为什么中国软件并购看重收入质量？
中国SaaS、企业软件、垂直软件和AI软件企业增长快，但收入结构差异很大。买方需要区分订阅收入、实施收入、定制开发收入、硬件转售和一次性项目收入。
估值重点
估值应关注ARR、净收入留存、客户集中度、毛利率、研发效率、获客成本、云成本、续约周期和客户成功能力。
尽职调查重点
尽调应覆盖客户合同、IP归属、代码质量、数据合规、云基础设施、开源软件使用、员工合同和核心人员留任。
卖方准备
卖方应准备ARR桥、客户分 cohort 留存、合同清单、产品路线图、研发团队结构和数据合规说明。
Lyndon如何协助
Lyndon可协助中国软件企业、买方和顾问准备估值、资料室、买方问答（Q&A）和交易执行。
About the Author
Daniel Bae
Co-founder & CEO, Lyndon Advisory
Daniel is an investment banker with 15+ years of experience in M&A, having advised on deals worth over US$30 billion. His career spans Citi, Moelis, Nomura, and ANZ across London, Hong Kong, and Sydney. He holds a combined Commerce/Law degree from the University of New South Wales. Daniel founded Lyndon Advisory to solve the pain points in M&A, enabling bankers to focus on what matters most — delivering trusted advice to clients.
About Lyndon Advisory
Lyndon Advisory is an M&A advisory firm built for Asia Pacific. We help business owners sell their companies and investors make strategic acquisitions with senior-led execution, disciplined process management, and AI-supported buyer intelligence.
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