Commercial Due Diligence
Cohort-based revenue and LTV validation, UA economics analysis, and growth scenario modelling. Used by buy-side investors evaluating acquisitions or growth investments.
Advisory practice · $12bn+ underwritten
M&A and Investment Due Diligence for Mobile Gaming
Kohort's diligence advisory has underwritten $12bn+ in mobile gaming transactions. Commercial due diligence, valuation modelling, and portfolio audits, backed by cohort-based forecasting models trained on $6bn+ of UA spend.
- transactions underwritten
- $12bn+
- transactions underwritten
- titles modelled
- 300+
- titles modelled
- UA spend in models
- $6bn+
- UA spend in models
“I turn to Kohort to help with forecasting target company’s top-line revenue.”
Stephane Kurgan
Partner at Index Ventures, ex-COO at King
Built for institutional investors in mobile gaming
Mobile gaming valuations live or die on cohort economics: D365 LTV, UA payback, retention curves, monetization mix. Generic commercial due diligence consultancies don't have the data depth or modelling infrastructure to validate these economics under deal pressure.
Kohort's diligence practice was built specifically for mobile gaming investors. Every engagement is run by senior advisors with deal experience, supported by the same forecasting infrastructure that powers Ktrl and Kmnd, calibrated against $6bn+ of UA spend across 300+ titles.
Engagement types
Four core mandates across the deal lifecycle
Valuation Modelling
Forward-looking valuation models built on cohort forecasts. Calibrated against industry benchmarks across 300+ titles.
Portfolio Performance Audit
Existing-portfolio audits for PE and VC funds: cohort health, UA quality, and forward earnings risk across portfolio companies.
Sell-side Vendor Diligence
Pre-emptive diligence reports for studios preparing to raise or sell, presenting cohort economics to prospective buyers.
Why investors choose Kohort
Purpose-built for mobile gaming diligence
Mobile-gaming-native modelling
Cohort-based forecasting is the foundation, not a generic consulting framework adapted for gaming.
Calibrated against industry data
$6bn+ of UA spend and 300+ titles in our reference set. Every assumption is benchmarked.
Senior-led, no leverage model
Engagements are run by senior advisors who have actually closed mobile gaming deals, not staffed with junior consultants.
Speed under deal pressure
Cohort models can be built and run in days, not weeks. We work to deal timelines, not consulting timelines.
Selected transactions
Some of the transactions we've worked on
Over $12bn in M&A due diligence across gaming and mobile apps.
Transaction
Acquisition of Mattel163
Mattel to acquire full ownership of its Chinese mobile games joint venture, Mattel163.
Transaction
Acquisition of Blackout Lab
52 Entertainment's acquisition of Blackout Lab, expanding its mobile gaming portfolio.
Transaction
Acquisition of Jagex
CVC Capital Partners and Haveli Investments' acquisition of Jagex, creators of RuneScape.
How is Kohort different from a generic commercial due diligence firm?
Generic commercial due diligence firms (Bain, McKinsey, OC&C, Alvarez & Marsal, Roland Berger) bring senior consultants, deep industry coverage breadth, and mature engagement processes. They're well-suited to most B2B and consumer M&A. For mobile gaming specifically, they typically build cohort models from scratch each time, with assumptions sourced from public benchmarks or interviews.
Kohort is purpose-built for mobile gaming. We bring proprietary cohort models calibrated against $6bn+ of UA spend across 300+ titles. Investors don't get a custom-built model with hand-sourced assumptions: they get our existing infrastructure applied to the target. That changes the depth, speed, and reliability of the diligence output.
Backed by leading investors
Engaging Kohort for diligence
Engagements are scoped per-deal
Talk to our advisory team about your transaction. We'll scope the mandate around the deal: timing, target, and the questions the investment committee needs answered.