{
 "model": "precedents",
 "name": "Helix Software — precedent transactions (illustrative)",
 "units": "USD millions except per-share",
 "tables": {
  "deals": {
   "name": "Selected transactions",
   "fields": {
    "name": "text",
    "acquirer": "text",
    "target": "text",
    "announced": "date",
    "year": "number",
    "type": "text",
    "consideration": "text",
    "ev": "number",
    "target_revenue": "number",
    "target_ebitda": "number",
    "premium_1d": "number",
    "premium_30d": "number",
    "terms": "text"
   },
   "rows": [
    {
     "id": "d01",
     "name": "Meridian Health IT",
     "acquirer": "Vantage Systems",
     "target": "Meridian Health IT",
     "announced": "2022-05-15",
     "year": 2022,
     "type": "strategic",
     "consideration": "cash",
     "ev": 4200,
     "target_revenue": 460,
     "target_ebitda": 110,
     "premium_1d": 0.38,
     "premium_30d": 0.44,
     "terms": "Vantage Systems · strategic · cash · May 22"
    },
    {
     "id": "d02",
     "name": "Arbor Analytics",
     "acquirer": "Crestline Partners",
     "target": "Arbor Analytics",
     "announced": "2022-09-15",
     "year": 2022,
     "type": "sponsor",
     "consideration": "cash",
     "ev": 1650,
     "target_revenue": 190,
     "target_ebitda": 44,
     "premium_1d": 0.27,
     "premium_30d": 0.33,
     "terms": "Crestline Partners · sponsor · cash · Sep 22"
    },
    {
     "id": "d03",
     "name": "Lumen Payroll",
     "acquirer": "Northgate Software",
     "target": "Lumen Payroll",
     "announced": "2023-02-15",
     "year": 2023,
     "type": "strategic",
     "consideration": "cash and stock",
     "ev": 3100,
     "target_revenue": 355,
     "target_ebitda": 92,
     "premium_1d": 0.31,
     "premium_30d": 0.36,
     "terms": "Northgate Software · strategic · cash & stock · Feb 23"
    },
    {
     "id": "d04",
     "name": "Keystone Compliance",
     "acquirer": "Halcyon Capital",
     "target": "Keystone Compliance",
     "announced": "2023-06-15",
     "year": 2023,
     "type": "sponsor",
     "consideration": "cash",
     "ev": 2400,
     "target_revenue": 300,
     "target_ebitda": 66,
     "premium_1d": 0.32,
     "premium_30d": 0.39,
     "terms": "Halcyon Capital · sponsor · cash · Jun 23"
    },
    {
     "id": "d05",
     "name": "Vega Logistics Cloud",
     "acquirer": "Orbital Group",
     "target": "Vega Logistics Cloud",
     "announced": "2023-10-15",
     "year": 2023,
     "type": "strategic",
     "consideration": "stock",
     "ev": 5600,
     "target_revenue": 640,
     "target_ebitda": 150,
     "premium_1d": 0.45,
     "premium_30d": 0.52,
     "terms": "Orbital Group · strategic · stock · Oct 23"
    },
    {
     "id": "d06",
     "name": "Rho Field Service",
     "acquirer": "Pike Holdings",
     "target": "Rho Field Service",
     "announced": "2024-03-15",
     "year": 2024,
     "type": "strategic",
     "consideration": "cash",
     "ev": 5100,
     "target_revenue": 610,
     "target_ebitda": 158,
     "premium_1d": 0.41,
     "premium_30d": 0.47,
     "terms": "Pike Holdings · strategic · cash · Mar 24"
    },
    {
     "id": "d07",
     "name": "Tau Property Software",
     "acquirer": "Sable Equity",
     "target": "Tau Property Software",
     "announced": "2024-07-15",
     "year": 2024,
     "type": "sponsor",
     "consideration": "cash",
     "ev": 1900,
     "target_revenue": 205,
     "target_ebitda": 49,
     "premium_1d": 0.28,
     "premium_30d": 0.31,
     "terms": "Sable Equity · sponsor · cash · Jul 24"
    },
    {
     "id": "d08",
     "name": "Nimbus Clinical",
     "acquirer": "Summit Technologies",
     "target": "Nimbus Clinical",
     "announced": "2024-11-15",
     "year": 2024,
     "type": "strategic",
     "consideration": "cash",
     "ev": 6900,
     "target_revenue": 720,
     "target_ebitda": 195,
     "premium_1d": 0.36,
     "premium_30d": 0.42,
     "terms": "Summit Technologies · strategic · cash · Nov 24"
    },
    {
     "id": "d09",
     "name": "Nu Manufacturing Suite",
     "acquirer": "Kappa Industries",
     "target": "Nu Manufacturing Suite",
     "announced": "2025-02-15",
