Most founders leave value on the table not because they negotiated badly, but because the gap was created long before anyone sat across the table. Cube Capital works with founders at the stage when that gap can still be closed.
The Current Moment
Australian software has produced a generation of genuine businesses: real customers, recurring revenue, and products that still matter. Many retain real strategic value. But three structural shifts now shape what buyers will pay, and many founders have not yet priced them into their own planning.
The margin trap.
Enterprise software giants have moved downmarket. Categories that once felt protected are now crowded, and pricing assumptions that supported five-year models are under pressure.
The end of the replacement cycle.
AI is breaking the old implement-use-replace rhythm. Software that learns is adapted rather than replaced, shrinking the market for many traditional replacement stories.
The valuation reset.
Strong companies can keep growing and still lose the multiple if the market no longer believes the category's future warrants it. The window is not closed. It is no longer open-ended.
There is a pattern in how Australian technology founders exit. They spend years building something genuinely valuable, and then they spend the final months before a sale preparing to present it. That sequence is exactly backwards. The buyers who pay the highest multiples for Australian technology businesses are almost always North American. They do not increase their offer because of what a founder says in a management presentation. They increase their offer when there is nothing left to discount. The decisions that produce that outcome are made twelve to twenty-four months before a buyer is in the room: in the structure of the revenue, the depth of the leadership team, the ownership of the IP, and the narrative the business tells without the founder in it. Cube Capital works with founders at that stage. That difference is measured in multiples.
"The offer is not the start of the process. It is the output of a model that finished running weeks before the term sheet arrived." — Founder Thesis, Issue 03
Exit Advisory
Cube Capital advises Australian technology founders exclusively on the sell side, reaching the North American buyers who understand what you have built, and pay accordingly.
Learn more →Nexxit
The proprietary Cube Capital methodology for exit preparation. Nexxit works backward from the buyer's certainty model, identifying and closing the gaps that compress valuations before a process begins.
Learn more →Capital Raising & Board Advisory
Cube Capital advises technology founders on capital raises and provides board-level strategic guidance for founders navigating decisions that precede or follow a transaction.
Learn more →The businesses Cube Capital works with are Australian technology companies (software, SaaS, or technology-enabled services) with annual revenue between $5 million and $50 million.
They have a founder or controlling shareholder thinking seriously about a transaction in the next two to five years, or a board that wants an honest view of what the business is worth to a buyer today.
They have genuine recurring revenue and a customer base a North American acquirer would recognise as worth paying a cross-border premium for. And they want an advisor who will tell them what they need to hear. Not what they want to hear.
The most useful first step is a free, one-hour Signal Check conversation with Hani. He will tell you what he sees, whether there is a fit, and what the right next step is. If there is not a fit, he will say so directly.
Sell-side technology M&A advisory. Sydney, Australia.
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Cube Capital provides M&A advisory services to wholesale clients only. This website does not constitute financial product advice. Advisory services are provided in accordance with applicable Australian financial services law.