Pulled the concentration numbers from the data room: top 3 customers are 47% of ARR, and Acme Health alone is 24%. Before we model this for IC I want to know the contract terms — auto-renew? termination for convenience? minimums?

Acme Health's MSA is up for renewal in 9 months and has a 60-day termination-for-convenience clause. That's the real exposure — not the 24% today, but how easily it walks. I'd want a customer reference call before we commit on valuation.

Agreed. Let's treat concentration as a valuation-adjustment item, not a deal-killer. Amir — build the downside case assuming Acme Health churns at renewal. Maya — line up the reference call. We flag this to IC as the #1 risk with the mitigation plan attached.

On it. I'll have the downside model and the IC slide ready before Thursday's prep. Creating a diligence ticket to track the reference call and the contract review.