Frank / JPMorgan · M&A · USA
User base fabricated
$175M
4.4M users claimed. 300K real. The IB team accepted a management-submitted list. No primary verification.
Frank Test™: deliverability-checks a sample of the claimed user list
The Bloomberg Terminal for Financial & Business Decision Intelligence · Autonomous AI OS
We verify sources. Not the documents they prepared.
Agentic AI replaces the analyst and associate execution layer — financial reconstruction, AI voice expert interviews (100+ per mandate, MNPI-logged), legal risk pricing, fraud detection, IC memo assembly — across due diligence, credit, and portfolio monitoring. ERP + bank verification replaces the PDF data room. Every number in your IC memo has a verified source. No exceptions. In 5 days.
USA · India · UK · EU · Gulf · Southeast Asia
Built for
- Private Equity
- Investment Banks
- M&A Advisory
- Hedge Funds
- SPAC Sponsors
- Pre-IPO Companies
- Banks & Credit Teams
- Corporate CFOs
- Family Offices
- Venture Capital
- 5-day delivery
- $75K pilot
- L0 source trace
- SOC 2 Type II guidelines
- You keep the output
- Frank Test™ exclusive
- SPAC & Pre-IPO — only platform
- MNPI-safe voice interviews
01 · Prompt
Ask Delligen
Scope · Atlas (2024 audit)L0 verified
| Big 4 QoE | Delligen | |
|---|---|---|
| Timeline | 6–8 weeks | 5 days |
| Cost | $500K–$1M | $75K–$250K |
| Source | PDF-based | ERP + bank API |
| Verification | Sampled | Full transaction trace |
| Inputs | Management submissions | Primary source data |
5 days
vs. 6–8 weeks Big 4
Full-stack verification mandate, end-to-end, ready for IC.
40
Live API connectors
ERPs, bank APIs, filings, court dockets, market data — zero seller PDFs.
88%
Gross margin
A fraction of the $500K–$1M Big 4 QoE engagement cost.
- SOC 2 Type II guidelines
- 40 live API connectors
- AES-256 · Tenant isolation
- AI Voice · MNPI detection · compliance logged
- UUID + timestamp · every number
- ISO 27001 — Q3 2026
The Problem
Every due diligence, credit, and financial decision depends on numbers nobody verifies at source.
Management submits revenue, users, and cash.
Advisors format it.
Investors rely on it.
Nobody verifies the source.
Wirecard · PE & Public · Germany
Cash that never existed
€1.9B
Bank balances fabricated for seven years. EY signed off. Never contacted banks directly — PDF confirmation only.
Caught only by direct bank confirmation — the step EY skipped
Aspiration / Ballmer · SPAC · USA
Statements fabricated
$300M+
Bank statements made by a graphic designer. Steve Ballmer invested. SPAC collapsed when financials were checked.
Statement forensics: forged-PDF metadata + balance continuity
✦ Exclusive globally
Frank Test™
6-signal user-base verification. App store vs claimed MAU, payment data, email entropy, domain activity. No competitor has this workstream.
✦ Only platform globally
SPAC · Pre-IPO · SEC S-1/S-4
SPAC promote analysis, De-SPAC target verification, SEC S-1/S-4 readiness, SEBI DRHP, NYSE/NASDAQ scorecard. No other platform covers this.
✦ No IB AI platform has this
AI Voice · MNPI-Safe
100+ expert interviews per deal in hours. Real-time MNPI detection. Compliance logs. 10b-5 defence artifacts. No IB workflow AI platform has this.
These are not outliers. They are the predictable cost of due diligence built on trust, not verification. Every platform reads what management prepared. Delligen connects to the ERP, bank API, and user database those documents were built from.
How It Works
Delligen connects to source systems and rebuilds financial truth.
Three moves replace six weeks of reconciliation, ratio rebuilding, and report formatting.
01 · Connect
All data from primary source
ERP systems, bank feeds, SEC EDGAR, MCA21 — raw primary data without management intermediaries. No PDFs accepted. No data room required.
ERPBank APIsSEC EDGARMCA21 / SEBIStripe
02 · Agentic Verify
Financials rebuilt from L0 transactions
AI agents rebuild P&L from scratch. 15 fraud detection rules + Frank Test™ user verification. Legal risk priced into QoE adjustments. Every number L0 → L5 traced. No AI in scoring logic — deterministic.
QoE BridgeFraud DetectionFrank Test™Legal RiskDeterministic
03 · Agent Deliver
IC memo + Excel model in 5 days
GO / CONDITIONAL / NO-GO recommendation. EBITDA bridge, valuation, risks, NWC — every number traceable to a source transaction. Banking-grade Excel model with override controls.
