AI diligence for M&A deal teams

Not what's in the data room.
What changes the price.

Provenire ingests the full data room and returns a prioritized list of diligence findings: risks and quantified cost-out, each cited to the exact document, page, and clause, plus a first-draft IC memo. Benchmarked against comparable deals, including the org and headcount efficiency generic document AI can't see.

Provenire reads the data room and tells you which findings actually move the price.

Including cost-out you can't see from the documents alone, each one cited back to the exact page. The shift is from finding everything to judging what's material: the few findings worth a partner's attention, with a number you can put in the model.

The problem

A diligence pass is days of reading to find the few things that matter.

And the part everyone used to pay for, reading the data room and pulling the facts out, is becoming a built-in feature of the data room itself.

Extraction used to be the work. It is becoming a checkbox the buyer already pays for.

Now standard

VDRs ship their own AI copilots

Virtual data rooms now include built-in AI assistants that summarize and extract across the documents, bundled into the subscription the buyer already holds.

Emerging

Data rooms are opening up

As VDRs expose programmatic interfaces, any AI assistant can plug straight into the data room to summarize and extract, further commoditizing retrieval.

The result

"We cite sources" is now free

"We read your data room and cite the source" is no longer a product. It's a feature of the platform the deal already runs on.

Every tool can read your data room now. That was never the hard part.

The hard part is judging which findings are material: which clause actually threatens the deal, and what the upside is worth in dollars.

How it works

Ingest the data room. Get ranked, cited findings, and a draft IC memo.

One engine (finding, benchmark, quantified impact, citation) applied from the first read to the committee memo. The receipts travel with every number.

  1. Step 1

    Ingest the data room

    Point Provenire at the full deal corpus: financials, contracts, the cap table, customer data. Connect securely or upload.

    • Financial statements and working papers
    • Contracts, cap table, customer and HR data
    • Secure connection or direct upload
  2. Step 2

    Benchmark and score

    Provenire scores each finding for materiality against comparable deals, and benchmarks the target's org and economics against peers.

    • Span of control and management layers
    • Headcount-to-revenue and cost-per-FTE
    • Scored against comparable-deal medians
  3. Step 3

    Get decision-ready output

    A ranked findings list of risks and quantified cost-out, each cited to document, page, and clause, plus a first-draft IC memo.

    • Ranked by materiality, not volume
    • Every finding cited to its source
    • First-draft Investment Committee memo

The output is a decision the committee can act on, not another pile of extracts.

Illustrative sample output
Hero output

A board-ready IC memo

Draft · editable
  1. Thesis & recommendation cited
  2. Findings, ranked by materiality cited
  3. Quantified synergy & cost-out cited
  4. Defensible valuation range cited
  5. Risks, mitigants & open items cited

Assembled from the findings, not generated free-hand. Every line traces to the data room, so edit and sign before it goes to committee.

One engine, end to end

Finding, benchmark, quantified impact, and citation: carried straight through to the output a partner signs.

  1. Findings
    Live today

    Ranked, cited, and benchmarked against comparable deals.

  2. IC memo
    Live today

    A board-ready first draft, assembled only from the findings. Editable, every line cited.

  3. Realized
    On the roadmap

    Projected vs. realized value tracked post-close, shown with confidence ranges.

Benefits

Materiality, quantified opportunity, and a citation on every line.

A ranked list, not a wall of flags.

Extraction is now table stakes; the VDR does it too. Provenire scores each finding against comparable deals and surfaces the few material enough to change the price or the structure, so the team reads "this is the one that matters," not 400 highlighted clauses.

Findings include the upside, in dollars.

Most tools only flag risk. Provenire quantifies the opportunity too: cost-out and synergy, from org redesign where span of control and layers run heavy against comparables to duplicated functions and procurement overlap. Each is a number you can put in the model, and together they set a defensible valuation range, not another summary to read.

Every claim cites the exact source.

No finding stands without a citation to the specific document, page, and clause. Verify any line in seconds before it goes in front of a partner. Auditability is how Provenire earns trust, not a disclaimer in the footer.

What a finding looks like

Illustrative sample output
Opportunity Materiality High

Management structure carries excess layers

Target runs 8 management layers at an average span of control of 3.1, vs. a comparable-deal median of 5.2. Rightsizing toward peer spans removes ~1.5 layers.

