Bain Squared

    Intangible Asset ValuationUnderstanding the value behind the business.

    Analysis of intangible assets and employee share options, with attention to purpose, assumptions and evidence.

    Software, intellectual property, data and customer relationships can contribute to business value in different ways. Explore how to identify those assets and examine a valuation. Related reading on employee share options addresses a separate reporting and equity-planning question.

    Make the intangible defensible.

    Explore the topic

    Perspectives

    ESOP Valuation in SEA: What Auditors Look For

    Explore how ESOP valuation in SEA is scrutinized by auditors—what drives defensibility, where startups fall short, and how to prepare for valuation review.

    Article12 May 2025
    Client Stories

    A Skincare Startup Quantifing Its Most Valuable Asset - Brand

    Great products get you shelf space. Great brands get you pricing power. But what happens when investors ask what that brand is actually worth?The ContextA Singapore-based skincare company had grown rapidly over 24 months. It offered clean, refillable formulations with minimalist design, strong customer loyalty, and standout engagement across TikTok and Instagram. Their D2C revenue reached $2.8 million annually with 60% gross margins and a 75% repeat purchase rate.They had just signed an LOI for

    Client Story15 January 2025
    Client Stories

    Rebuilding FP&A to Restore Margins in a High-Growth D2C Brand

    Strong revenue and rising burn aren’t opposites—they’re symptoms of the same thing: a financial system that isn’t built for decision-making.The ContextA Series B D2C brand had recently raised $18 million from a mix of regional VCs and consumer-focused growth funds. With 40,000+ active customers and solid repeat purchase behavior, the brand was known for premium clean beauty products and had strong multi-channel traction via Shopify, Shopee, and TikTok Shop.But under the surface, the financial fo

    Client Story7 May 2024
    Client Stories

    A D2C Subscription Brand Transforming Its CX Ops

    Support tickets were piling up. Response times lagged. Churn was creeping in. But what the team really needed wasn’t more headcount—it was a better system.The ContextA premium D2C wellness brand with over 20,000 active subscribers operated on a recurring shipment model. Strong product loyalty and branding kept churn manageable, and NPS remained solid in the 60s. But behind the scenes, customer support operations were under pressure.Tickets had doubled over a 90-day period. Most inquiries were ba

    Client Story30 October 2023
    Featured client success story

    Bold steps forward.

    A SaaS Operator Closes a Round on Its Own Terms

    The impact
    $42M
    raised at the operator's target price
    3.1x
    ARR multiple defended in committee
    Read story

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