     "year": 2025,
     "type": "strategic",
     "consideration": "cash and stock",
     "ev": 7800,
     "target_revenue": 880,
     "target_ebitda": 246,
     "premium_1d": 0.36,
     "premium_30d": 0.4,
     "terms": "Kappa Industries · strategic · cash & stock · Feb 25"
    },
    {
     "id": "d10",
     "name": "Mu Insurance Platform",
     "acquirer": "Iota Partners",
     "target": "Mu Insurance Platform",
     "announced": "2025-06-15",
     "year": 2025,
     "type": "sponsor",
     "consideration": "cash",
     "ev": 3300,
     "target_revenue": 410,
     "target_ebitda": 98,
     "premium_1d": 0.3,
     "premium_30d": 0.35,
     "terms": "Iota Partners · sponsor · cash · Jun 25"
    },
    {
     "id": "d11",
     "name": "Juniper Legal Tech",
     "acquirer": "Beacon Software",
     "target": "Juniper Legal Tech",
     "announced": "2025-11-15",
     "year": 2025,
     "type": "strategic",
     "consideration": "cash",
     "ev": 2950,
     "target_revenue": 310,
     "target_ebitda": 84,
     "premium_1d": 0.34,
     "premium_30d": 0.38,
     "terms": "Beacon Software · strategic · cash · Nov 25"
    },
    {
     "id": "d12",
     "name": "Copper Energy Software",
     "acquirer": "Atlas Global",
     "target": "Copper Energy Software",
     "announced": "2026-04-15",
     "year": 2026,
     "type": "strategic",
     "consideration": "cash",
     "ev": 4750,
     "target_revenue": 505,
     "target_ebitda": 141,
     "premium_1d": 0.39,
     "premium_30d": 0.46,
     "terms": "Atlas Global · strategic · cash · Apr 26"
    }
   ]
  },
  "stats": {
   "name": "Statistics",
   "rows": [
    {
     "id": "low",
     "name": "Low"
    },
    {
     "id": "mean",
     "name": "Mean"
    },
    {
     "id": "median",
     "name": "Median"
    },
    {
     "id": "high",
     "name": "High"
    },
    {
     "id": "median_strategic",
     "name": "Median: strategic"
    },
    {
     "id": "median_sponsor",
     "name": "Median: sponsor"
    },
    {
     "id": "median_recent",
     "name": "Median: 2025 onward"
    }
   ]
  }
 },
 "pivots": {
  "subject": {
   "name": "Helix Software (subject)",
   "dims": {
    "period": false
   },
   "lines": [
    {
     "id": "revenue",
     "name": "LTM revenue",
     "format": "currency"
    },
    {
     "id": "ebitda",
     "name": "LTM EBITDA",
     "format": "currency"
    },
    {
     "id": "net_debt",
     "name": "Net debt",
     "format": "currency"
    },
    {
     "id": "shares",
     "name": "Diluted shares (M)",
     "format": "#,##0"
    },
    {
     "id": "price",
     "name": "Current share price",
     "format": "$#,##0.00"
    }
   ],
   "values": [
    {
     "at": {
      "line": "revenue"
     },
     "value": 520
    },
    {
     "at": {
      "line": "ebitda"
     },
     "value": 140
    },
    {
     "at": {
      "line": "net_debt"
     },
     "value": 200
    },
    {
     "at": {
      "line": "shares"
     },
     "value": 60
    },
    {
     "at": {
      "line": "price"
     },
     "value": 58.0
    }
   ]
  },
  "multiples": {
   "name": "Transaction multiples",
   "dims": {
    "deal": "deals"
   },
   "measures": [
    "value",
    {
     "id": "terms",
     "type": "text",
     "name": "Terms"
    }
   ],
   "lines": [
    {
     "id": "ev",
     "name": "Enterprise value",
     "format": "currency"
    },
    {
     "id": "revenue",
     "name": "Target LTM revenue",
     "format": "currency"
    },
    {
     "id": "ebitda",
     "name": "Target LTM EBITDA",
     "format": "currency"
    },
    {
     "id": "ebitda_margin",
     "name": "EBITDA margin",
     "format": "percent"
    },
    {
     "id": "ev_revenue",
     "name": "EV / Revenue",
     "format": "multiple"
    },
    {
     "id": "ev_ebitda",
     "name": "EV / EBITDA",
     "format": "multiple"
    },
    {
     "id": "premium_1d",
     "name": "Premium, 1 day",
     "format": "percent"
    },
    {
     "id": "premium_30d",
     "name": "Premium, 30-day VWAP",
     "format": "percent"
    }
   ],
   "values": [
    {
     "at": {
      "deal": "d01",
      "line": "ev"
     },
     "measure": "terms",