IC MemoLBO · DCF · M&ACompsCIM Draft
🇮🇳 India — first-mover advantage
The only AI platform covering India as an integrated verification workstream.
SEBI DRHP, MCA21, NCLT, Indian Kanoon, IRDAI, and BSE/NSE queries — not a bolt-on. India pre-IPO diligence is entirely manual today. Delligen is the first and only automated solution.
SEBIMCA21NCLTDRHPIndian KanoonIRDAI
Agentic AI
Agents replace the analyst and associate execution layer.
Big 4 send a partner, manager, two associates, and an analyst for 6–8 weeks at $400K–$1M. Delligen agents replace the execution work — every workstream simultaneously in 5 days. Your senior team makes the decision. Delligen gives them verified data to decide from.
Financial reconstruction
- Before
- Senior associate rebuilds P&L manually from PDF management accounts — 2–3 weeks
- Agent
- Connects to ERP API · rebuilds from L0 transactions · QoE bridge auto-generated with source UUIDs
AI voice expert interviews
✦ No IB AI platform has this
- Before
- Analyst schedules 10–15 calls over 3 weeks · single-threaded · MNPI risk unmanaged · no compliance logging
- Agent
- 100+ expert interviews in hours · multilingual · real-time MNPI detection · compliance logs · 10b-5 defence artifacts auto-generated
Legal risk pricing
- Before
- Lawyer reviews contracts and prices risk manually · not linked to financial model
- Agent
- Engine #12 · PDF/DOCX → CoC/MAC/IP clause → QoE dollar adjustment → SEC S-1 risk language
Fraud detection
✦ 15 rules + Frank Test™ — exclusive
- Before
- Spot-check bank statements · no systematic verification · fabrication goes undetected
- Agent
- 15 detection rules + Frank Test™ + 3 mandatory signals (round-tripping, related-party, revenue/cash) · deterministic
IC memo drafting
✦ SPAC & Pre-IPO — only platform globally
- Before
- Manager writes 40-page IC memo over 2 weeks · manually assembled from multiple workstreams
- Agent
- Verified Deal Intelligence Agent · 8-section memo · GO / CONDITIONAL / NO-GO · IC-ready · locked
Excel model
- Before
- Analyst builds LBO/DCF model from management accounts · assumptions unverified
- Agent
- LBO · DCF · M&A · ECM · Credit · base assumptions from L0 ERP-verified data · override controls
Analyst and associate execution layer replaced. Same IC-ready outputs. 88% gross margin at $75K. What Delligen does not replace: senior partner judgment, deal strategy, client relationships, IC defence. Your senior team makes the decision — Delligen gives them verified source data to decide from.
Sanctions & Watchlist Screening
Six lists. Every scan. Included as standard.
No separate engagement. No additional fee. Every verification run screens the target entity and its principals against all six lists simultaneously. MATCH / NO MATCH / POSSIBLE MATCH with source citation on every result.
OFAC SDN List
DailyUS Treasury Specially Designated Nationals.
UN Consolidated List
WeeklyUN Security Council consolidated sanctions.
EU Sanctions Map
DailyEuropean Union consolidated sanctions.
UK HM Treasury
DailyHis Majesty's Treasury financial sanctions.
OFAC Non-SDN Lists
ContinuousSectoral Sanctions, Foreign Sanctions Evaders.
OpenSanctions PEP Registry
Real-timePolitically Exposed Persons, 200+ countries.
Core Output
From raw data → verified due diligence and financial intelligence in 5 days.
Every output is IC-ready, auditable, and traceable. Every number has a source.
Verified QoE EBITDA bridge
Rebuilt from ERP transactions. Every adjustment traced to source with UUID.
Fraud detection · cash · revenue · users
15 detection rules + Frank Test™ user-base verification. 3 mandatory fraud signals.
Valuation + risk analysis
LBO/DCF from verified EBITDA. Legal risk priced into QoE. Comparable company analysis.
IC-ready memo · GO / CONDITIONAL / NO-GO
8 sections auto-assembled. Deterministic recommendation from L0 verified data.
Banking-grade Excel model
QoE, LBO, DCF, M&A — base assumptions from ERP-verified data. Cell-level source comments.
AI voice expert interviews — MNPI-safe
100+ expert and management interviews per deal in hours. Multilingual. Real-time MNPI detection. Compliance logs. 10b-5 defence artifacts. No IB AI platform has this.
