Frank / JPMorgan
M&A · United States
$175M
4.4M users claimed. 300K real. The IB team accepted a management-submitted list. No primary verification.
→ Delligen catches: Frank Test™ — email entropy, domain distribution, app-store cross-check.
The Bloomberg Terminal for Deal Verification
Every deal — and every quarter between deals — runs on data nobody verifies.
M&A advisory, investment banking, PE, hedge funds, banks, SPAC sponsors, IPO managers, pre-IPO companies, corporate CFOs — every participant faces the same problem at deal time and every quarter between deals: management submits, nobody verifies the source. Delligen operates at both layers — deal-time verification and continuous monitoring. We do not accept what management submits. We verify it.
$150K–$250K/deal · 5 days · vs $500K–$1M Big 4 · SOC 2 Type II ready
01 · Prompt
Ask Delligen
Scope · Atlas (2024 audit)L0 verified
5 days
Big 4 takes 8 weeks
Full-stack mandate, end-to-end, ready for IC.
40
Verified connectors
ERPs, bank APIs, filings, court dockets, market data.
L0 → L5
Source trace
Every number in every memo, traceable to a raw transaction.
The pattern
When verification fails, the cost is catastrophic.
Every major deal fraud of the past decade had the same root cause — investors accepted what management submitted and never verified against a primary source.
Wirecard
PE & public markets · Germany
€1.9B
Cash balances fabricated for seven years. EY signed off — never contacted banks directly.
→ Delligen catches: ERP + Bank Feed Verification — direct bank API reconciliation, day one.
Aspiration
SPAC · United States
$300M+
Bank statements fabricated by a graphic designer. Steve Ballmer invested. SPAC collapsed when financials checked.
→ Delligen catches: ERP + Bank Feed — direct API reconciliation catches fabricated statements first run.
Nikola
SPAC · United States
$34B peak
Truck demonstration rolled by gravity. SPAC sponsor had no technology or product verification protocol.
→ Delligen catches: SPAC readiness module — independent product / order-book verification.
Satyam
M&A · India
₹7,136 Cr
Bank balances fabricated across multiple accounts. The acquirer inherited the entire fraud post-close.
→ Delligen catches: Bank Feed + MCA21 KYB — bank confirmation via RBI-regulated APIs.
Byju's
PE investment · India
$22B → ~0
Revenue manipulation over years. Auditor resigned. No source-level financial verification.
→ Delligen catches: ERP rebuild + auditor-change flag.
IL&FS
Credit · India
₹91,000 Cr
Group debt concealed across 347 subsidiaries. Credit teams relied on consolidated filings.
→ Delligen catches: KYB UBO mapping + entity-network discovery across the corporate tree.
These are not outliers. They are the predictable result of a process built on trust, not verification. Every DD platform reads documents. We connect to the ERP, bank API, and user database those documents were built from.
How it works
Built for the work, not the demo.
Four moves replace days of reconciliation, ratio rebuilding, and report formatting. Every output is auditable to the raw record.
01
Connect
All your deal data, in one place.
Link financial systems, upload documents, or connect public data sources. We pull raw data directly — ERPs, bank feeds, SEC EDGAR, MCA21 — without an intermediary cleaning the numbers first.
Data sources
● 9 connected · last sync 2m ago
QuickBooks
ConnectedXero
ConnectedStripe
ConnectedSEC EDGAR
ConnectedMCA21
ConnectedNSE/BSE
ConnectedExa AI
ConnectedGitHub
ConnectedCensus
ConnectedCourtListener
AvailableUSPTO
AvailableIndian Kanoon
Available12 of 15+ connectors shown
02
Compute
Statements rebuilt from scratch.
Multi-agent AI extracts, classifies, and cross-references every record. Financial statements, ratios, and red flags are computed from L0 transactions — never copied from management PDFs.
Source trace
- L0Raw transactions
- L1Account balances
- L2Statements
- L3Ratios
- L4Risk flags
- L5DD report
Every number traceable
L3 · Ratio
Live
Gross margin
35.4%
Revenue$124.3M
COGS$80.3M
Formula(Rev − COGS) ÷ Rev
03
Interview
Expert calls, conducted by AI.
