Customers, contracts, pipeline, market and competitive position. Owns the equity story.

• IV.1

  Obtain top-10 customer revenue concentration for the last three years.

  Severity A
• IV.2

  Test annual customer churn (logo and revenue) over the last three years.

  Severity A
• IV.3

  Review pipeline and weighted-pipeline conversion history.

  Severity B
• IV.4

  Sample top-20 customer contracts for term, renewal, change-of-control and exclusivity.

  Severity A
• IV.5

  Identify customers with MFN, audit, benchmarking or most-favoured-pricing clauses.

  Severity B
• IV.6

  Confirm change-of-control consent requirements in top-customer contracts.

  Severity A
• IV.7

  Map supplier concentration and any single-source dependency.

  Severity B
• IV.8

  Sample top-10 supplier contracts for term, exclusivity and termination.

  Severity B
• IV.9

  Confirm any rebate, volume-discount or co-marketing commitments to customers.

  Severity B
• IV.10

  Obtain market-sizing evidence (TAM/SAM/SOM) and source data.

  Severity C
• IV.11

  Confirm competitive positioning vs named competitors with evidence.

  Severity C
• IV.12

  Test ARR / NRR / GRR by cohort over the last 24 months.

  Severity A
• IV.13

  Confirm logo and net-revenue retention against an explicit cohort definition.

  Severity A
• IV.14

  Review pricing history and any planned list-price changes.

  Severity B
• IV.15

  Confirm any customer disputes, credits issued or service-credit liabilities.

  Severity B
• IV.16

  Obtain win/loss history for the last 12 months.

  Severity C
• IV.17

  Confirm referral, channel or reseller agreements and revenue split.

  Severity B
• IV.18

  Test customer reference calls for top-10 by revenue (where deal allows).

  Severity BBuy-side
• IV.19

  Review marketing spend, channel mix and CAC by channel.

  Severity C
• IV.20

  Identify any KOL, ambassador or influencer agreements and disclosure obligations.

  Severity C