Case study: how Aegryn certification enabled a 4.8x ARR exit for a B2B SaaS

Note: This case study is based on an anonymised real process. Data has been modified to preserve the confidentiality of parties. The magnitudes and mechanisms described are representative of Aegryn processes.

Initial situation

A French founder, 41 years old, had built a B2B HR SaaS (annual review and OKR objectives management) since 2018. ARR = €2.1M in January 2025, adjusted EBITDA positive at 28%, NRR = 104%, monthly churn rate = 0.7%. He had received two unsolicited offers at respectively 3.2x and 3.5x ARR (€6.7M and €7.35M). He believed his asset was worth more, but he did not have documentation to defend this position.

Grade protocol: results by dimension

• C dimension (Code), Score 82/100: solid architecture (React/Node.js on AWS), test coverage at 67% (slightly below the 70% benchmark), complete technical documentation. Improvement point identified: 3 npm dependencies with known CVE vulnerabilities. Remediation: 2 weeks.
• I dimension (IP), Score 91/100: code ownership confirmed (contractor agreements with IP assignment clause signed), trademark registered INPI (France + EUIPO). Minor point: 1 developer contract without non-compete clause. Remediation: amendment signed in 1 week.
• F dimension (Finance), Score 88/100: audited ARR confirmed at €2.08M (vs €2.1M presented, ~1% gap, normal). Actual NRR = 106% (above founder estimate). Adjusted EBITDA confirmed at 26% (slightly lower after founder salary restatement). Attention point: 1 client representing 22% of ARR, above the recommended 20% concentration threshold.
• S dimension (Security), Score 79/100: pentest completed (no critical vulnerabilities). MFA enabled on all admin accesses. GDPR: processing register present and current, DPAs signed with AWS and Stripe. Improvement point: secrets management policy (API keys stored in unencrypted environment variables). Remediation: migration to AWS Secrets Manager (3 days).

Result: Grade A (Overall score 85/100)

After 4 weeks of remediation (managed by Aegryn), the asset obtained Grade A with an overall score of 85/100. The Grade report was presented to 8 qualified acquirers in the Aegryn network. 4 expressed interest, 2 submitted LOIs. The best offer: €10.1M (4.86x audited ARR of €2.08M), 90% cash + 10% earnout over 12 months structure. The deal closed in 11 weeks from the first LOI received.