Most enterprises don't have an AI pilot problem. They have a value case, architecture, and governance problem wearing a pilot's clothing.
Sponsors that treat post-close value creation as a cost-cutting exercise leave the bigger number on the table — the one that comes from redesigning toward a defined end state, not trimming toward last year's budget.
The portfolio companies that command premium exit multiples didn't get technology-ready in the final quarter. They started at acquisition.
The diligence questions that mattered in 2023 are no longer the ones that predict integration risk in 2026.
Most carve-outs don't fail on Day 1. They fail in the TSA exit nobody planned for at signing.
Technology findings used to adjust the closing checklist. Today they're moving purchase price before the letter of intent is signed.