Technology due diligence that speaks the language of your investment committee.

Most technology due diligence produces a list of risks. Cyber Partners translates every significant finding into its precise financial consequence: what it costs, what it changes, and what it means for your deal.

What technology due diligence usually misses.

Every deal now has a technology dimension. Platform scalability, cybersecurity posture, AI capability, technical debt, team execution risk: in many transactions, these are the deal thesis rather than peripheral concerns.

The typical technology diligence report catalogues findings and classifies risks, leaving the translation into financial consequences to others who are rarely equipped to perform it. Material risks are missed, or noted but not quantified, until they surface post-acquisition when the investor’s options have narrowed considerably.

Commercial translation.

Cyber Partners assesses the full technology, AI, and cybersecurity landscape of a target business and translates every significant finding into its effect on valuation, deal structure, and investment thesis: technical debt quantified in dollar terms, cybersecurity gaps mapped to insurance and remediation costs, AI capability claims tested against the underlying architecture, and execution risks identified and costed against the business plan.

How we work →

“The question a PE partner needs answered is never ‘what is wrong with the technology?’ It is always ‘what does this mean for the deal?’”

What we find. What it changes.

Three recent engagements. Client and target names are never disclosed.

FinTech platform · PE buy-side · A$100M+

A target’s proprietary AI credit-scoring platform was represented as a core competitive asset. Our assessment found that the claimed capability was a commercial API integration with no defensible intellectual property and no barrier to replication. Offshore development quality issues had caused an 18-month roadmap delay with no credible recovery plan. Our client withdrew from the transaction.

Healthcare SaaS acquisition · PE buy-side · A$200M+

Our assessment identified a $12M ERP replacement requirement absent from management forecasts, together with payment card processing compliance gaps requiring immediate remediation. Neither had been disclosed. Our client renegotiated the valuation with a structured earnout arrangement protecting downside risk.

Utility services buy-out · PE buy-side · A$1BN+

Fifty technology projects were in flight at the time of diligence. Half were materially delayed with no dedicated programme leadership, and a critical system replacement was running 36 months behind schedule with an $8M cost overrun. A further $3M cybersecurity investment gap was identified. Our client added deal conditions with milestone gates and structured quality requirements.

Full track record →

Three decades of experience. Brought to every engagement.

Cyber Partners is led by CEO Tony Barnes, with more than three decades of senior executive and non-executive experience across technology, critical infrastructure, and cybersecurity sectors.

Tony has founded, scaled, and exited technology businesses, served as CEO of public companies on two continents, and led technology and cyber due diligence on transactions from A$30M to US$3.5B.

About Tony Barnes →
30+
Years senior executive & NED experience
A$30M – US$3.5B
Transaction size range
5 markets
AU · NZ · UK · EU · US

Discuss your next transaction.

Contact Cyber Partners to discuss the technology dimensions of your next deal.

Services

Technology, AI & Cyber Due Diligence for Private Equity and Venture Capital

Technology risk surfaces in the hold period: when the business plan is not delivering, the platform is not scaling, or a cybersecurity incident exposes a liability that was visible in the data room. Technology due diligence exists to find these issues before capital is committed.

Nine dimensions. One integrated view.

Technology risk is distributed across infrastructure, code, security posture, team capability, regulatory exposure, IP defensibility, and the alignment between the technology and the investment thesis. Cyber Partners assesses each dimension and maps the findings to their effect on the deal.

Investment thesis verification

Cyber Partners assesses whether the technology of the business, as it actually exists, supports the thesis the deal is being done to — on what conditions, and where the dependencies that have to hold are.

Quantified technology risk & hidden costs

Technical debt, infrastructure investment requirements, licensing compliance exposure, and undisclosed capital requirements absent from management forecasts. Every material item is quantified in dollar terms and mapped to its effect on the valuation model.

AI & platform capability validation

Independent assessment of technology and AI claims against the evidence. Is the proprietary AI capability genuinely defensible intellectual property, or a commercial API integration with no barrier to replication? Can the platform scale to support the growth plan?