The voice agent runs expert network and management calls informed by your DD findings. Real-time MNPI detection, automatic compliance logging, and 10b-5 defense artifacts — built for the regulated workflow.
Recording · 14:32
MNPI · ClearCompliance log · LiveInsights · 7
04
Decide
An IC-ready memo, every number traced.
Decision Package auto-assembles 8 sections — Executive Summary, Thesis, EBITDA Bridge, Valuation, Risks, NWC, Integration, Legal — with a GO / CONDITIONAL / NO-GO recommendation. Walk into the IC with the math defended.
Decision package
GOProject Atlas
- Executive Summary
- Thesis
- EBITDA Bridge
- Valuation
- Risks
- NWC
- Integration
- Legal
Auto-assembled from 11 workstreams
Valuation range
Equity Value$182M
Max Price$214M
Recommended$195M
05
Deliver
Real spreadsheets, live in the chat.
Ask for a QoE bridge or comp set — Delligen builds the workbook in a sandboxed code interpreter with formulas, cell-level source comments, and the same blue-input / black-formula convention banking has used for thirty years. Open it in-place, override an assumption, hit Apply. The agent re-evaluates downstream, and every override lands on a hash-chained audit trail. Excel / Sheets / Numbers compatible .xlsx.
Atlas_QoE_FY24.xlsx
4 sheets · scenario “Conservative” · 2 overrides
Open.xlsx
EBITDA BridgeAdjustmentsAssumptionsSource Data
FY22
FY23
FY24
Revenue
472.8
698.1
937.5
Reported EBITDA
(46.0)
(317.0)
(66.4)
+ SBC
6.8
340.8
135.2
+ One-time legal
—
8.5
—
+ IPO costs
—
—
28.0
Adjusted EBITDA
(39.2)
32.3
131.4
1 pending override · scenario “Conservative”
Apply & re-evaluatePlatform
What makes the math defendable.
The platform exists to make every number in every memo traceable, repeatable, and auditable.
9 deal types, one stack
Credit, equity, M&A, commercial, restructuring, tax, IPO/SPAC, secondaries, special situations.
Fraud Sentinel
15 deterministic rules — Enron, Wirecard, WorldCom patterns — plus live insider/short-seller monitoring.
L0 raw-data approach
Compute everything from the ground up. No reliance on management-prepared figures.
Legal → deal economics
CoC clauses to revenue at risk. Litigation to EBITDA bridge. Not a parallel risk register.
AI-conducted interviews
Voice agent for management and expert calls. Real-time MNPI guardrails. 10b-5 defense artifacts.
Playbook engine
Encode your KPI thresholds, scoring weights, and red-flag checks per deal type.
Exclusive · Frank Test™
— engine #114.4 million users claimed.
300,000 real.
Six signals, cross-referenced, in under two hours. Frank Test™ catches fabricated user bases before the term sheet — JPMorgan paid $175M to learn the slow way.
Pricing
0.1% of deal value
$75K floor · $250K ceiling
Time-to-verdict
Under 2 hours
Pre-term-sheet
Six signals · cross-checked
- 01App store downloads vs claimed MAU
- 02Email entropy across the user base
- 03Domain distribution and concentration
- 04Engagement benchmarks vs sector
- 05Social proof and review provenance
- 06Payment processor reconciliation
Capabilities
The full diligence stack.
Not a shell with a chat box — every workstream a Big 4 team would run, codified.
Decision Package
Auto-assembled IC memo across eight sections — Executive Summary, Thesis, EBITDA Bridge, Valuation, Risks, NWC, Integration, Legal. Pure synthesis of every upstream finding.
GO / CONDITIONAL / NO-GO with a defended valuation range.
Quality of Earnings
EBITDA normalization from raw GL — SBC, one-time, pro-forma. Add-backs flagged when >50% of adjusted EBITDA.
NWC peg
Trailing 12-month average, locked-box vs completion accounts, seasonality detection (>15% = HIGH risk).
100-day value creation
Five-phase agentic loop — baseline, live benchmarks, gap analysis, 10–15 initiatives with KPIs and owners.
India jurisdiction — first mover
MCA21 (2.8M companies), NSE/BSE, SEBI, NCLT, Indian Kanoon, GST verification, DRHP/RHP readiness — all built in.
Zero competitors. The only AI-native verified DD platform with native India regulators.
