01
Client context
The fund was evaluating a minority investment in a vertical SaaS company with strong reported growth.
02
Business challenge
The management plan assumed continued expansion into new segments, which needed independent validation.
03
Research objective & questions
Test the market, customer and competitive assumptions behind the business plan.
- How large and fast-growing is the addressable market?
- How satisfied and loyal are customers?
- How defensible is the competitive position?
- Are the expansion assumptions realistic?
04
Methodology & approach
- Market sizing
- Bottom-up model by segment.
- Customer referencing
- Current and churned customers.
- Competitor interviews
- Competitive dynamics and switching.
- Expert interviews
- Industry specialists and former executives.
05
Sample & geography
- ~25 customer interviews
- ~8 churned customer interviews
- ~8 expert interviews
- Geography — India and the US
06
Key findings
- The core segment was well served, with high customer loyalty.
- Expansion segments had different needs requiring product investment.
- Switching costs were meaningful once integrations were in place.
- Churn concentrated among the smallest customers.
07
Business implications
- Core growth case supported.
- Expansion assumptions should be phased and tied to product investment.
- Value creation plan should focus on mid-market accounts.
08
Outcome
The fund received a commercial due diligence report with a view on base, upside and downside cases.
Example engagement — Shows how Hoog approaches this type of question. Not a specific client project. Findings are directional.