Technical Due Diligence · Fractional CTO · AI Enablement

We assess the technology behind the deal so you
know what you're buying.

Spellbound Partners delivers business-focused technology diligence for the people acquiring software and tech-enabled businesses: search funds, committed-capital and self-funded searchers, family offices, holdcos and acquisition programs, and PE/VC. When the deal closes, we stay on as fractional CTOs, builders, and AI guides.

Schedule a Call See How It Works

Most diligence engagements wrap in about two weeks. We can usually start within days of your call.

50+ yrs
Building & running companies, combined
8 yrs
Assessing businesses since 2018
~2 wks
Typical diligence turnaround
20+
Industries assessed, across a dozen countries
What We Do

Three connected areas of focus.

We're best known for diligence, and diligence is often the front door. The same team that tells you what you're buying can help you run it, build for it, and bring AI to it.

Our Flagship Service

Technical Due Diligence built for how you make decisions.

We evaluate the product, people, process, and security posture of the business being acquired: whether it builds its own software, runs on internally built tools, or is a tech-enabled services company operating on the systems it buys. Every finding gets translated into language the whole deal team can act on: no jargon walls, no checkbox compliance, and anchored to your investment thesis, whether you're a searcher, committed-capital acquirer, family office, holdco, or fund.

Good diligence gets you to a confident yes or an early, low-cost no. It should make the right deal easier to close, not just surface reasons to walk away.

What You Receive
Key Bets analysis: your investment theses translated into technical hypotheses, each color-coded by risk severity
High-Level Takeaways: our 5 to 7 essential findings, written for the person who needs an immediate, accurate read on the business
Benchmarked scorecard: the Target rated against our engagements from the past 2 years
AI exposure & readiness rating: a separately benchmarked score for how AI threatens, or could strengthen, your investment thesis
180-day action plan: prioritized recommendations for pre-close, the first 90 days, and the second 90 days
Report review call: we walk you through every finding and answer any questions you, your investors, or your advisors have
Four Assessment Pillars
01

Product & Technology

Architecture, tech stack, integrations, technical debt, code quality, licensing, and the systems, built or bought, the business runs on.

02

People & Organization

Team structure, knowledge concentration, hiring practices, compensation, and continuity risks.

03

Process & Operations

SDLC, QA/testing, release management, customer support, onboarding, and product planning.

04

Cybersecurity Readiness

CIS- and NIST-inspired: incident response, disaster recovery, endpoint protection, and security essentials.

Across the Deal Lifecycle
Before

Discovery

A preliminary read on a prospect's product and team before you make an offer—plus our red-flags guide—so you can spot early warning signs and ask the tough questions pre-LOI.

During

Due Diligence

A thorough inspection of product, people, process, and security so you know exactly what you're buying and what it takes to scale.

After

Post-Transaction

From CTO-as-a-service to key hires and critical decisions, hands-on support that reduces risk through the first 12 to 18 months.

Typical timeline: about two weeks from kickoff to delivery. After an intro call (and, for deals under LOI, an optional material review to scope and flag early issues), the engagement runs a Key Bets session, Target surveys, 2 to 3 deep-dive interviews (incl. live code review), and a comprehensive report with a live walkthrough.

Part of every engagement

We assess every Target through an AI lens.

AI is reshaping software economics fast. In every diligence engagement we weigh two things: how exposed the Target is to AI, and how ready it is to benefit from AI.

Threat lens · Exposure & disruption

Where AI could erode what makes the Target valuable.

  • Competitive displacement. How easily a rival, or the customers themselves, could replicate the Target's core value with today's AI tools.
  • Data rights & governance. Whether contracts, licensing, and privacy terms actually permit AI use. We flag proprietary data that is contractually off-limits for training or processing.
  • Moat & pricing durability. Whether defensibility and pricing power hold up as AI commoditizes the category.
Readiness lens · Opportunity & value

Where AI could expand margins, velocity, and product.

  • Data positioning. Whether the Target's data is structured, clean, and rights-cleared to fuel learnings, patterns, and machine learning.
  • Operational adoption. Whether engineering, product, and IT have actually started building with AI, or are still early.
  • AI maturity & policy. Whether real AI policies and governance are in place, or it's still the wild west.

Every finding flows straight into your 180-day plan—and where the upside is real, our AI bootcamp and advisory offerings help the team capture it.

How an Engagement Works

A structured process, refined over years of engagements.

Step 1

Intro & Scoping

You tell us about the deal, the Target, and your thesis. We scope the engagement and align on timeline.

Step 2

Key Bets & Surveys

We collaborate on the technical hypotheses that matter most. Detailed surveys go to the Target.

Step 3

Interviews & Code Review

2 to 3 deep sessions with the Target covering architecture, code, team, process, and security.

Step 4

Report & Walkthrough

You receive the full report with Key Bets, scorecard, and 180-day plan. Then we walk it through together.

Before the LOI No cost

Actively searching? We help before you sign.

You don't need to be under LOI, or even a client, to talk to us. During your search we'll help you vet prospects, get a high-level read of the Target's technology, and surface early warning signs at no charge. We'd rather earn the relationship long before you sign.

We'll also share our field guide to the technical red flags every searcher should watch for.
Request the guide →
Beyond the Deal

When the deal closes, we don't disappear.

Diligence is often the launch pad. Many clients keep us on to run the technology, as a fractional CTO, an embedded engineering team, or a custom-development partner. We treat your company as if it were our own and invest in knowing your business as well as you do.

