Investment Reports

Proceed to deeper diligence on a tightly gated basis. Personio shows scale, growth, and EU compliance moat — but key revenue-quality and competitive defensibility questions remain unvalidated outside-in. Diligence focus: (1) NRR cohorts 2022–24, (2) platform expansion velocity vs. bundlers and AI-native entrants.

PROCEED WITH GATES on fobizz, not a clean proceed. Gate 1: prove ARR/retention, paid school penetration, pricing/buyer mix, and AI cost-to-serve. Gate 2: validate Germany K-12 SAM, budgets, and institutional demand quality. Gate 3: confirm moat/win-rates and owner-backed value creation.