AEGRYN Index — Edition 1, Proprietary Certification Data
Our certification database, made public for the first time. Acceptance rate, dimension scores, grade distribution — the baseline against which every future edition will be measured.
Our certification database, made public for the first time. Acceptance rate, dimension scores, grade distribution — the baseline against which every future edition will be measured.
The AEGRYN Certification Index represents the aggregate output of every CIFSO assessment conducted since launch. It is the most granular dataset available on the structural quality of European tech assets preparing for exit.
The acceptance rate — under 25% — is the most cited number in this index. It is not a reflection of market quality. It is a reflection of market preparation. The majority of assets that fail certification are not fundamentally flawed. They are structurally underprepared. Revenue not certified with billing access. Software rights not formally assigned. No pentest in the past 18 months. These are solvable problems.
The five CIFSO dimensions — Code integrity, IP ownership, Financial reliability, Security posture, and Organisation & Talent — are each scored on a 20-point scale. The minimum threshold for certification requires a score above the threshold in each dimension, not just in the aggregate. This is deliberate. An asset with perfect financial documentation and no IP assignment is not certifiable. The certification is a signal of comprehensive readiness.
The grade distribution — from AEG ★ (5%) through AAA (12%), AA (27%), A (32%), to B (17%) — reflects the current state of the market. Most assets that pass certification are A or AA grade. The AEG ★ grade is reserved for assets that represent the top of market in every CIFSO dimension. As our certification database grows, this distribution will become the definitive benchmark for European tech M&A quality.