IPO scorecard
18 dimensions across 6 weighted categories. Reads every workstream summary.
Capitalization & dilution
Cap table, debt, dilution waterfall at 3 IPO price points, SPAC promote, 4 redemption scenarios.
Contracts → economics
CoC revenue at risk, MAC coverage, vendor concentration → QoE, related-party → S-1.
Live competitive landscape
Exa AI, GitHub, EDGAR, Census, Reddit. 5–8 profiles with revenue, funding, threats.
AI management interviews
Six C-suite roles. Findings tagged CONFIRMATION / CONTRADICTION / RED_FLAG with quotes.
Litigation & IP → bridge
CourtListener, USPTO, PCAOB. Pending cases as contingent liabilities flow into the EBITDA bridge.
Fairness analysis (SPAC)
Extract the opinion — DCF, comps, precedents — and independently verify against L0 actuals.
Infrastructure, not a deal tool
Deal-time verification, plus every quarter between deals.
Diligence is not only required when a deal is being made. PE portcos, bank borrowers, corporate vendors, pre-IPO companies — every quarter, all submitting financial reports nobody verifies against the primary source. Delligen operates at both layers, which is what separates an infrastructure platform (10–20× ARR multiple) from a deal tool.
Layer 1
Deal-Time
$75K–$250K
Per mandate · 5 days
M&A · PE investment · SPAC De-SPAC · IPO · Credit sanction · Bank loan. The full-stack diligence pipeline — six workstreams, source-verified, IC-ready in five days.
- Full-stack QoE for a $400M PE deal
- S-1 readiness for a tech IPO mandate
- Bank credit appraisal under regulator review
Layer 2
Continuous Monitoring
$25K–$50K / portco / yr
Per portco / borrower / vendor · recurring
PE portfolio · Bank credit · Corporate vendors · Pre-IPO readiness. Diligence is required at deal time AND every quarter between deals — submitted reports nobody verifies against the primary source.
- Quarterly portco KPIs reconciled against ERP
- Bank covenant monitoring with revenue-drop alerts
- Pre-IPO multi-year readiness scorecards
$40K
per portco / year (PE)
$500K
bank credit ARR / year
10–20×
infrastructure ARR multiple
Compounds
independent of deal flow
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.
Deal types
Built for how your deals actually work.
Pick the deal type. Every solution shares the same source-verified data layer.
Credit funds, direct lenders, CLO managers
Credit Due Diligence
60+ credit KPIs from raw GL data. Coverage ratios, leverage, covenant tracking, distress prediction, recovery analysis — source-verified.
ExplorePE funds, growth equity, family offices
Equity Due Diligence
DCF, comparable companies, LBO models, DuPont decomposition. Unit economics and cohort analysis from 15+ L0 data sources.
ExploreDeal teams and advisory firms
M&A Due Diligence
Quality of earnings, NWC peg, debt-like items, synergy quantification. Every EBITDA add-back traced to source transactions.
ExploreCorp dev and strategy teams
Commercial Due Diligence
Market sizing, customer and supplier concentration, competitive positioning, pricing power, channel effectiveness — from source data.
ExploreTurnaround advisors and distressed lenders
Restructuring Due Diligence
13-week cash flow forecasting, liquidation analysis, viable vs non-viable unit segmentation, creditor recovery waterfall — built for urgency.
ExploreTax advisors and deal structuring teams
Tax Due Diligence
ETR analysis, Section 382 NOL risk, transfer pricing exposure, state nexus, R&D credit sustainability.
ExploreUnderwriters, SPAC sponsors, de-SPAC deal teams
Pre-IPO / SPAC Due Diligence
Big 4-grade readiness in days, not weeks. Revenue quality, earnings quality, 18-dimension IPO readiness scorecard, cap table with dilution waterfall, SPAC sponsor promote, de-SPAC mechanics with 4 redemption scenarios, fairness analysis verified against L0 actuals.
ExploreSecondaries desks, PIPE investors, wealth managers
Secondaries & PIPE
Position health checks, float analysis, short/options risk, readiness scoring, investor narrative for follow-on materials.
ExploreEvent-driven funds, distressed investors, activist funds
Special Situations
Restructuring, recap, litigation, regulatory — event-driven thesis analysis with probability-weighted recovery scenarios.
