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Codense
Technical due diligence · 2024

The diligence that repriced a term sheet

An investment committee wanted to know what it was buying. We read the code, the pipeline and the incident history, and wrote down what we found.

Measured
2024
Duration
3 weeks
Risks ranked
14
Rated material
2
Deliverable
Written

Example An illustrative case, not a delivered engagement. The figures below are invented and are here so the layout can be reviewed — replace this record with real work before publishing.

The situation

A B2B SaaS target with strong revenue growth and a small engineering team. The deck said the platform was multi-tenant and horizontally scalable. The committee had no way to test either claim, and the deal was three weeks from signing.

What we did

Three weeks, fixed price, fixed deliverable. We read the codebase, ran the pipeline, profiled a staging environment against production-shaped traffic, and went through eighteen months of incident history. We interviewed four engineers about what they would fix first if nobody stopped them — the most useful question in diligence, and the one least often asked.

Where it landed

Tenant separation was enforced in the query layer rather than at the schema, which is a data-leak risk rather than an architecture preference, and the single-region deployment made the stated European expansion a rebuild rather than a rollout. Both went into the report with a cost and a likelihood. The deal completed at a revised valuation with a funded remediation plan.

Next step

Tell us what is not working.

An hour on a call, no charge and no deck. We will tell you honestly whether this is work we are good at — and if it is not, who to talk to instead.

Reply within
One working day
First call
One hour, free
Notice period
One month, either way
Based in
Odense & Copenhagen