CTO Labs closes three technology due diligence mandates for buyers

It has been a busy few weeks for the M&A advisory team at CTO Labs, with three of its due diligence mandates reaching completion in recent weeks.

CTO Labs is a Sydney-based advisory firm specialising in technology due diligence, AI due diligence, cybersecurity and IT due diligence for deal teams. The firm works with private equity funds, their portfolio companies and corporate investors.

Following a record year in 2025, CTO Labs has continued its momentum, with three deals closing in recent weeks and bringing its total for the year to eight. Notably, all eight deals were on the buy-side, with seven involving support for private equity funds.

Quadrant – Endgame Analytics

In March, Quadrant announced a strategic growth investment in Endgame Analytics, a boutique consultancy and software provider specialising in energy market modelling, price forecasting and decision-support tools. The deal was structured as a minority-stake partnership designed to accelerate innovation and expansion for the data analytics business.

CTO Labs acted as technology due diligence adviser to Quadrant, working closely with the team at Endgame Analytics. The engagement assessed the technical architecture, scalability, software development practices and code quality of the Endgame Analytics platform. The CTO Labs team included Joshua Hinton, Mike Mengell, Isaac Schultz, Sam Larkey and David De Angelis.

TPG – Tāmaki Health

In April, US private equity firm TPG finalised its acquisition of Tāmaki Health for an estimated transaction value of between $400 million and $500 million. TPG is a leading global alternative asset management firm with more than $300 billion in assets under management, while Tāmaki Health is one of New Zealand’s largest independent primary healthcare providers, operating a network of 52 general practice and urgent care clinics, predominantly in Auckland and Christchurch.

Alongside other advisers, including Chapman Tripp and Kirkland & Ellis, CTO Labs conducted technology, cybersecurity and IT due diligence for TPG, working closely with Tāmaki Health’s management team to assess the maturity and scalability of its technology platforms, evaluate its cybersecurity posture, and review IT systems and infrastructure across the business.

The CTO Labs team included Mike Mengell, Joshua Hinton, Isaac Schultz and Tom Xu.

Cuscal – Paymark

In May, Australian payments infrastructure provider Cuscal completed its acquisition of Paymark, one of New Zealand’s primary electronic payments networks, for an enterprise value of approximately $27 million.

Paymark provides transaction processing and payments technology to merchants and financial institutions across New Zealand. Until recently, it operated under the ownership of Worldline. The platform occupies a significant position in the country’s payments infrastructure, supporting a broad base of financial institutions and merchants.

CTO Labs acted as technology and cybersecurity due diligence adviser to Cuscal, working closely with the teams at Cuscal and Paymark to provide independent technology insight to support the evaluation of the transaction. The firm’s team included Brett Strous, Joshua Hinton, John Broadhead, Tom Xu and Freddie Neville.

Commenting on the deals, Joshua Hinton, Director and Co-Founder at CTO Labs, said: “Congratulations to our clients on closing their investments and on these significant milestones.”

“At CTO Labs, we bring clarity and confidence where technology, strategy and investment meet. We partner with investors, executives and boards to surface critical risks, protect investment value and unlock technology-driven opportunities across diligence, transformation and artificial intelligence.”

Founded in 2020, CTO Labs has a team of around 20 people. The firm recently moved into a new and larger office in Sydney.