Lighthouse Advisory Partners
Technology M&A and growth strategy advisers
For technology companies and the investors who back them. We advise on acquisitions and growth strategy, and gather the customer and market evidence behind both. A partner leads every project, from start to finish.
Technology only
Software and technology businesses, and their investors, since 2017
Partner-led
Senior advisers on every project, from first call to completion
100+ transactions
Completed by our partners over 20 years, in previous roles and at Lighthouse
Board experience
Our partners serve on technology company boards
Some of the companies and investors we have worked with
Who we work with
Whether you back a technology business or run one
For investors
Private equity and venture capital investors in technology
Evidence before you sign, and support while you hold. Customer research and commercial due diligence for the investment committee, then help with bolt-ons and the value creation plan.
- Commercial due diligence, typically four weeks
- Customer interviews before the committee meets
- Bolt-on acquisitions and growth plans for portfolio companies
How we work with investors →
For technology companies
Leadership teams of technology businesses
The growth plan, the acquisitions that serve it, and the evidence behind both. For founder-led, venture-backed and private-equity-owned businesses, and divisions of larger groups.
- A growth strategy the board can act on
- Acquisitions run from target list to completion
- Ready for a sale or a raise when the time comes
How we work with technology companies →
What we do
We help you decide where to grow and what to buy
Growth strategy and buy-side M&A are the core of the firm. Commercial due diligence, customer research, AI readiness and exit planning support them, and you can also take any of them on its own.
Choose a service on the dial or in the list above to see the question it answers.
Core service · Growth strategy
Where should the next stage of growth come from?
We test the market, the customers and the numbers, then agree a plan with you that is short enough for the board to read and specific enough to act on. It often starts with the Business X-Ray, which you can also commission on its own.
What you get
A short plan with the choices made, and the evidence behind them
Typical timing
Scope and timetable agreed before work starts
Typical clients
Leadership teams, chairs and PE-backed boards
Core service · Buy-side M&A
Should we buy, which business, and on what terms?
From the acquisition strategy and the target list through negotiation to completion. We can act as your corporate development team for the whole deal, or join for the part you need. We help you plan the integration, and your team runs it.
What you get
A deal that fits the strategy, run by a partner from first approach to completion
Typical timing
Around three months is typical
Typical clients
Technology leadership teams and PE-backed buy-and-build
Supporting service · Commercial due diligence
Does the investment case stand up?
An independent view of a technology business before you buy it: how it makes money, how it sells, its market, its competitors and what its customers think. Written up for your investment committee and taken through with your deal team.
What you get
A report for the investment committee that rates each part of the case
Typical timing
Typically four weeks from kick-off to report
Typical clients
Private equity and venture capital investors, and corporate acquirers
Supporting service · Voice of the Customer
What will the customers do next?
Ten or more interviews with customers, former customers and prospects, run by a partner. You see the main themes, a Net Promoter Score, anonymised quotes and a view on churn risk.
What you get
The customer evidence behind the deal or the plan
Typical timing
Two to three weeks, depending on how quickly customers are available
Typical clients
Investors before the committee meets, and leadership teams
Supporting service · AI readiness
Where will AI pay in the business, and where will it not?
A partner-led review of the product, the market and the operation. You get a prioritised use-case map, a readiness review and a delivery roadmap, written for the executive team that has to make the call.
What you get
A use-case map, a readiness review and a roadmap
Typical timing
Four to six weeks
Typical clients
Leadership teams of software and technology companies, and their investors
Supporting service · Exit strategy
What would a buyer pay today, and what is holding the number back?
A baseline of the business as a buyer will see it, the gaps that suppress its value, and a roadmap to close them, whether you plan to sell in two years or not at all.
What you get
A baseline, the gaps that matter most, and a roadmap
Typical timing
Baseline in four to six weeks, then an optional monthly review
Typical clients
Founders and leadership teams of established technology businesses
Track record
Selected deals and clients
A selection of our recent work for technology companies and their investors.
Buy-side adviser
Causeway Technologies
on its acquisitions of
one.network and Reference Point
Three strategic acquisitions
Commercial due diligence
Axiom Equity
Due diligence and customer research on a technology investment
Completed 2026
Voice of the Customer
Scottish Equity Partners
Customer research on a minority investment
Investor client
The partners
Les Elby and Mat Truche-Gordon
Our partners have run strategy and M&A inside technology businesses and sit on the boards of technology companies today. A partner leads every project.
Les Elby
Partner
More than 20 years in the technology sector, with senior roles in corporate development, strategy and executive management at AVEVA and at Lighthouse. Les advises the executive teams of technology firms and mentors start-ups and smaller businesses.
Mat Truche-Gordon
Partner
More than 20 years in software leadership. Ten years at AVEVA, where he ran strategy and M&A among other areas as a member of the executive board, then five years in corporate development at Hg Capital, completing more than 25 acquisitions and disposals. Mat joined Lighthouse in 2020.
A partner throughout
One partner scopes the project, runs it and presents the findings.
Technology only
We work with software and technology businesses, and the investors who back them.
Straight about fit
If a deal or a plan will not work, we say so at the first meeting. If we are not the right people, we say that too.
Insights
Recent insights
Test the plan, not the market
Commercial due diligence for technology deals
The complete guide to buy-side M&A for tech companies
From acquisition strategy to integration
Start a conversation
Talk to a partner about the decision in front of you
Tell us about the deal, or the choice the board is weighing up. A partner will tell you plainly what we would look at first, and whether we are the right firm for it.