Acquisition Target Sourcing for DigitalX
A proposal to engage Acquiry to identify, evaluate, and bring strategic acquisition targets to the table for DigitalX Limited (ASX: DCC).
What This Proposal Covers
DigitalX Limited (ASX: DCC) is seeking to acquire a strategic target in the Australian technology sector. Acquiry has been working with Antanas Guoga to identify and evaluate potential acquisition candidates that align with DCC's growth strategy and capital structure.
This document outlines our proposed engagement: how we work, what we understand about DCC's requirements, the types of companies we would target, example candidates we have already identified, potential deal structures, and the terms under which we propose to operate. The goal is to align on the brief, agree on the approach, and begin the formal search process.
DEAL SIZE
Up to $200M
CASH UPFRONT
$20M–$40M
GEOGRAPHY
Australia
FEE MODEL
3% on success
Who We Are
Acquiry is a specialist cross-border M&A facilitation firm. We connect listed companies, institutional investors, and strategic acquirers with high-value acquisition opportunities. Our role is to do the heavy lifting — identifying, researching, and presenting targets — so your board can focus on making decisions.
Cross-Border Reach
We operate across Australian, European, and US markets with a network spanning institutional investors, founders, and listed company boards.
Sector Depth
Deep expertise in digital assets, fintech, and emerging technology — the sectors where DCC operates and where the best opportunities exist.
End-to-End Facilitation
From initial target identification through to deal structuring and introduction management. We bring the opportunity to your table, ready for review.
Our Working History with DigitalX
Acquiry has an established commercial relationship with Antanas Guoga (Strategic Adviser to DigitalX) across multiple engagements. We have previously delivered acquisition target profiles that were reviewed at board level, and we have a deep understanding of DCC's strategic direction, capital structure, and acquisition appetite. This proposal builds on that existing relationship.
Research-Led Target Origination
Unlike traditional brokers who wait for inbound deal flow, we invest the vast majority of our effort in proactive outbound research. We find the companies, we do the analysis, and we bring the best candidates to your table. This is our core strength.
Market Intelligence
Systematic scanning across target sectors using proprietary research, network intelligence, and public data to build a comprehensive candidate universe.
This is where we invest the most time.
Strategic Analysis
Rigorous evaluation of each candidate against DCC's criteria — financial health, synergy potential, deal feasibility, and value-creation opportunity.
Every target is assessed before it reaches you.
Curated Shortlist
A refined shortlist of high-conviction targets presented with full strategic rationale, preliminary financials, and a recommended approach.
Quality over quantity. Only the best make the cut.
Introduction & Facilitation
Confidential outreach to target founders or boards, introduction management, and deal structuring support through to completion.
We manage the process so you can focus on the decision.
What We Understand
Confirmed Parameters
GEOGRAPHY
Australia (ASX-listed preferred)
DEAL SIZE
Up to $200M enterprise value
CASH COMPONENT
$20M–$40M upfront
STRUCTURE
Cash + scrip + capital raise capacity
SECTOR FOCUS
Technology, fintech, digital infrastructure
DECISION AUTHORITY
Board-level review and approval
Information We Need
To sharpen the search and deliver the most relevant targets, we need clarity on the following:
Asset condition preference
Should we target distressed / undervalued assets, or healthy growth-stage companies at fair value?
Revenue threshold
Is there a minimum annual revenue or EBITDA requirement?
Integration model
Full acquisition and integration, or bolt-on / standalone subsidiary?
Sector exclusions
Any sectors or business types explicitly off-limits?
Timeline urgency
Is there a target completion date driving the timeline?
Crypto-native requirement
Must the target have existing blockchain operations, or is broader AU tech acceptable?
Management retention
Is retention of existing management a requirement?
Proposed Search Scope
We propose a deliberately broad search scope to capture the best opportunities, while staying aligned with DCC's core competencies and growth thesis.
Fintech & Payments
Payment platforms, lending technology, settlement infrastructure, and financial data services.
RegTech & Compliance
Regulatory technology, identity verification, AML/KYC, and compliance automation.
Digital Asset Infrastructure
Custody, trading, staking, and blockchain infrastructure with institutional-grade operations.
Enterprise SaaS
B2B software with recurring revenue, strong retention, and potential for digital integration.
Data & Analytics
Data platforms and AI/ML companies serving financial services, real estate, or technology.
Managed Services & IT
Technology services with established client bases, recurring contracts, and transformation potential.
What Ideal Candidates Look Like
Based on our initial research, these are examples of the type of companies we would consider strong strategic fits for DCC. These demonstrate the range of opportunities available across both established Australian businesses and global digital asset infrastructure.
Lextech
Mortgage Settlement Technology — Perth, AU
Australia's leading mortgage settlement technology provider. 25+ years serving major banks. ISO 27001 certified. Full 'instruction to settlement' workflow.
STRATEGIC FIT
Institutional credibility, established bank relationships, natural pathway to tokenised settlement and RWA infrastructure.
Rello
Real Estate Payment Platform — Australia
High-velocity real estate payment and financing platform for agencies and property owners. Growing market share in Australian residential.
STRATEGIC FIT
Synergy with DCC's 'Sell My Shares' platform. Potential for digital payment rails and stablecoin-backed settlement.
Homebase
Real Estate Tokenization — Solana Blockchain
Pioneering residential real estate tokenization on Solana. First single-family home tokenized on-chain. Fractional ownership from $100.
