Jeremy Segal on financial reporting
From M&A Uncovered: Preparing for a High-Value Exit · · House of Bricks
“When you're reviewing the SIM, review the footnotes — you'll often see great-looking metrics like gross retention rates but a footnote that excludes key items, so be upfront about how you calculate metrics because buyers will dig in and unpack those numbers.”
On , Jeremy Segal, Executive Vice President of Corporate Development at PROGRESS SOFTWARE CORP, spoke about financial reporting during M&A Uncovered: Preparing for a High-Value Exit on House of Bricks.
About Jeremy Segal
Jeremy Segal, Executive Vice President of Corporate Development at Progress Software, has been active in M&A-focused podcasts and events in 2024 and 2025. In these appearances, Segal described Progress as a "value buyer" that targets companies with good technology and loyal customers but not necessarily high growth rates. He stated that the company focuses on operational efficiencies rather than revenue synergies, which he characterized as harder to predict. Segal emphasized the importance of building trust and relationships with target companies over time, and noted that Progress's CEO is willing to speak directly with potential acquisition targets. He also discussed the firm's disciplined approach to pricing, saying that Progress will walk away from a deal rather than renegotiate the price after an LOI is signed. Segal has offered advice to founders considering an exit, urging them to prepare their financial and legal documentation in advance and to be transparent about their business metrics and any issues. He cautioned against expecting a breakup fee in early-stage deals and recommended that sellers hire a banker if they lack M&A experience. Segal also highlighted Progress's use of AI to review contracts during diligence and noted that the company maintains a contingency line in its valuation models to account for surprises. He described the current market as one where private company valuations have not yet reached equilibrium with buyer expectations, and positioned Progress as a liquidity alternative for companies facing a challenging fundraising environment.