Competitive moat assessment

Cyber Partners assesses whether the technology assets underpin genuine competitive barriers. An AI architecture built on proprietary models is a fundamentally different asset from a product interface layered over a commercially available foundation model. That distinction is visible from the architecture.

Cybersecurity & regulatory compliance

Assessment of cybersecurity posture, breach history, incident response capability, and regulatory compliance across applicable frameworks including the Privacy Act, APRA CPS 234, NIST CSF, ASD Essential Eight, ISO 27002, PCI DSS, and GDPR where relevant. Liability quantification and remediation cost estimation.

Cyber insurance assessment & positioning

Cyber Partners assesses the target’s existing coverage against the identified risk profile. Where gaps exist between the risk profile and the current policy, we quantify the exposure and advise on better-positioned coverage. In some mandates, this extends to supporting negotiation of improved terms as part of the transaction.

Technology team & execution capability

Can the technology team execute the roadmap presented to investors? Cyber Partners assesses key person dependencies, skill gaps, offshore development quality, delivery track record, and retention risk against the specific demands of the business plan.

Integration complexity & timeline

Real costs and realistic timelines for technology integration: platform compatibility, data migration complexity, TSA duration, and the integration risks absent from the financial model.

Investment thesis alignment

A synthesis of all findings into a clear, evidence-based view of what the technology landscape means for the deal thesis and valuation. Red flags, deal-structuring recommendations, and upside opportunities, expressed in the terms the investment committee needs to make the decision.

Structured to fit your deal process.

Phase 1: Red Flags

A rapid assessment over two to four weeks. Identifies material technology, AI, and cybersecurity risks to inform the go/no-go decision and scope of Phase 2.

Phase 2: Full Due Diligence

Comprehensive assessment over three to six weeks, covering all technology and cybersecurity matters with potential impact on the transaction. Final report covers material risks, remediation costs, and their effect on valuation and deal structure.

Binding Bid Support

Advisory support through the negotiation and finalisation of transaction documentation, including Q&A from lenders and co-investors. The same practitioner throughout.

Engagement models.

Single deal

Independent due diligence for a specific transaction. Scoped to the deal, the target sector, and the investment thesis. One practitioner, one report, no handoffs.

Retained partnership

Priority access, accelerated turnaround on initial assessments, volume pricing, and quarterly portfolio-level technology health reviews for firms with an active pipeline.

Vendor DD support

Pre-emptive identification of issues, remediation planning, and independent validation of technology capability claims ahead of the sale process.

What engaging Cyber Partners looks like.

One contact. Throughout.

The partner who leads the scoping call conducts the assessment and presents the findings to the investment committee. No account managers, no junior teams, no handoffs at any stage of the engagement.

Built around deal timelines.

Red Flags in two to four weeks. Full due diligence in three to six weeks. The engagement moves at the pace of the deal, not the pace of a consulting project.

Independent. No conflicts.

No software vendor relationships. No implementation practice with an interest in the findings. No cross-selling. The assessment reflects what we find.

Written for investment committees.

Every finding is expressed in the terms that matter: dollar costs, valuation implications, deal structure recommendations, and investment thesis impact. Senior practitioner economics, without Big 4 overhead.

Discuss a mandate

Contact Cyber Partners to discuss the technology dimensions of your next deal. Initial conversations are confidential and without obligation.

hello@cyberpartners.com.au
Services

Technology Transformation Advisory

Due diligence identifies risks and opportunities. Cyber Partners provides post-acquisition advisory to support the acquired business in executing the recommendations — led by the same practitioner who conducted the diligence.

From report to implementation.

Risk remediation & prioritisation

Translating the recommendations in the due diligence report into a sequenced, costed remediation plan: what to address before Day One, what to address in the first 100 days, and what forms part of the broader transformation programme.

Cybersecurity uplift

Where cybersecurity gaps were identified during diligence, advisory support covers governance, policy, architecture, and control framework development, as well as vendor selection where external implementation resources are required.