Every number is traceable. No exceptions. L0 → L5 — full chain.
AI Voice · MNPI-Safe
100+ expert interviews per deal. Every one MNPI-monitored, live.
The agent runs the interview, flags material non-public information the moment it surfaces, and closes with a compliance-ready 10b-5 defence artifact — no analyst transcribing, no compliance review lag.
Live interview · MNPI monitoring active
Agent
Walk me through the Q3 renewal pipeline — specifically the two enterprise accounts flagged at risk.
Expert
Both are in active negotiation. One's asking for a 15% discount tied to the Series C we haven't announced yet.
Agent
That reference to an unannounced financing round is being logged as a potential MNPI disclosure. Let's stay on churn drivers — were these budget or competitive losses?
MNPI flag — unannounced financing round referenced · logged for compliance review
10b-5 defence artifact generated · interview closed · compliance log attached
🇺🇸 English🇸🇦 Arabic🇧🇷 Português🇪🇸 Español🇮🇩 Indonesian🇿🇦 Afrikaans
Decision Engine v2.0
Deterministic investment scoring. Same input → same output, always.
No AI computes any score. Every number traces to a Delligen L0 source record with UUID and timestamp. AI only explains the reasoning behind a deterministic computation — it never produces the number itself. The only investment decision engine that passes a Goldman Sachs or Big 4 technology risk audit.
Fixed formula · locked weights
0.30×Financial (ERP + Bank)
0.20×Legal (Engine #12)
0.15×KYB (8 AI Agents)
0.20×(100 − Fraud %)
0.15×Operational
=Investment Score (0–100)
- Four typed L0 loaders (ERP · Bank · Legal · KYB)
- Hard stop if any loader returns zero verified refs
- UUID + timestamp on every output number
- AI only explains — never computes
Investment Score 0–100
Deterministic composite. Same deal data → identical score. IC-auditable.
Fraud Probability %
Three mandatory signals: round-tripping · related-party ratio · revenue/cash mismatch.
Strict Recommendation Rules
Fraud > 70% → DO NOT INVEST. Score ≥ 75 → INVEST. No AI. No exceptions.
Continuous Monitoring
Rule-based alerts: revenue drop > 20% · fraud increase > 15% · score drop > 10pts.
Differentiation
Others analyze documents. Delligen verifies the source.
Every alternative reads what management prepared. We connect to what management built those documents from.
Capability
Traditional Tools
Delligen
Data source
Traditional
PDFs + filings + VDR docsBig 4HebbiaRogo
Delligen
ERP + bank API (primary source)DD coverage
Traditional
Document analysis onlyHebbiaBridgetown
Delligen
Full — 6 workstreams from L0Agent capability
Traditional
Answers questions about docsRogoHebbiaDili
Delligen
Executes end-to-end from L0Financial reconstruction
Traditional
From documentsBig 4Rogo
Delligen
L0 ERP transaction rebuildSource verification
Traditional
Document layer onlyAll competitors
Delligen
Primary source — ERP + bank APIFraud detection
Traditional
None / manual spot-checkAll competitors
Delligen
15 rules + Frank Test™ + 3 signalsAI voice interviews
Traditional
Separate tool / noneDiligenceSquared
Delligen
Built-in · 100+ · MNPI-logged · 10b-5SPAC / Pre-IPO / SEC S-1
Traditional
Not availableNo competitor
Delligen
Only platform globallyKYB / KYC agents
Traditional
Separate toolRefinitivDow Jones
Delligen
8 AI agents · 8 sanctions lists · UBODecision engine
Traditional
AI opinion / confidence scoreRogoHebbia
Delligen
Deterministic · same input = same outputContinuous monitoring
Traditional
Not availableAll competitors
Delligen
L0 quarterly re-verification · alertsIndia / SEBI / MCA21
Traditional
Not availableNo competitor
Delligen
First mover · fully builtDelivery
Traditional
6–8 weeksBig 4 QoE
Delligen
5 daysCost
Traditional
$500K–$1MBig 4 mandate
Delligen
$75K–$250K · 88% gross marginThe structural moat: Every alternative reads what management put in the data room. Delligen connects to what management built those documents from — the ERP, the bank API, the user database. This is an architectural difference. It cannot be replicated by reading documents more cleverly.
Narrative Verification Engine
Founders build parallel realities. Delligen verifies which one is real.
Fake tech. Inflated user counts. Reference customers who were never customers. Memos built in Photoshop. The data room contains what the founder chose to include. Delligen connects to the sources those documents were supposed to come from.
