How it works
From the first buyer email
to the final price.
Ten stages, three phases
GardeRyoAgora
Before you sell
Private to you
- 01Buyer emails sorted
- 02Your figures and model
- 03Screened by every fund
Deciding
Anonymous to funds
- 04You release figures
- 05Each fund's Ryo bids
- 06You invite who continues
The sale
On Agora
- 07Teams revise and bid
- 08Sealed offers, ranked
- 09Buyer chosen, backups live
- 10Garde negotiates · coming soon
Three parts
An agent for each side, and a neutral market between them.
Garde answers only to the owner. Each Ryo answers only to its fund and keeps that fund’s model private. They meet only on Agora, which runs the rules and holds no stake in who wins.
How the three parts connect
DiagramThe owner
Garde
Answers only to the owner
- Reads documents
- Builds the model
- Ranks offers
The market
Agora
Sealed offer book
- Runs the rules of the sale
- Logs every action
- Negotiates for neither side
The funds
- Fund A · Ryo Private model
- Fund B · Ryo Private model
- Fund C · Ryo Private model
Each fund’s own team reviews its Ryo’s work.
The journey
Ten stages, three parts.
Each stage is labelled with the part of Vendu that does it, and whether it’s live today.
Before you sell
Private to you · Stages 1–3
- 01Live
Garde
Buyer emails go to Garde
You forward buyer emails to your private Garde address, from any email account; connecting Gmail or Outlook directly is in pilot while Google and Microsoft review Vendu. Garde sorts them by firm, checks who each sender is, and shows you which firms keep writing and what they want. Nothing is sent unless you approve it.
Live - 02Live
Garde
Garde learns your company
You add your financials in any format. Garde extracts every figure with its period, flags possible add-backs, and builds the model buyers price on. You confirm every figure.
Live - 03Live
Ryo
Every fund's Ryo screens you, anonymously
In the background, each fund's Ryo checks your company against that fund's mandate and limits. Funds that fit see an anonymous profile with a one-line reason. Nobody sees your name.
Live
Alder Managed IT
Only you can see this page.
- Profile
- Documents4
- Figures2 to check
- Model6/8
- Add-backs2
- Teaser
Documents
- FY2025 financial statements.pdf21 figures found
- Monthly P&L, 2023–2025.xlsx36 figures found
- TTM Sep 2026 P&L.xlsx9 figures found
- 2024 tax return (scan).pdfPossibly scanned · check these figures
Figures
2 to check- Revenue · FY2025$15.5M Confirmed
- EBITDA · reported · FY2025$4.6M Confirmed
- Gross margin · FY202568% Confirmed
- Recurring revenue share · TTM75%ConfirmEdit
- Largest customer's share · FY202515%ConfirmEdit
Two documents disagree on FY2024 revenue ($12.7M and $12.5M). Pick one; the other is kept but set aside.
When you decide to sell
Anonymous to funds · Stages 4–6
- 04Live
Garde
You decide to sell
When you're ready, you choose what to release: your confirmed figures and a description. Nothing that identifies you goes out.
Live - 05Live
Ryo
Every fitting fund's Ryo bids
Each fund's Ryo prices what you released with that fund's own model and assumptions, and sends an indicative bid. You see every bid with an explanation, and no fund learns who you are.
Live - 06Live
Agora
You choose who continues
You invite the funds whose bids and fit you like best. On Agora, they accept confidentiality terms before seeing your name or data room. Sensitive files are tiered, and every download is logged.
Live
Price check
3 funds priced your confirmed figures
Lower-middle-market PE fund
$18.4M – $21.0M
Returns-based model, 25% target
Software-focused growth fund
$17.6M – $20.2M
7.0x adjusted EBITDA, +0.5x for growth
Family office
$15.9M – $17.8M
6.5x adjusted EBITDA
Each range is computed in code from that fund’s own model. No fund knows it’s you.
The sale
On Agora · Stages 7–10
- 07Live
Ryo
People revise Ryo's assumptions
Each invited fund's team reviews its Ryo's model, has Ryo read the data room and propose changes with evidence, and approves what it agrees with. The price is recomputed in code, and the team bids for real.
Live - 08Live
Agora
Sealed bids, ranked on your priorities
Indications, then final bids with full terms. Garde scores each offer on what matters to you: price, certainty, rollover and your team. You shortlist and meet management.
Live - 09Live
Agora
You pick the buyer; the others stay in
Runner-up offers stay live through diligence. Verified figures re-price every quote, and a cut without a documented finding lets you switch buyers before you close.
Live - 10Coming soon
Garde
Garde negotiates within your limits
Structured counter-rounds between Garde and each fund's Ryo, within limits both sides set, with people approving anything binding.
Coming soon
Harbor Lane Partners
Chosen buyer · confirmatory diligence
- Ryo quote
- Assumed EBITDA of $5.0M, FY25
- $47.5M
- Verified EBITDA
- FY25 audited financials.pdf, in the data room
- $4.8M
- Re-priced quote
- 9.5x × $4.8M, recomputed in code
- $45.6M
- Revised offer
- No documented finding attached
- $41.0M
Flagged: $4.6M below the re-priced quote, without a documented diligence finding.
Backup live: Weatherby Family Office, $43.5M
Switch to backupWho does what
AI reads. Code computes. People decide.
AI reads.
Documents, mandates and emails: extracting figures, flagging add-backs, judging fit, sorting buyer emails, proposing model changes with evidence, and writing explanations.
Code computes.
Every price, every quote, every model figure and every re-pricing, from confirmed figures and each fund's own rules. Reproducible and explainable.
People decide.
Owners choose who to invite and which offer to accept. Funds set their models and approve changes. Management meetings, legal work and closing stay human.
Go deeper
Each part, in detail.
The company's agent
Garde
Holds your company's data, handles the buyers who contact you, and represents you when you decide to sell. It answers only to you.
Learn more
The fund's agent
Ryo
Prices every company the way your fund would, from your own mandate, model and limits, and reads data rooms for your team. It answers only to your fund.
Learn more
The neutral market
Agora
Where Garde and Ryo meet. It runs the rules of a competitive sale and never negotiates for either side.
Learn more
Start with the side you're on.
Owners begin with Garde. Funds join through Ryo.