STRATEGIC SUPPORT
Consultancy, advice and support
Requirements
The shareholders & management team of Mondaq were looking for support through a potential transaction. Whilst the management team were highly capable and experienced within their business, they had not previously been through a sales process.
They needed help to ensure financial information was presented in the right way, that forecasts were robust and flexible, and that due diligence requirements could be met with confidence. Accurate reporting, a clear databook, and guidance through the deal process were essential.
What we did
We worked alongside management and shareholders to get Mondaq ready for sale and to support them through the transaction:
- We created a Book of Business (BOB), analysing all contracts over the last three years and spreading revenue monthly in accordance with contract terms. This enabled the generation of Annual Recurring Revenue (ARR) to support forecasting.
- Using the BOB, we restated the main recurring revenue lines in the profit and loss account so that revenue was recognised in accordance with contract terms rather than on an invoice basis, as reflected in the statutory accounts.
- It is not uncommon for a business such as Mondaq to recognise revenue on an invoiced basis. However, for a sale process, it is important to clearly articulate to a potential purchaser how Annual Recurring Revenue (ARR) has built over the historical period, including new business, expansion from existing clients, and churn from non-renewals. This allows revenue to be presented on a Monthly Recurring Revenue (MRR) basis.
- We represented historical results in a format suitable for due diligence, including monthly profit and loss, balance sheet, cash flow, and working capital statements.
- We built a detailed three-year financial forecast to allow sensitivities to be run easily. All information was consolidated into a single databook for use throughout the process.
- We provided regular trading updates and model amendments as the deal progressed.
- We gave ongoing support to shareholders, responding to ad hoc queries.
Results
In November 2025, Legal 500, the leading global legal benchmarking platform, acquired Mondaq combining global legal intelligence with unparalleled research and data.
This transaction highlighted the strength of the infrastructure services M&A market and represented an exciting new chapter for CFDS. Navig8 Advisory were proud to work alongside KPMG in supporting the shareholders through to a successful completion.