Technology strategy & roadmap

Advisory on technology strategy decisions arising during the hold period, including platform modernisation, cloud migration, system replacement, and the technology changes needed to support scaling.

Technology leadership advisory

Where diligence identified technology leadership risk, Cyber Partners can provide interim advisory support and assistance with leadership assessment and recruitment brief development.

On your terms.

Transformation advisory engagements are structured to the needs of the portfolio company and the timeline of the investment thesis. They can be scoped as a discrete advisory programme with defined deliverables, or as an ongoing retainer providing senior technology advice throughout the hold period.

The client for this service is the acquired business. Instruction typically comes from the incoming management team, the portfolio company board, or the PE firm’s operating partner, acting on the recommendations in the due diligence report.

The practitioner who found the issues is best placed to advise on how to fix them.

Services

Technology & AI Strategy Advisory

Independent, senior-level advisory on technology, AI, and cybersecurity strategy for boards, chief executives, and investment committees.

What we advise on.

Technology strategy

Independent advisory on technology direction, architecture decisions, vendor strategy, and build-versus-buy choices for boards and leadership teams requiring an external perspective.

AI strategy

Independent assessment of how artificial intelligence can be applied effectively within a business, what genuine AI capability looks like versus marketing characterisation, and how to evaluate AI investment proposals critically.

Cyber strategy

Board-level advisory on cybersecurity strategy, governance, and investment decisions for boards and executive teams assessing their obligations, risk posture, and governance frameworks.

Boards, executives, and investors.

Technology and AI strategy advisory is most relevant to boards with limited technology representation; to investors assessing technology-intensive companies where a second opinion on the strategy is needed; and to executive teams at a point of significant technology investment requiring independent advisory support.

Engagements are structured to the specific requirement, from a single advisory session to an ongoing board-level advisory relationship.

This service is for

Boards with limited technology representation

Investment committees requiring an independent view on technology strategy

Executive teams at a point of significant technology investment or transformation

Audit and risk committees assessing AI and cyber governance obligations

Track Record

Selected Engagements

Deal values from A$30M to US$3.5B across Australia, New Zealand, the United Kingdom, Germany, and continental Europe. Client and target names are never disclosed.

Telecommunications infrastructure
Buy-side · Australia · Significant equity investment

Engaged by a global private equity firm to assess an Australian telecommunications infrastructure business. Identified that recent changes to the Telecommunications Act had brought the target into the scope of the Telecommunications Sector Security Reforms — an aspect initially missed by legal due diligence. Identified over $1M in previously unquantified cybersecurity costs and produced 47 recommendations with detailed costings, presented to the investment committee.

Smart metering & energy data services
Buy-side · Germany · Platform acquisition, A$1BN+ follow-on thesis

Engaged by a London-based energy infrastructure investor to assess one of Germany’s largest smart metering service providers. Assembled a multilingual specialist team. Assessed technology strategy, AI and ML capability, operational performance, infrastructure scalability, cybersecurity maturity, data management, privacy compliance, and technology cost projections.

Data services SaaS platform
Buy-side · United Kingdom · A$5BN enterprise value

Engaged by a major utility services business to assess an innovative data services SaaS platform providing enhanced analytics for integrated smart metering, solar, and EV charging infrastructure. Assessment covered IT platform architecture, scalability, cybersecurity posture, technical debt, team capability, and key person risk.

ESG compliance platform
Vendor DD · United Kingdom · GBP 160M fundraise

Engaged by a London-based member-owned SaaS business operating across 180 countries to support a vendor due diligence process. Assessed technology roadmap, platform scalability, cybersecurity posture, and team capability. Identified cybersecurity gaps and provided a remediation strategy to bring the security posture to investor-expected standards. The fundraise was completed with investment by a UK private equity firm.

