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GardeThe company's agentRyoThe fund's agentAgoraThe neutral market
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Ryo · the fund's agent

Your fund’s judgment, applied to every company.

Ryo screens every company on Vendu against your mandate, prices it with your own model, and reads data rooms for your team. It answers only to your fund.
Request accessHow Ryo prices

Ryō was the gold coin of old Japan, the standard every price was measured in.

What Ryo does

Built from your fund’s own rules, not ours.

  • Screens every listing

    Every company that lists, or updates its figures, is screened against your mandate and limits. Fits land on your watchlist, anonymous, with a reason.

  • Prices with your model

    Your multiples and adjustments, or a full returns-based model with your target return and financing. Plain code computes every price, so every quote can be explained and reproduced.

  • Reads the data room for your team

    When you're invited to a sale, Ryo reads the files you can see and proposes changes to your model, each backed by the passage it relies on. Your team decides.

01 · Screening

See every company that fits, before anyone else calls it.

When a company lists, Ryo screens it in two steps: your hard limits first, in plain code, then your mandate, read by AI in your own words. Missing data never excludes a company.

  • Your mandate, in plain language

    Live

    Describe what you buy in your own words, plus sector, revenue and EBITDA limits. Ryo applies the limits exactly and reads the mandate for fit.

  • An anonymous watchlist

    Live

    Strong and possible fits appear with industry, size bands, sale timing and a one-line reason. No names until an owner invites you.

  • Where deal flow is heading

    Live

    See which sectors are moving toward a sale across the platform. Small counts are hidden so no company can be identified.

  • An audit trail of your agent

    Live

    Why each company was screened out is logged privately, so your fund can check its agent's decisions.

One new listing, screened by every fund

Illustrative

  1. Every fund on Vendu

    Each fund's Ryo sees the new listing

    40

  2. Within hard limitsCode

    Sector, revenue, EBITDA

    14

  3. Fits the mandateAI

    Read in the fund's own words

    6

  4. On watchlists

    3 strong fits · 3 possible

    6

Missing data never excludes a company. Why a company was screened out is logged privately for the fund.

02 · Pricing

Your model computes the price. Ryo never invents one.

Every fund prices the same confirmed figures independently, with its own model. Vendu never pools models, never writes them and can't see inside them, so the market keeps genuinely different views of value.

  • Multiple-based rules

    Live

    Base EBITDA or revenue multiples, up to eight adjustments for growth, recurring revenue, gross margin and customer concentration, and a hard maximum price.

  • Returns-based (LBO) models

    Live

    Set your target return, holding period, leverage, interest rate, exit multiple, growth, margin plan, cash conversion and fees. Ryo solves for the most you could pay and still hit your target, with year-by-year returns.

  • Conditional quotes

    Live

    Every quote lists the figures it assumes. When the data room verifies them, the quote re-prices itself. A cut below the re-priced quote needs a documented diligence finding.

  • Versioned and private

    Live

    Models are append-only and versioned. Company owners never see your rule, only the range it produces.

  • Learning from your own past deals

    Coming soon

    Ryo learns from your fund's past models and investment memos, kept private to your fund, so its assumptions start where your team's would.

The same confirmed figures, three private models

Illustrative
  • EBITDA $5.0M · FY25
  • Revenue $15.5M
  • Growth 22%
  • Recurring 75%
  • Gross margin 68%
  • Largest customer 15%

  • Fund A · Ryomodel defined by the fund

    • 8.0x EBITDA base
    • +1.0x growth above 20%
    • +0.5x recurring above 70%

    $47.5M

    9.5x × $5.0M EBITDA

  • Fund B · Ryomodel defined by the fund

    • 3.0x revenue base
    • −0.5x gross margin below 65% · not met
    • Maximum price $60M · not reached

    $46.5M

    3.0x × $15.5M revenue

  • Fund C · Ryomodel defined by the fund

    • 8.5x EBITDA base
    • +0.5x growth above 15%
    • −1.0x largest customer above 25% · not met

    $45.0M

    9.0x × $5.0M EBITDA

Plain code computes each quote, and each is conditional on the figures above.