01

Leadership & Advisory

A trusted technical voice for founders and deal teams: strategy, architecture direction, and a sounding board through critical decisions.

02

Interim / Fractional CTO

We step in to run the engineering org, process, hiring, roadmap, and actively help you hire our own replacement when the time is right.

03

Custom Development

Need software built? We design, build, and ship the product, then hand off a clean, well-documented codebase your team can own and maintain.

04

Post-Close Integration

Stabilize the stack, close security gaps, and execute the 180-day plan once an acquisition closes.

AI Enablement

We help teams put AI to work, not just talk about it.

AI is changing how software and tech-enabled companies operate. Our hands-on programs get teams building with AI inside their real workflows, from engineering and QA to the non-technical people who run the business day to day.

Flagship Program

AI Developer Bootcamp

A practical, intense program that gets your development and QA teams actively using AI tools in their daily work. We work one-on-one with practitioners in the weeds: setting up, configuring, and building with AI-powered and agentic tools until they're second nature.

What your team walks away with
  • Hands-on fluency with AI coding assistants and agentic tools
  • Prompt techniques tuned to real development tasks
  • AI-augmented workflows for code review, testing, and debugging
  • A repeatable process for evaluating and adopting new AI tools
How it works

We embed with your team and work alongside them: not from a slide deck, but inside their actual codebase and toolchain. Sessions are structured but flexible, adapting to the team's stack and highest-value opportunities. The goal is transformation rather than just awareness. Your team leaves materially faster and more capable.

Program

AI for Non-Technical Teams

Not everyone writes code, but everyone has work AI can streamline. We embed with operations, sales, support, and other non-technical teams to build custom agents and skills that automate the repetitive parts of their day and tighten messy processes.

  • Map the workflows and busywork where AI delivers the fastest wins
  • Build custom agents and skills tailored to how the team actually works
  • Train the team to use and trust AI in their daily process
  • Leave behind automations the team owns, not a dependency on us
Advisory

AI Strategy & Leadership Advisory

For founders, CEOs, and leadership teams who need a trusted voice connecting business goals to what AI actually makes possible. We help you cut through the noise, understand what's real, and decide where AI fits in your organization.

  • Assess your current technology landscape and AI readiness
  • Identify where AI can drive real operational or strategic value
  • Provide direction on tooling, priorities, and sequencing
  • Serve as an ongoing strategic sounding board as you execute
Where We've Worked · Across Borders

We assess deals wherever the Target operates.

Predominantly U.S. work with a substantial international footprint. The acquirer and the Target often sit in different countries. We assess software and tech-enabled businesses in any industry. Explore below what we see by region.

Global overview

20+ industries · a dozen countries

We assess software and tech-enabled businesses in any sector.

HealthcareB2B SaaSEdTechDeveloper ToolsManufacturingCybersecurityFinTechHR & WorkforceLogisticsGovernmentLegal & Compliance+ many more
Who We Are

Operators who became advisors.

We've built, scaled, and sold software and tech-enabled companies. We've sat in the CTO chair and navigated acquisitions from the inside. That shapes every assessment we deliver.

CS

Chris Smith

Managing Partner

25+ years building, scaling, and acquiring technology companies. Ran a 150+ person product and engineering incubator and led the technical arm of M&A at Red Ventures, evaluating and integrating acquisitions from the inside. Earlier led product and engineering in broadcast technology at Fox Sports and pioneered interactive TV. Now advises lower-middle-market acquirers as a fractional CTO and diligence lead.

TP

Ted Piecora

VP of Operations

A true generalist with 25+ years of getting results wherever the business needs it: operations, sales, engineering, or the executive seat. Former EdTech CTO and VP of Engineering at Aperture Education, he's been effective at every altitude of a company, from startup scrappiness to enterprise scale, including two successful acquisitions.

NR

Nico Ryan

Due Diligence Professional

Has contributed to diligence engagements since 2019, developing an eye for the technical and organizational signals that matter to acquirers. Leads sales and client communication, drawing on a background in technology content marketing to translate complex findings into clear, decision-ready language for buyers and their advisors.

What Our Clients Say

Trusted by searchers, investors, and targets.

We work hard to make diligence thorough and collaborative for every party at the table.

“Spellbound was game-changing in its ability to help me assess the state of my technology organization. The team perfectly translated the language of technology into the language of business.”
Dan Calano
CEO, Performio · Partner at Stables Partners
“The ideal partner for a technology due diligence. The team did a fantastic job communicating the business implications of the findings and providing a thoughtful 180-day plan. Its work gave investors deep peace of mind.”
Martin Urrutia
CEO, Auronix · Partner at Polo Capital
“Easy to work with, very thorough report, and strong technical know-how. I now have total confidence I understand what we're buying, which is big for a non-technical CEO.”
Grayson Morris
CEO, Utility Cloud · Partner at Blue Range Capital
Insights Field Notes

Field notes, straight from the work.

Practical guides, teardowns, and lessons pulled straight from our engagements. Sent when we publish something worth your time, and never more than that.

Get in Touch

Ready to start a conversation?

Whether you're under LOI and need tech diligence, want a fractional CTO, or are exploring AI for your team or portfolio, let's talk.

What to expect: a 30-minute intro call to understand your deal, your timeline, and what you need. No pressure, no commitment.

Charlotte, NC
Remote-first. Engagements worldwide.