Est. annualized cost-out $2.4M ~14% of managerial cost
Risk Materiality High

Customer concentration above comparables

Top 3 customers = 41% of revenue vs. a comparable-deal median of 23%; two contracts include change-of-control consent.

Impact Potential price / structure impact

A defensible valuation range, built from the findings, not a model.

Illustrative sample output

The material findings (quantified cost-out and synergy, plus risk adjustments) roll up into a range you can defend in the room, each input cited to its source. It is not a DCF or LBO model and does not replace one; it is the evidence-backed bracket those models get tested against.

Findings-adjusted range: 7.6–8.1× EBITDA Seller ask: 8.6× EBITDA

Every input is cited. The range moves only when a finding moves it: adjust or reject any line and the bracket recomputes. Provenire proposes the range; the deal team owns the number that goes in the model.

Where Provenire sits

Extraction is the commodity layer the data room now owns. The judgment layer, materiality and benchmarking against comparable deals, is the part that still has to be built.

Category positioning map A two-axis map. The horizontal axis runs from "Extracts and summarizes" on the left to "Judges what's material" on the right. The vertical axis runs from "Sees only this deal's documents" at the bottom to "Benchmarked against comparable deals" at the top. VDR AI copilots sit in the bottom left. Document-extraction AI sits lower-middle. Financial DD AI sits in the middle, slightly above center. M and Ai sits in the top right, highlighted. Commodity layer Judgment layer Extracts & summarizes Judges what's material Sees only this deal's documents Benchmarked against comparable deals Materiality → VDR AI copilots Document-extraction AI Financial DD AI Provenire

Extraction is now the commodity layer. Materiality and benchmarking are the judgment layer.

Roadmap

The same engine, extended across the deal timeline.

One engine: finding, benchmark, quantified impact, citation. Here is what runs today and what comes next. Roadmap items are forthcoming, not available today, and listed plainly so you always know where the line is.

Live today

Live

Materiality-ranked findings

Risks and opportunities scored against comparable deals, each cited to document, page, and clause.

Live

Org & cost benchmarking

Span of control, management layers, headcount-to-revenue, and cost-per-FTE against peer deals, the view generic document AI cannot reach.

Live

First-draft IC memo

A board-ready draft assembled only from the findings, editable, with every line cited back to the data room.

On the roadmap

Boundaries

What Provenire doesn't do.

The boundary is part of the product. Provenire sharpens the judgment behind the decision; it does not take the actions that require a signature, a mandate, or a model of record.

  • Build the DCF or LBO model
  • Draft the CIM or teaser
  • Author or negotiate the LOI or SPA
  • Make regulatory filings
  • Run financing or closing
  • Execute post-merger integration

Provenire proposes the number and shows its work. A human signs it.

Questions deal teams ask

The questions a skeptic asks first.

Built around citations, not generation: every finding links to the source document, page, and clause, so you can verify any line in seconds. A faster, benchmarked first pass you sign off on, not an autopilot.

Today it runs locally: documents are parsed and stored on your own machine, scoped per deal, and the only data leaving it is the retrieved chunks sent to the model for a given call. Production controls (encryption at rest, authentication, access control, audit logging) are not yet implemented, and the repository says so explicitly. Treat it as a prototype, not a system of record.

They do, and a first pass costs days of associate time, much of it spent reading to find the few things that matter. Provenire does that first pass fast so the team judges instead of hunts, and adds org and cost benchmarking against comparables that headcount has no dataset to run.

Project status

A working prototype, not yet a company.

Provenire is an independently built, functioning implementation of the pipeline described above: it ingests real documents, retrieves per category, produces grounded findings, enforces the review gate, and assembles a memo. It has no customers, no design partners, and no traction to report, and nothing on this page claims otherwise.

The source is public, including the analysis prompts and the code that enforces citation grounding. Read the code on GitHub

Contact

See Provenire run on a deal like yours.

Tomas Buica
Built and maintains Provenire

I built Provenire end to end: document parsing and retrieval, the grounded-findings pipeline, the review gate, and the memo assembly and export.

Elsewhere
GitHub

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