STRATEGIC FIT
First-mover in Solana residential RWA. Aligns with DCC's digital asset thesis and could position DCC as a regulated RWA leader.
Helius
Solana Infrastructure Provider — Global
Leading Solana infrastructure (RPCs, Staking, Data). 14M+ SOL staked. 100% uptime. Recently raised $500M for SOL treasury pivot.
STRATEGIC FIT
Tier-0 Solana network access. Strategic JV or minority stake opportunity to justify a 'Tech Infrastructure' multiple for DCC.
A note on target profile
These candidates are healthy, operating businesses — not distressed assets. If the board's preference is to focus on distressed or undervalued opportunities, we would need to adjust the search parameters. Please confirm the preferred target condition so we can optimise accordingly.
How a Deal Could Work
These are the structuring options we see as viable for DCC. We would want the board's input on which approaches are preferred before we engage with any targets. Your thoughts here will shape how we position DCC in conversations.
Cash + Scrip Acquisition
Upfront cash component ($20M–$40M) via targeted placement, with the balance in DCC ordinary shares. Vendor escrow of 12–24 months on scrip.
Earn-Out Structure
Reduced upfront consideration with performance-linked payments over 2–3 years. Aligns vendor incentives with post-acquisition milestones.
Reverse Takeover (RTO)
Target merges into DCC with vendor shareholders receiving equity. Suitable for larger targets where the acquired business becomes the primary entity.
Strategic JV / Minority Stake
Initial minority investment (10–30%) with an option to acquire full control. Lower upfront capital with a pathway to full ownership.
Vendor Finance
Seller-funded loan at competitive rates over 3–5 years. Reduces immediate cash outlay and signals vendor confidence in the combined entity.
Capital Raise + Acquisition
Simultaneous raise and acquisition announcement. Cornerstoned by existing shareholders and institutional investors to fund the cash component.
We'd welcome the board's thoughts here. Which of these structures does DCC have appetite for? Are there any that are off the table? This will directly shape how we approach and position conversations with potential targets.
How We Work Together
Align on the Brief
We confirm the acquisition criteria together: target profile, sector preferences, deal size, structure, and any exclusions. This is where we fill the gaps identified in Section 03.
Outbound Research & Identification
Our team conducts deep market scanning across agreed sectors. We identify, research, and evaluate candidates using proprietary intelligence, network sources, and public data.
Present Targets to the Board
We deliver a curated shortlist of high-conviction targets with full strategic rationale, preliminary financials, and a recommended approach for each.
Refine Based on Feedback
We iterate based on the board's direction — adjusting focus, parameters, or profiles as needed. If the initial candidates aren't right, we go back and find new ones.
Introduce & Facilitate
Once a target is approved, we initiate confidential engagement with the target's founders or board. We manage introductions and facilitate discussions.
Support Through to Completion
We remain involved through deal structuring, negotiation support, and coordination until the transaction is completed and settled.
Simple. Aligned.
SUCCESS FEE
3% on completion
A fee of 3% of total enterprise value, payable only upon successful completion and settlement of an acquisition. If no deal completes, no fee is payable. It's that simple.
RETAINER
$0 upfront
No retainer, no monthly fees, no expense reimbursements. This reflects our existing working relationship and our confidence in delivering results. We succeed only when DCC succeeds.
Draft Terms
The following is a draft outline of the proposed working arrangement. This is not a binding agreement — it is intended as a starting point for discussion and is open to review and amendment by the board.
Mutual Understanding — Draft
Acquisition Target Facilitation Services
Draft — Open to Review
February 2026
Between: DigitalX Limited (ASX: DCC) ("DCC") and Acquiry Pty Ltd ("Acquiry")
1. Purpose
Acquiry is engaged to identify, evaluate, and facilitate the introduction of strategic acquisition targets for DCC. The scope includes target origination, preliminary analysis, deal structuring input, and introduction management.
2. Scope of Work
Acquiry will conduct proactive outbound research to identify potential acquisition candidates aligned with DCC's strategic criteria. Acquiry will present curated shortlists to the DCC board for review and direction, and will facilitate introductions and discussions with approved targets.
3. Fee
A success fee of three percent (3%) of the total enterprise value of any completed transaction facilitated by Acquiry. Payable upon settlement. No retainer or other fees are payable.
4. Confidentiality
Both parties agree to maintain confidentiality regarding all information exchanged. Neither party shall disclose the existence or terms of this arrangement without prior written consent, except as required by law or ASX Listing Rules.
5. Nature of Arrangement
This document outlines a mutually agreed process and understanding. It is not a binding contract and does not create an exclusive arrangement. Either party may conclude this arrangement at any time with reasonable notice.
6. Governing Law
This understanding shall be interpreted in accordance with the laws of the State of Victoria, Australia.
This is a draft outline of proposed terms, open to review and amendment. It does not constitute a binding agreement or financial product advice.
Immediate Focus Areas
To get moving, we need to align on the following. Once confirmed, we can begin the research process immediately.
Agree on target parameters
Confirm the missing information in Section 03 — particularly asset condition, sector exclusions, and crypto-native requirements.
Confirm preferred deal structures
Which of the structuring options in Section 06 does the board have appetite for? This shapes how we approach targets.
Review the draft terms
Provide feedback on the proposed understanding in Section 09. We're open to amendments.
Clarify immediate start
If the board is comfortable to proceed, we can begin outbound research within the week. Confirm the green light and we'll get started.