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Ben Boissevain, founder of Ascento Capital Invest, told American Banker that the $330 million raised by Airwallex "provides a long runway so they have no pressure to sell or IPO, which is the best position to be in for valuation negotiations. A well-established international company like Airwallex would choose to go the VC funding route to set a fresh reference price in anticipation of an IPO or a sale to a strategic acquirer," he said. "An increase in valuation also helps attract talent in a competitive market with Stripe, Rapyd and Revolut."
12/11/26 Airwallex raises $330 million to expand into US, Europe
11/20/25 Stop Quoting 2021 Multiples. Here’s Your Real Value with Ben Boissevain | This Is M&A
In the latest episode of This Is M&A, Ben Boissevain, Founder and Managing Partner at Ascento Capital Invest, joins host Steven Monterroso to discuss why waiting for “perfect” market conditions could be the most expensive mistake a founder ever makes.
Unlike traditional acquisitions, the main goal of an acqui-hire is talent, not technology. “Acqui-hires let Big Tech firms rapidly capture specialized talent while avoiding the cost, regulation and complexity of traditional acquisitions,” Ben Boissevain, founder of Ascento Capital Invest, an investment bank specializing in advising on tech M&A deals, told Observer. “[They were] specifically got used in recent A.I. acquisitions because the breakthrough ideas come from a few talented top engineers.”
“Apple may surprise us with a large acquisition of a company like Perplexity, which is valued between $14 billion and $18 billion”, Boissevain speculated on the high-flying A.I. answer engine maker, “which would be an excellent strategic fit, potentially powering Siri, Spotlight and Safari with A.I.-native capabilities.”
10/20/25 Apple Is a Master of Acqui-Hire as It Quietly Grabs Top Talent in A.I. Race
There is no question that this market is tough for tech startups. The market meltdown today can be compared to the dot-com meltdown in 2000 and the Great Recession meltdown in 2009. But even in tough markets, there are many survivors. This article explores survival tips for startups — for both operational and corporate finance.
10/15/25 Guidelines for the Stalking Horse Buyer in a §363 Bankruptcy Sale
10/4/25 Investment Banking M&A Advisory: Process, Selection, and Strategic Trends in AI, FinTech, and SaaS
Mergers and acquisitions (M&A) remain a critical vector for corporate growth and technological adoption. This analysis provides a comprehensive overview of investment banking M&A advisory services, detailing the rigorous sell-side M&A investment banking process and offering a strategic view of M&A trends in AI, FinTech, and SaaS.
Ascento is offering its services on a success fee basis to Indian public companies interested in US acquisitions in tech sector. We provide a spread sheet with 50-100 targets. Determine the market valuation and contact the ones approved by the client. We are confident that we will find a match. We hope to build a relationship and reputation in Indian buy side market. Below is a research report on Q2 2025 outbound M&A transactions from India to the U.S.
7/10/25 No Retainer Fee – Indian Buy Side | India – US Outbound M&A Q2 2025 – Report
1/16/25 How to Achieve the Highest Valuation for your Tech Company
Valuation is very sector dependent. In the artificial intelligence sector, Anthropic is raising $2 billion in a new funding with a valuation at 66x forward revenue (1/8/25 The Information - Anthropic Makes OpenAI Look Cheap, Again). In the CRM sector, Salesforce trades at 8x revenue. How is such a major difference - 66x revenue vs. 8x revenue - in valuation possible?
The AI sector is experiencing exponential advances in technology with a new revolutionary developments almost daily. Investment in the tech sector is down significantly, but investment in the AI sector has only decreased slightly by comparison. M&A in the sector is very active with large technology companies the most acquisitive. Valuations are astronomical, which is typical for a large new exciting sector, but coming down to earth slowly. In this dynamic environment, there are practical steps founders and investors can take now to capitalize on the AI sector.
4/17/24 Funding, M&A and Valuation Data Points to Navigate the Dynamic AI Sector
Selling a company is a process not an event. There are many steps on a long, winding road in a process that culminates in a closed transaction. This article will provide guidance on the steps and timing. The M&A process can be divided into four phases: Preparation, Marketing, Selection and Closing. The process generally takes four to six months, although for reasons explored below, the timing can vary.
12/6/23 Selling a Company for Maximum Valuation: Critical Steps and Timing
The theoretical metrics of company valuations are well known: compare similar public companies, review precedent M&A transactions and throw in a discounted cash flow (DCF) model for good measure. Then how does this theoretical valuation model account for Facebook's acquisition of WhatsApp in 2014 for $19 billion when WhatsApp had $20 million in revenue, a 950x revenue multiple? Why is Airbnb worth $31 billion, which is more than Hilton at $27 billion. Why is Uber worth $72 billion, which is more than GM at $58 billion?