ExploreWho we serve
Every deal participant. Every transaction type.
IB and M&A is the fastest entry point. Banks are the largest revenue opportunity. Each buyer has its own workflow, its own budget, its own reason that unverified source data costs them.
Primary · deal-driven
Investment banks
M&A mandates, IPO underwriting (S-1/S-4), fairness opinion support, IB analyst QoE workflow. White-label under your brand at $150K–$200K platform fee.
Mid-market · ARR-friendly
M&A advisory
Buy-side and sell-side advisory. Sourcing memos, target screening, QoE-grade financial DD on smaller mandates Big 4 won't touch under $300K.
Deal + portfolio
PE & hedge funds
Pre-investment DD, IC memos, portfolio KPI monitoring, LP reports. Subscription for unlimited deal flow. Hedge funds: 48-hour verified intelligence.
Largest revenue · infrastructure
Banks — credit & compliance
Leveraged finance DD, KYB onboarding (post the TD Bank $3B fine), covenant monitoring, trade finance, AML. One bank — $10M–$30M relationship.
CFO-driven · multi-year
Pre-IPO companies
S-1/S-4, NYSE/NASDAQ readiness scorecards, SEBI DRHP/RHP/LODR. Drag the readiness from year-1 messy to listing-ready over recurring engagements.
Exclusive · zero global competition
SPAC sponsors
De-SPAC target verification, sponsor promote analysis, fairness opinion. Frank Test™ and bank-feed verification catch what Nikola and Aspiration didn't.
Underwriter workflow
IPO managers
Bookrunner mandates: S-1/S-4 risk-factor drafting from DD findings, EDGAR enforcement screening, cornerstone investor KYB, listing committee packets.
Continuous monitoring
IPO companies
Already-listed: quarterly readiness, MD&A drafting from L0, audit committee evidence trails, segment reporting reconciliation against the ERP.
Expansion · recurring
Corporate CFOs & enterprises
Acquisition DD, vendor verification, JV partner screening, pre-IPO readiness, board reporting. $300K–$1M annual CFO subscription covers all deal flow.
Trusted data
We connect to source. Not summaries.
Every metric is rebuilt from raw records — filings, ledgers, market data, court dockets — across US and India jurisdictions.
US filings & courts
SEC EDGAR
PCAOB
CourtListener
USPTO
Census NAICS
India regulators
MCA21
NSE
BSE
SEBI
GST
Indian Kanoon
NCLT
Accounting & banking
QuickBooks
Xero
NetSuite
Stripe
Plaid
Market & alternative data
FactSet
PitchBook
Crunchbase
Exa AI
GitHub
Reddit
Pricing
Anchored to the market. Delivered in five days.
Big 4 charges $400K–$1M for an eight-week engagement. We ship in five days, at a fraction of the cost — with verified source data they cannot access.
Pilot mandate
$75K
Five days. One real target. You keep the output.
- Full verified output on a real deal
- Your team works alongside ours
- No long-term commitment
- 60%+ convert to subscription
Full-stack engagement
$150K–$250K
Per mandate · five-day delivery
- All six workstreams — Financial, Commercial, Legal, Tech, KYC, Pre-IPO
- Five days, end-to-end. Big 4 takes eight weeks.
- Every finding traced to L0 source
- IC-ready deliverables, locked and versioned
- S-1/S-4 or DRHP readiness included
Subscription
$15K–$25K/mo
$180K–$300K ARR · Unlimited deal flow
- Unlimited mandates across the fund
- Portfolio KPI monitoring
- LP report generation
- Exit readiness scoring
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.
SOC 2 Type II ready. ISO 27001 observation period Q3 2026. The procurement bar that clears Goldman Sachs, JPMorgan, and Big 4 vendor approvals. Security pack →
Why we win
Documents. Filings. Summaries.
We verify the primary source.
Every alternative reads documents that management prepared. We connect to the ERP, bank API, and user database those documents were built from.