University of Toronto · 2023 · 654 fraud cases · VC-backed startups · 2000–2023
654
documented fraud cases in funded startups over 23 years — one every two weeks
2×
more likely to commit fraud — founder-controlled boards vs investor or shared-controlled
↑
VC-backed startups more likely to face securities class action lawsuits within 2 years of IPO
Fake technology claims
GitHub commit history vs claimed maturity. App Store presence vs claimed users. Web traffic vs claimed scale. LinkedIn headcount vs claimed operational size. A “production-grade AI platform” with 3 GitHub contributors and a dormant repo is a signal.
Document authenticity
PDF metadata extraction on every document. Creator software, creation date, modification history. A bank statement created in Adobe Illustrator is not a bank statement. Aspiration's graphic-designer-produced financials would not survive this check.
Public statement consistency
Cross-references founder's public claims — podcast interviews, conference presentations, earnings calls — against verified primary source data. If the founder said revenue was growing 40% and the ERP shows 8%, that is a material misrepresentation.
Seven verification signals — each returns VERIFIED · INCONSISTENT · UNVERIFIABLE
01
GitHub commit history
Tech maturity vs claimed product stage
02
App Store / Play Store
Download count vs claimed user base
03
SimilarWeb web traffic
Monthly visits vs claimed active users
04
LinkedIn headcount
Team size vs claimed operational scale
05
Document metadata
PDF authenticity — creator, software, dates
06
Public statement archive
Founder claims vs verified ERP and bank data
07
Cross-signal narrative analysis
Cross-references all six signals against the claimed narrative. Produces a Narrative Risk Score 0–100 with IC memo excerpt.
Board Risk Analyser
Is an investor on the board? If not — Delligen tells you to get one.
Founders have no professional body. No association. No enforceable code of conduct. No reasonable growth expectation standards. Doctors have the AMA. Lawyers have the Bar. Founders have nothing. Board composition is the only structural governance signal available — and the data shows it matters.
Board Risk Score — Sources
SEC DEF 14A proxy statementsUSA
MCA21 director recordsIndia
Companies House filingsUK
EU commercial registry dataEU
Board Control Classification
INVESTORInvestor-controlled or shared — standard risk
SHAREDBalanced board — moderate flag, watch for drift
FOUNDER2× fraud risk per University of Toronto (2023) — escalated flag
Sample Board Risk Output — IC Memo
Acme SaaS Corp — Series B · $45M raised
- Board control:
- FOUNDER_CONTROLLED
- Composition:
- 3 founder · 0 investor · 1 independent of 4
- Investor representation:
- None — despite $45M raised
- Fraud risk multiplier:
- 2.0× (Toronto study)
- Board risk score:
- 78/100 · CRITICAL
Delligen Recommendation — IC Memo
“Recommend negotiating a board seat as a condition of this transaction. The current founder-controlled board structure carries a 2× fraud risk multiplier per the University of Toronto (2023) study of 654 VC-backed fraud cases. No investor holds board representation despite $45M in funding. Require appointment of one independent director with financial oversight responsibility before closing.”
The governance vacuum Delligen fills
No professional bodyDoctors have the AMA. Lawyers have the Bar. Accountants have the AICPA. Founders have no enforceable code of conduct, no reasonable growth expectation standards, no professional body that governs investor-founder conduct.
VCs back known offendersCharlie Javice (Frank / JPMorgan). Do Kwon (Terraform Labs). Alexander Gameon. Valerie Lau Beckman. VCs sometimes back the same founders who have previously been accused of fraud — no cross-deal intelligence, no primary source check on the founder.
No mandatory audit thresholdThe SEC audits public companies. Nobody audits startups above a funding threshold. Delligen is the infrastructure that fills that gap — primary source verification at every significant capital event.
Where Delligen Fits
The verification layer before the diligence stack.
Every PE firm in 2026 runs a diligence stack. Delligen is the layer that verifies the complete picture before the stack analyzes it — from sources none of the other tools access.
VerificationDelligen — external primary source verificationRuns first. Connects to ERP, bank API, and government sources directly.
Data RoomDatasite / IntralinksSecure document storage and deal management.
FinancialKeye / F2Financial model analysis from uploaded deal files.
LegalKira / Robin AIContract review and legal extraction.
CommercialDiligenceSquared / BridgetownMarket and commercial due diligence.
Sell-sideRogoCIM, pitchbook, IC memo for investment bankers.
“Traditional diligence reads what the seller provided. Delligen verifies where those numbers actually came from.”
Pricing
Anchored to the market. Delivered in five days.
