Tech Startup & Scale-up Founders
Financial Engineering Powering Hypergrowth.
Secure your fundraising rounds, substantiate your ARR/EBITDA metrics, and prepare M&A transactions with statutory auditor rigor.
Audit-AAM assists tech startup and scale-up founders in certifying their key performance indicators (ARR, normalized EBITDA, CAC/LTV), pre-fundraising auditing (Series A to C), acquisition due diligence, and M&A advisory. Our certified statutory auditors provide the independent assurance required by venture capital funds and corporate buyers.
Partner Leadership
Partners Fluent in the Innovation Ecosystem.
We speak startup language: SaaS unit metrics, dilution, vesting, burn rate, and runway. Our equity partners lead your file directly.
Sylvain Raynal
Partner — Transaction Services & Tech Due Diligence
Key Focus Areas & Jurisdictions:
- ▪ Buy-side & Vendor Due Diligence (VDD) for tech scale-ups
- ▪ SaaS metrics audit (ARR, Net Retention Rate, LTV/CAC, cohort analysis)
- ▪ Normalized EBITDA reconciliations & cloud infrastructure cost audits
- ▪ M&A pre-closing audit and Locked Box mechanism negotiation
Florian Lacombe
Partner — Legal Audit & Digital Finance
Key Focus Areas & Jurisdictions:
- ▪ R&D expense audits and software capitalization compliance
- ▪ Financial process automation & mandatory 2026 e-invoicing transition
- ▪ Internal cash flow control and Runway / Cash Burn modeling
- ▪ SaaS contract compliance & recurring revenue stream auditing
Jean-Paul Lacombe
Managing Partner — Certified Public Accountant & Statutory Auditor
Key Focus Areas & Jurisdictions:
- ▪ Statutory audits for capital increases, in-kind contributions & mergers
- ▪ Independent fair value appraisal of dilution instruments (stock-options, warrants)
- ▪ Statutory annual account certification for growth companies
- ▪ Equity structuring during VC fund entries and strategic partner transactions
Methodological Demonstration
Understanding the EBITDA to Free Cash Flow Transition.
For venture capital investors and buyers, accounting profit is never the full story. Discover how our Quality of Earnings analytics secure your valuation.
Quality of Earnings: From Reported EBITDA to Actual Cash
Legal Impact on SPA & Price Adjustment Clauses
QoE adjustments allow legal counsel to substantiate net debt clauses, define a normalized Working Capital Peg, and safeguard Representations & Warranties.
Startup & Scale-up Case Studies
3 Recent Track RecordsData Room Security & Certified ARR Metrics (€14M Round)
B2B SaaS Scale-up (Montpellier / Paris)
During due diligence conducted by an international VC fund, the scale-up needed to prove the strict recurrence of its ARR and the absence of capitalized operating costs.
Independent cohort revenue analysis, normalized recurring revenue certification, and delivery of a formal Quality of Revenue report within 10 days.
Closed the €14M round at target valuation and established immediate credibility with incoming institutional investors.
Buy-Side Acquisition Due Diligence on a Tech Target (€4.2M EV)
Acquiring Cybersecurity Scale-up
Strategic acquisition of a competitor showing strong paper profit but masking a critical customer churn rate and degraded working capital.
Forensic customer contract audit, normalized EBITDA reconciliation, and discovery of €650k in understated liabilities.
Secured an €800k reduction in the final SPA purchase price and integrated targeted earn-out clauses linked to actual retention.
Independent Valuation of Shares & Stock-Option Grants
Deep Tech Startup in Hypergrowth
Implementation of an employee equity incentive plan for 25 key executives requiring a solid fair market value appraisal defensible against tax authorities.
Multi-criteria financial modeling (DCF, comparable transaction peer group) and issuance of a formal valuation opinion.
Unanimously adopted by the Board of Directors with zero tax requalification risk.
Flash Diagnostic (2 minutes)
Is your startup ready for its next Due Diligence?
Instantly benchmark your strengths and risk areas before opening your Data Room to funds or strategic buyers.
Are your financial statements audited by an independent third party?
Prepare your next fundraising round or M&A transaction.
Our partners are ready for a confidential technical scoping discussion on your growth and audit priorities.