Project Nova catch-up
Current view
Continue diligence with medium confidence. Nova Compliance Systems is a European compliance-workflow software business with regulatory demand and reported ARR growth of 24%.
What changed
The May model reports ARR of €18.4m. The IC memo reports €17.8m. The values require reconciliation before IC.
Open risks
- Revenue quality is unclear because no software versus services split is available.
- NRR of 112% is not supported by cohort analysis.
- Customer concentration is unavailable.
Next actions
- Reconcile the ARR bridge.
- Obtain the cohort analysis and revenue split.
- Schedule the CFO diligence call.
Source appendix
| Source | Location | Use |
|---|---|---|
May Financial Model (doc_002) | Summary!B4 | ARR of €18.4m |
IC Memo Draft (doc_003) | p.2 | ARR of €17.8m |
Investment Deck (doc_001) | pp.6, 9 | Growth and NRR claims |