Opportunities

Project Nova

Source-backed synthetic demo · Nova Compliance Systems · B2B compliance workflow software

live diligencecontinue diligencemedium confidence14 sources5 open issuesState updated
Product theatre

A live state register, not a file store.

Open the synthetic demo to inspect current state, provenance, conflicts, missing materials, latest changes, source-backed answers and generated outputs.

Enter Project Nova
Current stateContinue diligence

Medium confidence, source coverage 46%.

Metric conflict€18.4m ARR vs €17.8m ARR

Model and IC memo need reconciliation.

Missing materialCustomer cohort analysis

Required to support NRR and retention claims.

Current state

What is currently true

medium confidence

Continue diligence. The category and growth remain attractive, but revenue quality, retention evidence and customer concentration still need source-backed reconciliation.

StatusActive review
Confidencemedium
Sources14
Open issues5
Missing items5
Superseded2
EBITDA marginunclearunsupported
Top customer concentrationunavailableunsupported
ARR€18.4m
[002]
May Financial Modelspreadsheet range · Summary!B4

Annual recurring revenue of €18.4m

medium confidence
Conflicts with€17.8m
[003]
IC Memo Draftdocument · p.2

Current ARR of €17.8m

high confidence
ARR growth24%
[001]
Investment Deckdocument · p.6medium confidence
NRR112%inference
[001]
Investment Deckdocument · p.9low confidence
46%source coverage
Claims ledger

Claims, support and review state

ARR is currently €18.4m.
Source-backed
[002]
May Financial Modelspreadsheet range · Summary!B4

Annual recurring revenue of €18.4m

medium confidence
Conflict: €17.8m
NRR is reported at 112%, but cohort evidence is still missing.
Needs reviewinference
[001]
Investment Deckdocument · p.9low confidence
EBITDA margin remains unsupported for memo purposes.
unsupportedUnsupported add-backs
Diligence

Open issues

IssueSeverityEvidenceAction
Revenue quality unclear

No software versus services revenue split is present in the materials.

highdoc_002doc_003Request revenue split by software, implementation and recurring services.
ARR differs across materials

May model shows €18.4m ARR; IC memo draft references €17.8m.

mediumfact_arr_modelfact_arr_memoAsk management to reconcile the ARR bridge and reporting cut-off.
NRR not supported by cohort data

112% NRR is asserted in the deck without a cohort file.

highfact_nrrdoc_missing_002Request customer cohort analysis.
Customer concentration unavailable

No top-customer schedule has been supplied.

mediumdoc_request_001Obtain a customer concentration schedule before IC.
EBITDA add-backs unsupported

No add-back support has been supplied for a memo-ready EBITDA conclusion.

mediumfact_ebitdadoc_request_003Request add-back support and map each adjustment to source evidence.
Firm score

Deal scorecard

61Overall
icp fit84medium confidence
market attractiveness72medium confidence
revenue quality58low confidence
retention quality55low confidence
leadership risk60low confidence
competition risk63medium confidence
ai disruption risk46low confidence
data completeness40high confidence
diligence confidence50medium confidence
icp fit84medium confidence

Vertical B2B workflow software with regulatory pull.

What would change it: Evidence of horizontal rather than vertical use.

market attractiveness72medium confidence

Regulatory workflows support durable demand.

What would change it: A sourced bottom-up market map.

revenue quality58low confidence

Services split and cohort retention are missing.

What would change it: Audited recurring revenue bridge.

retention quality55low confidence

NRR is not supported by cohort evidence.

What would change it: Customer cohort analysis.

leadership risk60low confidence

Management depth has not been tested.

What would change it: Leadership references.

competition risk63medium confidence

The category appears fragmented.

What would change it: Full market mapping.

ai disruption risk46low confidence

The materials do not describe an AI-native moat.

What would change it: Product roadmap evidence.

data completeness40high confidence

Several required artefacts remain missing.

What would change it: Receipt of requested materials.

diligence confidence50medium confidence

Core claims remain only partly corroborated.

What would change it: Reconciled model and cohort data.

Higher is more favourable. Risk dimensions score mitigation, not exposure.

Next

Suggested actions

  1. 01Request revenue split by software, implementation and recurring services.
  2. 02Ask management to reconcile the ARR bridge and reporting cut-off.
  3. 03Request customer cohort analysis.
  4. 04Obtain a customer concentration schedule before IC.
  5. 05Request add-back support and map each adjustment to source evidence.
Chronology

Timeline

  1. Project Nova opened for diligence.Partner A
  2. May financial model added.Associate C
  3. IC memo draft circulated.Principal B
  4. ARR conflict surfaced across the model and memo.DealState
  5. Customer cohort analysis requested.Associate C
Integrity record

Audit trail

WhenActorTypeSources
2026-06-21 11:30Associate Cdocument request addeddoc_missing_002
2026-06-21 08:46DealStatefact changeddoc_002doc_003
2026-06-21 08:45Principal Bdocument addeddoc_003
2026-06-19 10:15Associate Cdocument addeddoc_002
2026-06-12 09:00Partner Aopportunity created