Platform
Funding / cost
Source verified
All buyer types
Global coverage
Delligen
Full-stack source verification · M&A · PE · banks · SPAC/Pre-IPO · IPO managers · hedge · corporate
Funding
$3M ask
Source verified
✓ERP + bank + Frank Test + KYB + SEC/SEBI/MCA21
Buyer types
✓IB · M&A · PE · hedge · banks · CFO · SPAC · IPO · pre-IPO
Global
✓First mover · USA + India · Frank Test™ exclusive
Big 4 — EY · KPMG · Deloitte · PwC
The real incumbent · manual process · 6–8 weeks
Funding
$400K–$1M / deal
Source verified
·Reviews management documents · no source verification
Buyer types
~Multiple workstreams · not AI-native
Global
~USA & India · no platform layer
Rogo (New York)
IB workflow AI: comps, memos, decks from SEC filings & research
Funding
$165M raised · $350M val
Source verified
·Reads SEC filings · no ERP / bank / Frank Test / source layer
Buyer types
~IB analysts only · 5,000+ bankers (validates demand)
Global
·USA only · no India · no SEBI / MCA21
Hebbia (NY)
Research assistant · used alongside DD tools
Funding
$130M a16z
Source verified
·Document Q&A · no source data layer
Buyer types
·Generic enterprise · not a DD workflow
Global
·USA only
Bridgetown Research (Seattle + India)
Market research synthesis · not a DD workflow
Funding
$19M Accel + LS
Source verified
·Research synthesis · no financial model
Buyer types
·Research teams only
Global
·No IB workflow · no IPO / KYB / Frank
DiligenceSquared (NY)
AI voice expert interviews · commercial DD only
Funding
$5M YC
Source verified
·Interviews only · no financial / legal / IPO / KYB
Buyer types
·Commercial DD slice only
Global
·USA only
Dili (SF)
Single feature: PDF → clean Excel financials
Funding
Seed · $2–5K / doc set
Source verified
·PDF parser · no live source connection
Buyer types
·Junior analysts cleaning files
Global
·USA only
India — AI-native DD platform
$100B+ M&A · 100+ NSE/BSE IPOs · $60B+ PE AUM
Funding
Zero
Source verified
·Big 4 running DD on spreadsheets
Buyer types
·No platform exists
Global
·Zero AI-native · Delligen first mover
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.
FAQ
Procurement objections, answered.
What buyers actually ask in the first procurement call.
How is this different from Hebbia or other AI DD platforms?
They read documents and filings management prepared. We connect directly to the ERP, bank API, and user database those documents were built from. When Frank claimed 4.4M users, a document-reader can't catch the lie. We can — by reconciling against payment processors and email entropy.
What about MNPI compliance on expert calls?
The voice agent runs real-time MNPI detection during the call — not after transcription. Suspected MNPI is auto-redacted and logged to an immutable compliance audit trail. Output is structured for 10b-5 defense from the moment the call ends.
How long does a full-stack engagement actually take?
Five business days, end-to-end. The deal team works alongside ours during that window. Big 4 takes eight weeks for the same scope — they manually review documents we connect to in real time.
What's the SOC 2 status?
Type II observation period in progress. ISO 27001 observation window opens Q3 2026. Full security pack — pen-test summary, data-flow diagrams, SIG Lite, vendor DPA — available under NDA via your account team.
Can our Big 4 partners white-label this?
Yes. White-label platform fee is $150K–$200K. Your firm bills the client $500K–$1M. You keep $300K–$850K per mandate, and your name is on every deliverable. Every Big 4 practice we've onboarded uses this model.
What if the connector for a target's ERP doesn't exist yet?
We have 40 production connectors covering the systems behind ~85% of US and India deal flow. For the rest, we ship a dedicated connector inside the five-day pilot window — no extra fee. The connector library compounds across deals.
Pricing — what does $75K actually buy?
A live pilot mandate on a real target. Five days. Your team works alongside ours. You keep the full verified output regardless of what comes next. ~60% of pilots convert to a full subscription or full-stack engagement.
How do you handle India-specific regulators (SEBI, MCA, NCLT)?
We're the only AI-native verified DD platform with native MCA21, NSE/BSE, SEBI, NCLT, Indian Kanoon, and GST integrations. SEBI/LODR compliance scoring and DRHP/RHP readiness are built into the workflow — no external add-ons.
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.
The fastest way to evaluate Delligen
is a live deal.
A real target. Your team alongside ours. Five days. You keep the full verified output regardless of what comes next. That is the $75K pilot.
$75K pilot · 5 days · real target · full output · no commitment