     "value": "Vantage Systems · strategic · cash · May 22"
    },
    {
     "at": {
      "deal": "d02",
      "line": "ev"
     },
     "measure": "terms",
     "value": "Crestline Partners · sponsor · cash · Sep 22"
    },
    {
     "at": {
      "deal": "d03",
      "line": "ev"
     },
     "measure": "terms",
     "value": "Northgate Software · strategic · cash & stock · Feb 23"
    },
    {
     "at": {
      "deal": "d04",
      "line": "ev"
     },
     "measure": "terms",
     "value": "Halcyon Capital · sponsor · cash · Jun 23"
    },
    {
     "at": {
      "deal": "d05",
      "line": "ev"
     },
     "measure": "terms",
     "value": "Orbital Group · strategic · stock · Oct 23"
    },
    {
     "at": {
      "deal": "d06",
      "line": "ev"
     },
     "measure": "terms",
     "value": "Pike Holdings · strategic · cash · Mar 24"
    },
    {
     "at": {
      "deal": "d07",
      "line": "ev"
     },
     "measure": "terms",
     "value": "Sable Equity · sponsor · cash · Jul 24"
    },
    {
     "at": {
      "deal": "d08",
      "line": "ev"
     },
     "measure": "terms",
     "value": "Summit Technologies · strategic · cash · Nov 24"
    },
    {
     "at": {
      "deal": "d09",
      "line": "ev"
     },
     "measure": "terms",
     "value": "Kappa Industries · strategic · cash & stock · Feb 25"
    },
    {
     "at": {
      "deal": "d10",
      "line": "ev"
     },
     "measure": "terms",
     "value": "Iota Partners · sponsor · cash · Jun 25"
    },
    {
     "at": {
      "deal": "d11",
      "line": "ev"
     },
     "measure": "terms",
     "value": "Beacon Software · strategic · cash · Nov 25"
    },
    {
     "at": {
      "deal": "d12",
      "line": "ev"
     },
     "measure": "terms",
     "value": "Atlas Global · strategic · cash · Apr 26"
    }
   ],
   "rules": [
    "ev = deal.ev",
    "revenue = deal.target_revenue",
    "ebitda = deal.target_ebitda",
    "ebitda_margin = ebitda / revenue",
    "ev_revenue = ev / revenue",
    "ev_ebitda = ev / ebitda",
    "premium_1d = deal.premium_1d",
    "premium_30d = deal.premium_30d"
   ]
  },
  "summary": {
   "name": "Summary statistics",
   "lineTable": "multiples_lines",
   "dims": {
    "stat": "stats"
   },
   "rules": [
    "value[stat=low] = MIN(multiples.value)",
    "value[stat=mean] = AVG(multiples.value)",
    "value[stat=median] = MEDIAN(multiples.value)",
    "value[stat=high] = MAX(multiples.value)",
    "value[stat=median_strategic] = MEDIAN(multiples.value[deal.type=strategic])",
    "value[stat=median_sponsor] = MEDIAN(multiples.value[deal.type=sponsor])",
    "value[stat=median_recent] = MEDIAN(multiples.value[deal.year >= 2025])"
   ]
  },
  "implied": {
   "name": "Implied valuation of Helix",
   "dims": {
    "stat": "stats"
   },
   "lines": [
    {
     "id": "ev_from_revenue",
     "name": "Implied EV at EV / Revenue",
     "format": "currency"
    },
    {
     "id": "ev_from_ebitda",
     "name": "Implied EV at EV / EBITDA",
     "format": "currency"
    },
    {
     "id": "equity_from_revenue",
     "name": "Implied equity value at EV / Revenue",
     "format": "currency"
    },
    {
     "id": "equity_from_ebitda",
     "name": "Implied equity value at EV / EBITDA",
     "format": "currency"
    },
    {
     "id": "price_from_revenue",
     "name": "Implied price at EV / Revenue",
     "format": "$#,##0.00"
    },
    {
     "id": "price_from_ebitda",
     "name": "Implied price at EV / EBITDA",
     "format": "$#,##0.00"
    },
    {
     "id": "price_from_premium",
     "name": "Implied price at 1-day premium",
     "format": "$#,##0.00"
    },
    {
     "id": "price_from_premium_30d",
     "name": "Implied price at 30-day premium",
     "format": "$#,##0.00"
    },
    {
     "id": "current_price",
     "name": "Current price",
     "format": "$#,##0.00"
    },
    {
     "id": "premium_from_revenue",
     "name": "Implied premium: EV / Revenue",
     "format": "percent"
    },
    {
     "id": "premium_from_ebitda",
     "name": "Implied premium: EV / EBITDA",
     "format": "percent"
    }
   ],
   "rules": [
    "ev_from_revenue = summary.value[line=ev_revenue] * subject.revenue",