10/26/23 A Practical Guide to the Intricacies of the M&A Valuation of Tech Companies
The working capital issue can surprise a seller and cost the seller millions of dollars. Many business owners assume the purchase price for their business will be based on a multiple of some financial metric, e.g. revenue or EBITDA. This is generally true, but a buyer typically requires a minimum amount of “working capital” on the balance sheet when they buy the business to ensure there are no immediate liquidity issues. A buyer does not want to pay twice, once to buy the business and then have to inject capital at the closing of an M&A transaction to keep the business running.
9/18/23 Negotiating Working Capital: Maximizing M&A Valuation
There is no question that this market is tough for tech startups. The market meltdown today can be compared to the dot-com meltdown in 2000 and the Great Recession meltdown in 2009. But even in tough markets, there are many survivors. This article explores survival tips for startups — for both operational and corporate finance. For the many companies that do survive, there will be an opportunity to grow faster since fewer competitors will fight for market share and corporate finance conditions will improve.
8/3/23 Operational and finance tips for early-stage startups in a tough market
Congratulations you are the majority shareholder and just received several offers to sell your company for $100 million! The question is, at the end of the day, how much will you keep? A lot depends on how well you structure and negotiate the transaction. In the example below, if you sell your company for $100 million, you net $16 million at the closing. But do not despair, this is a worst case scenario.
5/21/23 How to Maximize How Much You Keep When You Sell Your Company
Timing is the most important factor in maximizing valuation in the M&A process as well. There are multiple cycles at work in M&A in the technology sector: capital flows, competition, technology, and economics. It is critical to follow each cycle carefully to determine when to sell. It is also important to honestly examine your company's strengths and weaknesses and thus the probability of growing into a billion dollar unicorn.
2/22/23 When is the Right Time to Sell a Business to Maximize Valuation?
Selling a company is an exciting process. Years of effort building value in a company culminate in a six month process to sell the company. Getting the M&A process right is critical to extract maximum value. "Conduct" is the right word since there are many moving parts in the M&A process. This article will help you ensure that all the parts work together harmoniously for a smooth, efficient and successful M&A process.
12/19/22 How to Conduct a Successful M&A Sell Side Process
An "earnout" is an acquisition payment mechanism where a portion of the purchase price of the selling company will only be paid by the Acquirer if the Seller attains agreed-upon performance goals after the closing. Well-structured earnouts allow growing companies to increase their sales price and incentivize the Seller's management team to stay with the Acquirer after the closing of a transaction. By contrast, poorly structured earnouts reduce the Seller’s value to the Acquirer, demotivate management, and result in litigation.
9/16/22 How to Structure Effective Earnouts
8/30/22 Key issues you should consider before signing an international merger deal
Despite the war in Ukraine, accelerating inflation and increasing interest rates, the technology sector has still seen M&A happening in the United States. In the first half of 2022, large tech M&A transactions included Microsoft acquiring Activision Blizzard for $69 billion, Google buying Mandiant for $5.4 billion, and Elon Musk bidding for Twitter for $44 billion.
Valuations in 2022 have been falling like a rock as the war in Ukraine rages, inflation skyrockets and the Fed tightens the screws. Fintech firm, Klarna, whose valuation plummeted 85% to just $6.7 billion from $45.6 billion a year ago, is an extreme example of this. Klarna’s woes are also related to the “buy now, pay later” subsector falling out of favor, but it’s not alone. Almost all tech companies are seeing their valuations decline — the Nasdaq is now more than 31% below its all-time high on November 19, 2021.
7/18/22 Mark-to-market to arrive at a realistic valuation and improve your fundraising odds
3/5/22 How to Accelerate Closing a Transaction
Recently, I was negotiating a $90 million M&A transaction representing the sell side for an Asian client with unique mobile technology, an excellent management team, and blue-chip customers. The valuation was agreed upon by both sides, but many other critical transaction terms remained open.
11/11/21 How to Maximize the M&A Valuation of Your Company
Many CEO’s and Boards focus almost exclusively on the revenue growth of a company to maximize the M&A valuation. While revenue growth is important in the M&A, it is critical to initiate a robust M&A process and examine the M&A market and its effect on the M&A valuation of your company.
Despite the plentiful headlines about mega billion-dollar M&A transactions, record IPOs and the rapid growth of SPACs, small deals will continue to be the most likely exit for the vast majority of tech startups. In the over 30 years I’ve worked on M&A at White & Case, Barclays and my current firm Ascento Capital, I have seen too many startups that are not prepared for an exit via a merger or sale. This article will provide specific recommendations on how to prepare your startup for M&A.
7/26/21 How to prepare for M&A, your most likely exit avenue