United Accountants — Investor Dashboard

ARR 2029

$120.7M

27x from '26

Revenue 2029

$57.4M

44x from '26

Portfolio Margin

58.4%

+77pp from '26

Net Margin '29

11.2%

Profitable Y3

Net Profit '29

$6.4M

vs -$3.2M in '26

Acquisitions

4 cohorts

Equity Raised

$27M

2 rounds

Val. (10x ARR)

$1.2B

2029E

Annual Recurring Revenue

$4.5M → $120.7M — 27x growth in 4 years

ARR

Revenue Growth — Inorganic vs Organic

Currently modelled with conservative ~10% same-store growth — product-led growth not yet modelled

Growth

Revenue growth has two components: inorganic (new firm acquisitions each year) and organic (existing portfolio same-store growth at ~10% YoY). The model is deliberately conservative — it assumes no cross-selling between portfolio firms, no pricing increases beyond inflation, no new service lines, and critically: product-led growth has not yet been modelled. Despite this, by 2029 organic growth accounts for 55% of year-on-year revenue growth. Note: 2028 shows only 3 acquisitions — should we raise a larger round in 2027 or choose to raise an additional scaling round in 2028, we can substantially increase the speed of acquisitions.

Margin — The Dilution Paradox

Portfolio margin stabilises at ~58% — not a ceiling, but continuous dilution from new acquisitions

Margins

Each acquired firm enters at 24–36% EBITDA margin and transforms to 73–81% over 3 years. But because we continuously acquire new low-margin firms, the blended portfolio margin stabilises around 58% — not because transformation slows, but because each new cohort resets the average downward. Once acquisitions stop (2030+), margins climb toward 75%+ as all firms complete their transformation cycles.

Net Profit — Path to Profitability

Breakeven 2028 — $6.4M net profit by 2029

P&L

Capital Deployment

$7M + $20M equity raises · $57M deployed in acquisitions

Invest

Margin Maturation Curve

Avg target: +47pp in 3 years

Cohort

Valuation Scenarios

ARR-based: $604M–$2.4B by 2029

Exit

Unit Economics — The Margin Expansion Story

Two real examples from the pipeline: how revenue grows and margins expand year by year post-acquisition

Case Studies

Target 27-4 Bookkeeping '27

Acquired Feb 2027 · $6.0M Rev

$6M bookkeeping firm → margins expand from 24% to 77% in 3 years · EBITDA grows 4x

Rev Y0

$6.0M

Rev Y3

$7.6M

Margin Y0

24.3%

Margin Y3

76.5%

Target 28-9 Tax + Bookkeeping '28

Acquired May 2028 · $4.0M Rev

$4M tax-heavy firm → highest margin in portfolio at 81% by Y3 · EBITDA grows 3x

Rev Y0

$4.0M

Rev Y3

$5.3M

Margin Y0

36.4%

Margin Y3

80.9%

Scenario: 2-Firm Portfolio Breakeven

If we stop after 2026 acquisitions (T26-1 + T26-2) — what does it take to break even?

Downside

With only Target 26-1 ($650K bookkeeping) and Target 26-2 ($4M tax+book) acquired, the combined portfolio EBITDA grows from $1.4M at acquisition to $4.3M by Year 3. Against a stripped-down HQ of ~$1.5M (vs $2.9M full), the portfolio breaks even mid-Year 1 and generates $2.8M free cash flow by Year 3.

HQ Cut Needed

~48%

$2.9M → ~$1.5M

Breakeven

Year 1

Mid-Y1 crossover

FCF at Y3

$2.8M

Self-sustaining

Investment Intensity vs Revenue

Acquisition + product spend as % of revenue — capital efficiency at scale

Capital

Total investment (acquisitions + product development) exceeds revenue in 2026 as the platform is built. By 2028, the combined ratio drops to 48% as product costs flatline and revenue scales. The 2029 spike is the planned 11-target scale push.

2026 Total

263%

2027 Total

73%

2028 Total

48%

2029 Total

81%

Product Development Investment & Team

60% of HQ cost base allocated to product — spend flatlines by 2028 while revenue scales 50%+ YoY

Product

Product investment grows from $1.7M (20 FTEs) in 2026 to $9.3M (75 FTEs) by 2029. Critically, the team and spend plateau in 2028 at 75 FTEs / ~$9M — while revenue continues to grow 50%+ YoY. Product cost as % of revenue drops from 133% to just 16%, producing outsized operating leverage from 2029 onward.

Margin Expansion by Target: Day 0 → Year 3

Every acquisition expands 36–52pp — consistent engine across all 21 targets

Per Target

M&A Pipeline — Full Development Tracker

21 targets · 4 cohorts · Y0 vs Y3 revenue, EBITDA margin & expansion

Pipeline

Target	Cohort	Acq.	Service	Rev Y0	EBITDA Y0	Margin Y0	Rev Y3	EBITDA Y3	Margin Y3	Expansion