Buy-side technical
due diligence.
CTO practitioner-led assessment for software, AI-native, and tech-enabled targets. Built around one question: what does this mean for the investment? Structured flexibly around your access, your timeline, and the deal you actually have.
Software companies. Tech-enabled companies. Same rigor.
Whether technology is the business or technology enables the business, the diligence rigor is the same. The depth, the questions, and the emphasis flex to the target in front of us.
When technology IS the business
The product is the technology. Code, architecture, the AI/ML stack, scalability, and IP defensibility are the moat. We pressure-test what scales, what breaks, and what is genuinely differentiated.
- Architecture suitability & scalability
- AI/ML stack, data foundations & model readiness
- Code quality, technical debt & security
- Engineering org, velocity & key-person risk
- IP, open source & defensibility
Typical targets: SaaS platforms, AI-native products, dev tools, fintech platforms, marketplaces, vertical software.
When technology ENABLES the business
The product is the service. Technology powers operations, customer experience, and unit economics. We assess the IT backbone, line-of-business tools, integrations, and the data flow that holds everything together.
- Enterprise IT architecture & resilience
- Line-of-business tools & ERP/CRM stack
- Data flow, integrations & reporting
- IT infrastructure, cloud & cyber posture
- Internal vs outsourced tech mix
Typical targets: tech-enabled services, healthcare delivery, e-commerce ops, manufacturing & IoT, logistics, business services.
Same 360° methodology. The depth and emphasis flex to the target.
Sector experience that holds up under scrutiny.
Hundreds of engagements across the sectors mid-market PE invests in most. Real deal types, anonymized.
Financial Services & FinTech
Consumer Goods, eCommerce & Retail
Healthcare & Life Sciences
Cybersecurity & Risk
Manufacturing & Industrial Tech
Energy, Utilities & ESG
Telco, Networking & Connectivity
Logistics, Supply Chain & Mobility
Media, Entertainment & Sports
Legal, Professional & Business Services
Human Capital Management
Education & Non-Profit
~70% of deals sit <$500M. We also cover smaller targets, upper mid-market, and large cap.
~75% of engagements are software or AI-native targets. We also cover tech-enabled businesses where IT is the backbone of operations.
AI is everywhere we look.
AI shows up in two ways across our diligence work. AI as the product when models, training data, and IP are the moat. AI as a feature when it's embedded inside a broader software product. Both demand their own readiness, risk, and defensibility lens, and AI runs as a horizontal thread across every area we assess.
AI as the Product
The AI itself is the offering. Models, training data, IP defensibility, and inference economics are central to the diligence.
AI as a Feature
AI embedded inside a broader product. Increasingly standard across software, with its own readiness, risk, and reliability profile.
Built for the deal you have.
Different deals need different depth. Six packaged engagements from early-stage exploration to upper mid-market deep-dives. All on the same methodology.
Outside-In Stealth
Validate the thesis and answer specific questions before committing. Public data, expert networks, and structured hypothesis testing without management access.
- Early discussions, no commitments either side
- Pre-bid stealth mode with limited or no access
- High-level read before further effort or spend
Red Flag
High-level thesis validation focused on top risks. Fast, focused, decision-ready. The minimum viable diligence for fast-moving deals.
- LOI in place or imminent
- Limited time or budget for full diligence
- Fast-moving deal with healthy access
Summary Report
Full risk and opportunity backlog with industry benchmarks and value creation hooks. Lighter on supporting documentation, full on findings.
- LOI in place with healthy access
- Lower mid-market deals
- Want core insights without heavy documentation
Standard Report
Full deep-dive with risks, opportunities, mitigations, industry benchmarks, and a value-creation roadmap. The default for mid-market deals.
- LOI signed, exclusivity or healthy access
- Mid-market deals
- Want full risk and opportunity profile
Extended Report
Deepest scope with value creation depth, complex carve-outs, and full documentation. Built for upper mid-market and large cap transactions.
- Deep access, complex business or carve-out
- Upper mid-market or large cap
- Need full value creation roadmap at close
Competitive (2-Phase)
Combined stealth and standard diligence. Phase 1 surfaces red flags with limited access. Phase 2 deepens once access expands through the bidder rounds.
- Competitive process with multiple bidders
- Limited initial access transitioning to full
- Want to de-risk early, deepen later
Six core areas. Two horizontal threads. One connected view.
Every engagement runs through the same 360° lens. Six functional areas form the spine, with AI and Cybersecurity threaded horizontally across all of them. Built for deal speed: structured tools, senior practitioners working alongside your team, and every finding tied to a commercial implication your IC can act on.
Strategy & Roadmap
Product strategy, roadmap state and feasibility. Are technical priorities aligned with the business thesis, and can the team actually ship them?
Architecture, AI, Data & Code
System design, AI maturity, data foundations, and code quality. Suitability for the strategy with depth in scalability, security, and robustness.
Customer Support & Services
Professional services and customer support capabilities. CSAT signals, escalation patterns, and what they reveal about code, architecture, and IT.
Organization & Leadership
Team size, skillset, structure, and gaps. Leadership capability and technical horsepower. The ability to execute the roadmap that has been promised.
SDLC & Ability to Execute
Execution capability, SDLC maturity, quality and DevOps practices. Can they ship safely, predictably, and at the cadence the thesis requires?
IT Infrastructure
Cloud and infrastructure adequacy, costs, and resilience for the investment thesis. What scales, what breaks, and what costs more than it should.
For specialized work like advanced cybersecurity, OSS tooling, and expert networks, we tap our preferred partner network as an extension of the team.
Want to see what good looks like?
The Sample Report shows how we structure findings, evidence, risk ratings, and remediation costs. The TechDD Guide is a complete primer on what to look for and what to ask.
Technical Due Diligence.
The Definitive Guide to Technical Due Diligence
Twelve chapters covering the 6-stage process, deal breakers, common red flags, what good targets look like, and the complete value creation playbook. Drawn from 1,500+ real engagements.
TechDD Sample Report
See how we structure findings, risk ratings, evidence, remediation costs, and the “So What” your investment committee can act on. Redacted. Real format.
Common questions.
Do you cover IT-enabled companies, not just software?
What's the difference between buy-side and sell-side technical due diligence?
How do I know which package I need?
How quickly can RingStone mobilize?
Who actually does the work?
What does the deliverable look like?
Can you work in a competitive process where access is limited?
Do you support post-deal value creation?
Ready to scope your next diligence?
Tell us about your deal. We'll come back with a recommended package and timeline within one business day.