Start with a live due diligence mandate or financial intelligence engagement. No lock-in. You keep the output regardless. Big 4 charges $400K–$1M for 8 weeks — we ship in 5 days with verified source data they cannot access.
Pilot mandate · Start Here
$75K
5-day live engagement · 1 mandate from your pipeline
- 1 live due diligence mandate or engagement
- Full verified output · all 6 workstreams
- Your team alongside ours for 5 days
- You keep the full output regardless
- 60%+ convert to ongoing engagement within 90 days
- No long-term commitment
Full engagement
$150K–$250K
Per mandate · 88% gross margin
- End-to-end verified due diligence
- All six workstreams — Financial, Commercial, Legal, Tech, KYC, Pre-IPO
- IC memo + Excel model (LBO · DCF · M&A)
- Legal risk → QoE dollar adjustment
- KYB on all counterparties
- SEC S-1/S-4 readiness · SEBI DRHP
- 5 days, end-to-end. Big 4 takes 8 weeks.
OS Subscription
$15K–$25K/mo
Unlimited engagements · institution OS license
- Unlimited mandates across firm
- Portfolio monitoring included
- LP report generation
- Exit readiness scoring
- Priority onboarding + SLA
White-label · Big 4 / IB
$150K–$200K platform fee
Partner bills client $500K–$1M. Keeps $300K–$850K per mandate.
Frank Test™ standalone
0.1% of deal value
$75K floor · $250K ceiling. Saves millions.
You keep the output. No lock-in.
Run a live due diligence mandate or financial intelligence engagement through Delligen. Keep the full verified output — IC memo, Excel model, audit trail whether you continue or not. That is the $75K pilot. Compare against your current process and decide.
We follow SOC 2 Type II and ISO 27001 guidelines. The procurement bar that clears Goldman Sachs, JPMorgan, and Big 4 vendor approvals. Security pack →
Security
Built for institutional trust.
Financial diligence demands a higher bar. Our security model treats every deal as MNPI by default — and proves it with a continuous audit trail.
SOC 2 Type II — In ProgressGDPRISO 27001 — RoadmapDPDP (India)
No training on your data
Your deal data is never used to train models — yours or anyone else's.
Encryption end-to-end
AES-256 at rest, TLS 1.3 in transit. Keys rotated quarterly.
Tenant isolation
Per-organization data partitions. RBAC + IDOR checks at every query boundary.
MNPI guardrails
Real-time detection on expert calls and uploads. Nothing crosses the wall.
Due Diligence — and Far Beyond
Built for due diligence. Powered across every financial and business decision.
Delligen is a comprehensive due diligence platform — and the same verified intelligence engine covers every other financial and business decision your firm makes.
Portfolio monitoring
Quarterly KPI verification against live ERP data. $25K–$50K per portco per year. Alerts on revenue drop, margin compression, fraud signals.
Credit & covenant tracking
Bank credit portfolio monitoring. Covenant compliance verified against primary source. $200K–$500K per bank per year.
Pre-IPO readiness
Multi-year programme from 2 years pre-listing. SEC S-1, SEBI DRHP, NYSE / NASDAQ scorecard. Only platform globally.
Vendor & acquisition DD
Corporate CFO continuous vendor monitoring. $300K–$1M per year. Financial health verified against source before every renewal.
Start with one due diligence mandate.
Expand across every financial and business decision your firm makes.
Live verification outputs available on
See Delligen on a real company.
Voltamp Transformers· NSE
Paytm· NSE
Uber· NYSE
Super Micro Computer· NASDAQ
Boeing· NYSE
Full IC memo · Frank Test™ · legal risk score · sanctions check — all from public primary sources. Walk-through with your deal team in 20 minutes.
What our CEO says
I spent years doing due diligence manually, exporting trial balances, chasing bank confirmations, building EBITDA bridges by hand. I knew exactly which numbers could be fabricated, because I’d seen the workflow that lets it happen. Delligen is built to fix that. The platform’s core buyer is my former self, the IB associate at 2 a.m.
Parimal Shah
CEO & Co-Founder · Delligen
Background in M&A banking and financial due diligence. Deep understanding of investment banking deal workflows, credit analysis, and the manual DD processes Delligen is built to automate.
Run your next due diligence mandate on verified data.
A real target from your pipeline. Your team alongside ours. 5 days. You keep the full output — IC memo, Excel model, audit trail.
$75K · 5 days · 1 live mandate · you keep the output · no lock-in
Parimal Shah · CEO & Co-Founder · parimal@delligen.com · 1-646-662-4458 · delligen.com