Valuation Layer
We acquire below the replacement cost of the substance acquired.
Investment Thesis
The watchwork. A thesis on missing cases.
A significant share of technology companies fail to reach the market after product completion. The products function, the market access does not.
The Observation
Roughly seventy percent of funded technology products never reach a viable distribution channel.
Estimates from the DACH growth landscape consistently point in one direction. They remain product. They do not become business.
The Analogy
A watchwork consists of mainspring, anchor, balance wheel, gears, bridges, jewels.
Each component is precisely manufactured. None is marketable. What is marketable is the watch.
This is exactly where the technology market displaces itself: investment phases finance components. modules, algorithms, platform fragments. What is not financed is integration. The bridge. The case. The dial design without which the component never reaches the customer.
The mechanism is not what is missing.
The case is missing.
Our Thesis
We acquire technology companies with existing substance but structurally blocked market access.
We acquire them because from several such substances — combined, integrated, transferred into a shared platform — a system can be constructed that delivers exactly what the individual component cannot: market access.
We do not buy better technology. We close the structural gap in which good technology lingers.
Three Yield Layers
The three layers cumulate.
Repositioning Layer
We commercially transfer the component into a system positioning at higher price levels.
Platform Layer
We integrate the module into a platform whose valuation exceeds the sum of its parts.
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Market. Methodology. Acquisition.
Market
Why the gap is particularly large today.
Market →Methodology
How we proceed.
Methodology →Acquisition & Process
Three requirements, six exclusions, four phases.
Process →