technical diligence by a firm you choose, we fix it at our cost.

Not for

Who this is not for.

Not for a sponsor who wants one quarter fixed. Not for anyone who just wants an advisory report. Not for anyone unwilling to make the hard calls.

If the founder still controls the company, see Scale OS →

Not sure which engagement fits? Locate your tier →

Start with the Two-Week Read.

Two weeks, no fee. A straight answer on whether there’s a number worth going after — and if there isn’t, we say so.

Book the Two-Week Read →