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Table 2From “What is an acquisition thesis? Strategic underwriting, valuation, and M&A governance”

Three-Year Pro-Forma Operational and Financial Trajectory

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Table 2Three-Year Pro-Forma Operational and Financial Trajectory

Financial Performance DimensionStandalone Baseline (Year 0)Year 1 Post-CloseYear 2 Post-CloseYear 3 Fully Integrated
Combined Baseline Core ARR\$170,000,000\$195,500,000\$224,825,000\$258,550,000
SecureMesh Standalone Organic Growth\$20,000,000\$26,000,000\$33,800,000\$43,940,000
Cross-Sell Accounts Signed (Apex Base)0 accounts60 accounts180 accounts320 accounts
Realized Incremental Cross-Sell ARR\$0\$3,000,000\$9,000,000\$16,000,000
Churn Reduction ARR Preserved\$0\$1,200,000\$2,600,000\$4,100,000
Total Combined ARR\$170,000,000\$225,700,000\$270,225,000\$322,590,000
Recurring Cost Synergies Captured\$0\$1,800,000\$3,500,000\$3,800,000
One-Time Integration Expenses\$0-\$3,800,000-\$2,200,000\$0
Combined Operating Cash Flow\$25,500,000\$33,850,000\$49,200,000\$68,500,000
Cumulative Incremental Free Cash Flow\$0\$8,350,000\$32,050,000\$75,050,000
Implied Blended ARR Multiple6.0x6.5x7.0x7.5x
Combined Enterprise Valuation\$1,020,000,000\$1,467,050,000\$1,891,575,000\$2,419,425,000

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Source: Table from this essay. Sources and interpretation are given in the article.

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APA 7

Isoglu, S. (2026). Three-Year Pro-Forma Operational and Financial Trajectory [Table]. isoglu.com. https://isoglu.com/insights/exhibits/isoglu-2026-what-is-an-acquisition-thesis-fig03/

BibTeX
@misc{isoglu-2026-what-is-an-acquisition-thesis-fig03,
  author = {Isoglu, Sinan},
  title = {{Three-Year Pro-Forma Operational and Financial Trajectory}},
  year = {2026},
  howpublished = {Table 2, isoglu.com},
  url = {https://isoglu.com/insights/exhibits/isoglu-2026-what-is-an-acquisition-thesis-fig03/},
  note = {From the essay {What is an acquisition thesis? Strategic underwriting, valuation, and M\&A governance}}
}
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