Mintmark
Release 3 · 6 Nov 2026
Project KestrelBuying · all nine areasFor the Fund III deal teamSample report, example data

Proceed, on one condition.

The platform is sound and the team delivers. The company doesn't yet own its mobile app.

Get the mobile app signed over to the company before completion. Expect to take on £380k to £610k of engineering work, mostly on the reporting database and on relying less on one engineer. Nothing we found stops the product serving today's customers.

1
Deal-breaker
Must be fixed before completion
4
Affect the price
Costs the buyer takes on
£470k
Likely cost to fix
£380k to £610k, at £750 a day
31
Findings
Backed by 142 pieces of evidence

What the deal depends on

On 27 Oct you gave us four things that have to be true. Here's the answer to each.

Partly

“The platform can handle ten times today's customers.”

The scheduling engine can grow by adding servers. The reporting database can't, and fails at about three times today's load.

3 findings, starting with F-02
Not proven

“The company owns all the code it sells.”

Two contractors wrote most of the mobile app. The data room has no document signing their work over to the company.

2 findings, starting with F-01
No

“No single engineer is critical to the business.”

One engineer wrote 71% of the payments code and is the only person to change it in the last twelve months.

2 findings, starting with F-03
Yes

“Security is good enough to sell to large companies.”

Access control, encryption and logging are in place, with evidence. Two small fixes are needed in the first 100 days.

5 findings, 2 strengths

Findings, by effect on the deal

The nine that matter most, of 31.

EffectRefFindingAreaLikely costHow to handle itEvidence
Deal-breakerF-01The company doesn't own its mobile appWaiting for management's replyOpen source and IPLegalCondition precedent4 pieces
Affects the priceF-02The reporting database can't cope with the planned growthManagement agrees, but disputes the timingArchitecture and scale£180kPrice chip9 pieces
Affects the priceF-03Payments depend on one engineerManagement agreesTeam and delivery£95kRetention, covenant6 pieces
Affects the priceF-04Nobody has tested recovery if the main region failsManagement agreesInfrastructure and resilience£70kPrice chip5 pieces
Affects the priceF-05Customer data goes to an AI provider with no contract covering itWaiting for management's replyAI use and governance£40kSpecific indemnity7 pieces
Fix in 100 daysF-06Two live credentials are still in the code historyBeing changed now, to be checked againSecurity£12kCovenant3 pieces
Fix in 100 daysF-07A copyleft library is built into software the company gives to customersManagement agreesOpen source and IP£28k100-day plan4 pieces
WatchF-08Billing has few automated testsNo reply neededCode health£45kWarranty8 pieces
StrengthF-09Releases are automated and can be undone in minutesBetter than expected at this stageInfrastructure and resilienceNoneSupports the price5 pieces

Nine areas, graded

A to E, against companies of this size and stage.

Architecture and scale · grade B
Services are well separated. The reporting database limits growth.
Code health · grade B
Consistent and reviewed. Billing changes often and has few tests.
Security · grade B
Good controls, with evidence. Two credentials in the code history need changing.
Infrastructure and resilience · grade C
Automated and well monitored. Recovery in a second region is untested.
Data and privacy · grade B
Personal data is mapped and kept to a minimum. Deletion dates are not yet enforced in code.
Team and delivery · grade D
Releases weekly. Only one person knows the payments code.
Open source and IP · grade D
Ownership of the mobile app is not proven. One copyleft library to replace.
Product and roadmap fit · grade B
The design supports the roadmap, except running in more than one region.
AI use and governance · grade C
One AI provider in the product, with no written policy and no backup.

The first 100 days

In order, cheapest fixes first.

Before completion
Conditions of the deal
  • Both mobile contractors sign the app over to the company F-01 · legal cost, paid by the seller
  • Change the two credentials found in the code history F-06 · 2 days, already under way
Days 1 to 30
£123klikely
  • Put a second engineer on payments, and agree terms to keep the first F-03 · £95k
  • Replace the copyleft library F-07 · £28k
Days 31 to 100
£290klikely
  • Move reporting to a read-only copy, then to its own database F-02 · £180k
  • Build and test recovery in a second region F-04 · £70k
  • Agree a contract and data controls with the AI provider F-05 · £40k

Ask a question

Answers come only from the evidence in this report, with references. If the evidence can't answer, your question goes to the analyst and we tell you.