FinTech platform
Buy-side · Australia · A$100M+

Assessed a FinTech platform whose proprietary AI credit-scoring system was positioned as a core investment thesis driver. Identified that the claimed AI capability was a commercial API integration with no defensible intellectual property. Offshore development quality issues had produced an 18-month roadmap delay. Our client withdrew from the transaction prior to commitment.

Healthcare SaaS platform
Buy-side · Australia · A$200M+

Assessment identified a $12M ERP replacement requirement absent from management forecasts and payment card processing compliance gaps requiring immediate remediation. Our client renegotiated the valuation with structured earnout provisions protecting downside risk.

Utility services business
Buy-side · Australia · A$1BN+

Assessment of a technology programme comprising fifty concurrent in-flight projects, half materially delayed with no dedicated programme leadership. A critical system replacement was 36 months behind schedule with an $8M cost overrun. A further $3M cybersecurity gap identified. Our client added deal conditions with milestone gates and structured quality requirements.

Enterprise software roll-up
Buy-side · Australia · A$220M transaction

Technology due diligence on a complex multi-platform enterprise software acquisition covering technical debt quantification across legacy platforms, programme governance, compliance status, and cybersecurity posture. Findings informed significant deal restructuring with technology-focused earnout provisions.

Transport & logistics SaaS
Buy-side · Australia · Mid-market

Assessment of platform architecture, scalability, integration complexity, and technology team capability. Identified key person dependencies and delivery risks material to the investment thesis.

HR technology platform
Vendor DD · Australia & New Zealand · Mid-market

Vendor due diligence support for an HR technology platform preparing for a sale process. Pre-emptive identification of technology and cybersecurity issues and remediation planning to protect valuation through the sale process.

Team

The Team

Every Cyber Partners engagement is led by a senior practitioner with direct operating experience in technology and M&A contexts. The person who leads the engagement is the person who presents the findings to your investment committee.

Tony Barnes

Tony Barnes

Founder & Lead Practitioner
LLM (Enterprise Governance) · MBA · MBLaw · MIS (Cyber) · FGIA · CISSP
30+
Years experience
A$30M–US$3.5B
Transaction range
CISSP
Certified practitioner
5 markets
AU · NZ · UK · EU · US

Tony Barnes is the founder and lead practitioner of Cyber Partners, and the person who leads every technology and cyber due diligence engagement the firm undertakes. He brings to each mandate a combination of technical depth, commercial judgement, and direct experience on both sides of the investment committee table.

Tony’s career spans more than three decades of senior executive and non-executive roles across technology, critical infrastructure, telecommunications, software, and cybersecurity sectors in Australia, New Zealand, the United Kingdom, Europe, and the United States. He has founded, scaled, acquired, and exited technology businesses, including serving as chief executive of a public technology company ranked sixth in the Deloitte UK Fast50 and 17th in the EMEA Fast500.

In parallel with his executive career, Tony has served as a non-executive director of national critical infrastructure companies, including a major electricity distribution network and a fibreoptic telecommunications network, and currently serves as a non-executive director of RSPCA Queensland and RSPCA Australia.

Tony is a Certified Information Systems Security Professional (CISSP), a Fellow of the Governance Institute of Australia. He has led technology and cyber due diligence on transactions from A$30M to US$3.5B across multiple sectors and geographies. Every Cyber Partners engagement is led by Tony personally — there is no delegation to junior practitioners and no handoff between diligence and reporting.

Get in touch.

Contact Cyber Partners to discuss the technology due diligence requirements of your next transaction.

Cyber Partners

Founder & Lead Practitioner available for direct enquiries
Location
Brisbane, Australia

Cyber Partners works with private equity and venture capital firms across Australia, New Zealand, the United Kingdom, and Europe, and with international firms active in these markets. Initial conversations are confidential and without obligation.

Our services
M&A Due Diligence
Technology, AI, and cybersecurity due diligence for private equity and venture capital.
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Technology Transformation
Post-acquisition advisory to implement the recommendations from your due diligence engagement.
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AI & Technology Strategy
Board-level advisory on technology, AI, and cybersecurity strategy.
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