03 · Diligence

A first read of the data room in minutes, with evidence.

Invited to a sale, your team can ask Ryo to review the data room. It works in a short loop: read, test a change against your model, propose it with evidence, repeat. Nothing changes your model until someone on your team approves it.

  • Reads what your fund may see

    Live

    Ryo reads the files your fund has access to, including sensitive files only under clean-team rules. Every file it reads appears in the owner's download log.

  • Tests changes against your model

    Live

    Before proposing anything, Ryo asks your model (plain code) what a change would do to the price and returns. It never states a price as its own conclusion.

  • Proposes changes with evidence

    Live

    EBITDA adjustments for one-time costs, owner pay or a departing client; changes to growth, margins or exit multiple. Each comes with a short quote, checked against the file, and bounded in code.

  • Your team approves

    Live

    Approve or reject each proposal. The price is recomputed from the approved model, and you can reset it at any time.

We test Ryo on a benchmark of synthetic data rooms with problems planted on purpose (buried one-time costs, a client’s non-renewal letter, padded add-backs the seller counted twice), so changes to the agent are measured, not guessed.

Coming next

Diligence that works the way your team does.

  • Your fund's playbookYour diligence checklist, thresholds and investment memo template, so Ryo works the way your team does.Coming soon
  • Specialist reviewsDedicated reviews of earnings quality, revenue quality and contracts, each tested on the benchmark before release.Coming soon
  • Into your own toolsExport to your Excel model and deal-tracking system, and connections for the tools your team already uses.Coming soon

04 · Bidding

Bid on the companies you'd otherwise never see.

Owners invite the funds they want to hear from. You bid in sealed rounds with full letter-of-intent terms, and owners see how closely your fund stands by its early numbers.

  • Invitations from owners

    Live

    When an owner invites your fund, you see an anonymous teaser, then accept confidentiality terms and declare whether you own a competitor (clean-team rules apply).

  • Sealed offers with full terms

    Live

    Indications first (ranges allowed), then final bids with letter-of-intent terms: price, cash at close and rollover, financing, escrow, earnout, working-capital peg, exclusivity, time to close, employees and conditions. Each fund sees only its own.

  • A reputation score

    Live

    Your bids after review are compared with your Ryo bids, and with how far the other bidders moved on the same deals. Bid what you'd really pay: a fund that drops much more than its peers is marked down, and owners see its Ryo bids discounted by its record. A drop every bidder makes on one company, because of a real problem, never counts against you; dropping on most of your deals does, whatever your peers did.

  • A public fund profile

    Live

    Owners see your focus, limits and record on your fund's profile page.

Questions

What funds ask about Ryo.

Can owners or other funds see our model?

No. Your pricing rule is readable only by the server. Owners see the range it produces, never the rule, and other funds see nothing of yours. A quote reveals what you would pay, not why.

Does Vendu build or tune our model?

No. Your fund defines its own mandate, limits and model. Vendu runs them faithfully, logs every run, and never pools models across funds.

Is any price set by AI?

Never. AI reads mandates and documents and writes explanations. Every price comes from your model, computed in plain code, and explanations are checked to contain the computed numbers.

How do we join?

Access is by invitation during the pilot. Request access below and we'll set up your fund.

Request access

Join the pilot.

For specialists, lower-middle-market funds, independent sponsors, search funds, family offices and strategic acquirers. Tell us what you buy and we’ll set up your fund.

We use your details only to reply. See the privacy policy.

One platform, three parts

The other two parts of Vendu.

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 neutral market

Agora

Where Garde and Ryo meet. It runs the rules of a competitive sale and never negotiates for either side.

Learn more

Deal flow you would otherwise miss.

Your mandate, your model, every company on the platform, and your edge stays yours.

Request access