    "ev_from_ebitda = summary.value[line=ev_ebitda] * subject.ebitda",
    "equity_from_revenue = ev_from_revenue - subject.net_debt",
    "equity_from_ebitda = ev_from_ebitda - subject.net_debt",
    "price_from_revenue = equity_from_revenue / subject.shares",
    "price_from_ebitda = equity_from_ebitda / subject.shares",
    "price_from_premium = subject.price * (1 + summary.value[line=premium_1d])",
    "price_from_premium_30d = subject.price * (1 + summary.value[line=premium_30d])",
    "current_price = subject.price",
    "premium_from_revenue = price_from_revenue / current_price - 1",
    "premium_from_ebitda = price_from_ebitda / current_price - 1"
   ]
  }
 },
 "outputs": [
  {
   "pivot": "multiples",
   "rows": [
    "deal"
   ],
   "cols": [
    "line"
   ],
   "title": "Selected precedent transactions"
  },
  {
   "pivot": "summary",
   "rows": [
    "line"
   ],
   "cols": [
    "stat"
   ],
   "lines": [
    "ev_revenue",
    "ev_ebitda",
    "premium_1d",
    "premium_30d"
   ],
   "title": "Summary statistics"
  },
  {
   "pivot": "implied",
   "rows": [
    "line"
   ],
   "cols": [
    "stat"
   ],
   "title": "Implied valuation of Helix"
  }
 ],
 "dashboards": [
  {
   "id": "overview",
   "name": "Helix Software: precedent transactions",
   "theme": "banking",
   "cards": [
    {
     "kind": "kpi",
     "pivot": "summary",
     "line": "ev_ebitda",
     "cols": [],
     "pages": {
      "stat": "median"
     },
     "title": "Median EV / EBITDA"
    },
    {
     "kind": "kpi",
     "pivot": "summary",
     "line": "ev_revenue",
     "cols": [],
     "pages": {
      "stat": "median"
     },
     "title": "Median EV / Revenue"
    },
    {
     "kind": "kpi",
     "pivot": "summary",
     "line": "premium_1d",
     "cols": [],
     "pages": {
      "stat": "median"
     },
     "title": "Median 1-day premium"
    },
    {
     "kind": "kpi",
     "pivot": "implied",
     "line": "price_from_ebitda",
     "cols": [],
     "pages": {
      "stat": "median"
     },
     "title": "Implied price at median EV / EBITDA"
    },
    {
     "kind": "table",
     "pivot": "multiples",
     "rows": [
      "deal"
     ],
     "cols": [
      "line"
     ],
     "extra": [
      {
       "measure": "terms",
       "label": "Acquirer · type · consideration · announced",
       "pages": {
        "line": "ev"
       }
      }
     ],
     "title": "Selected precedent transactions (USD millions; target, then acquirer and terms at right)"
    },
    {
     "kind": "table",
     "pivot": "summary",
     "rows": [
      "line"
     ],
     "cols": [
      "stat"
     ],
     "lines": [
      "ev_revenue",
      "ev_ebitda",
      "premium_1d",
      "premium_30d"
     ],
     "title": "Summary statistics"
    },
    {
     "kind": "chart",
     "type": "bar",
     "pivot": "multiples",
     "rows": [
      "line"
     ],
     "cols": [
      "deal"
     ],
     "lines": [
      "ev_ebitda"
     ],
     "title": "EV / EBITDA by target",
     "w": 6
    },
    {
     "kind": "chart",
     "type": "bar",
     "pivot": "multiples",
     "rows": [
      "line"
     ],
     "cols": [
      "deal"
     ],
     "lines": [
      "premium_1d",
      "premium_30d"
     ],
     "title": "Premium paid by target",
     "w": 6
    },
    {
     "kind": "table",
     "pivot": "subject",
     "rows": [
      "line"
     ],
     "editable": true,
     "title": "Helix Software: subject inputs (edit any cell)",
     "w": 4
    },
    {
     "kind": "table",
     "pivot": "implied",
     "rows": [
      "line"
     ],
     "cols": [
      "stat"
     ],
     "title": "Implied valuation of Helix at each statistic",
     "w": 8
    },
    {
     "kind": "chart",
     "type": "bar",
     "pivot": "implied",
     "rows": [
      "line"
     ],
     "cols": [
      "stat"
     ],
     "lines": [
      "price_from_revenue",
      "price_from_ebitda",
      "price_from_premium"
     ],
     "filters": {
      "stat": [
       "low",
       "median",
       "mean",
       "high"
      ]
     },
     "title": "Implied price per share by method and statistic ($)",
     "w": 12
    }
   ]
  }
 ]
}