Company
Keyhole — AI-Native M&A Integration Platform
Evident Systems, Inc. is building Keyhole, the AI-native platform for end-to-end M&A integration. From desktop diligence through Day 100 and into R&W expiry, the full deal lifecycle on one spine. AI agents run the workstreams. The operator runs the deal.
Five global consulting firms (McKinsey, Bain, BCG, Deloitte, KPMG) charge $2M to $10M per engagement to impose discipline on M&A integration that should be a product. Their proprietary tools (Wave, Signal, KEY, M&A Central, Velocity) are not available to the operator running the deal. They are available to the consultants charging to run it for her. Keyhole puts the platform in the operator's hands.
Investment Thesis
The Real Competitor is the Consulting Firm.
Datasite is a data room. DealCloud is a CRM. Midaxo is a workflow tool. None of them run the deal end to end. The only end-to-end alternative today is hiring McKinsey, Bain, BCG, Deloitte, or KPMG. Keyhole replaces that engagement with software at one-tenth the cost.
Single-Operator Maintainability is the Moat.
Every M&A platform built to date assumes an integration team. Evident is built so a single operator can run a complete integration end to end with AI agents handling the workstreams. The architectural constraint that makes the product possible also makes it nearly impossible for incumbents to replicate without rebuilding from scratch.
Built on the Four Structural Invariants.
Every successful M&A integration converges on four patterns: phased lifecycle, two-layer IMO, top-down/bottom-up synergy reconciliation with stage gates, and deal thesis traceability. All five major consulting firms validate this convergence across thousands of deals. Evident instruments all four into the platform spine.
Operator-Founded, Operator-Built.
The methodology underlying Keyhole was developed by Mark Fitzsimmons across 25 years operating at the intersection of private equity ownership, deal teams, and portfolio leadership. The product is the institutional expression of multi-deal pattern recognition that no recent-graduate founder team can replicate.
Revenue Architecture — The Buyer Stack
| # | Buyer Segment | Primary Use Case | ARR Target 2030 | Timeline |
|---|---|---|---|---|
| 1 | Mid-Market Private Equity | Portfolio integration platform; per-deal or annual platform pricing | $80M | NOW |
| 2 | Corporate Development Teams | Strategic acquisition execution, repeat-acquirer programs, roll-ups | $60M | NOW |
| 3 | Investment Banking Post-Close | Sell-side prep, post-close advisory practice tooling | $40M | Year 1–2 |
| 4 | Operating Partners (Standalone) | Independent integration leads running parallel deals across firms | $25M | Year 1–2 |
| 5 | Carve-out & Divestiture Specialists | Big Four boutiques, divestiture advisory firms | $35M | Year 2–3 |
| 6 | Federal & Defense Acquisition | DOD acquisition reform, IRS/Treasury M&A office, agency consolidations | $30M | Year 2–3 |
| 7 | International Expansion (EMEA, APAC) | Global PE and IB, cross-border deal complexity | $50M | Year 3–5 |
| + | Strategic Consulting Firm Licensing | White-label or co-deployment with Big Five firms (optionality) | $80M | Year 3–5 |
Total ARR target (2030): ~$400M · Implied valuation at 10–15x: $4–6B · Comparable exits: Anaplan ($10.7B Thoma Bravo), Datasite ($3B), Workiva ($4.8B market cap)
SAFE Round Terms
| Instrument | Post-Money SAFE — Y Combinator Standard Form v1.1 (unmodified) |
| Valuation Cap | $30,000,000 post-money |
| Round Size | $3,000,000 target · $3,500,000 maximum |
| Implied Ownership | 10.0% at target raise ($3M / $30M cap) |
| Discount Rate | None |
| Conversion Trigger | None |
| Pro-Rata Rights | Yes — investors committing ≥ $150,000 (side letter) |
| MFN Clause | None |
| Board Observer | None |
| Information Rights | Quarterly financial statements (side letter) |
| Target Close | Q2 2026 — rolling close |
Foundation in Place — What's Built
| Methodology | Four-invariant integration framework refined across 25 years of PE-backed integrations, restructurings, and cross-fund transactions. Faucona-derived. Validated against the published methodologies of all five major consulting firms. |
| Brand & IP | EVIDENT SYSTEMS word mark filed (US Serial 99754273, Class 42). Patent strategy underway with Wilson Sonsini Goodrich & Rosati. Snellen-E design system in production use. |
| Corporate | Delaware C-Corp, dual-class equity structure (Class A 1-vote / Class B 10-vote), 10% option pool, formed February 2026. Board-ready governance. |
| Legal Counsel | Wilson Sonsini Goodrich & Rosati engaged. |
| Infrastructure Foundation | Azure Container Apps environment provisioned. Keycloak identity broker active. FastAPI service architecture validated. Cloudflare global edge. Domain portfolio secured (evidentcorp.com). |
| Federal Posture | SAM.gov registration complete (UEI MCNHWGCEUHC9). Eligible for federal acquisition vehicles. GSA Schedule pursuit on roadmap. |
| Founder Track Record | Mark Fitzsimmons: 25 years in private equity, post-merger integration, enterprise restructuring, and portfolio leadership across multiple deal types and sectors. |
Series A Gate Milestones — Use of This Round
Use of Funds — $3M · Target 18-Month Runway to Series A
Access Detailed Materials
Full financial model, technical architecture documentation, IP portfolio roadmap, cap table, corporate documents, and governance materials are available to qualified investors upon dataroom access request.
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