M&A Analyst, Investment

Role: M&A Analyst, Investment & Origination

Location:
Karachi

Department:
Origination | M&A

Reports to:
Manager, Origination Team

Dotted-Line:
Head of M&A

About Exa Capital

Exa Capital is a permanent capital holding company focused on acquiring and building vertical market software businesses. We take a long-term, stewardship-driven approach – buying and holding companies forever, and empowering leaders through a decentralized operating model.

Role Overview

We are seeking a highly analytical and motivated Analyst, Investment & Origination to support our M&A origination engine. This individual will play a critical role in evaluating potential acquisition opportunities—conducting initial financial and commercial assessments, market research, and indicative valuation modeling.

Ideal candidates bring strong technical and financial analysis skills, intellectual curiosity, and the ability to synthesize complex data into clear insights.

This role is designed for individuals early in their career (1–3 years' experience) who are eager to develop investment judgment and learn the full lifecycle of M&A within a permanent-hold investment environment.

Key Responsibilities

• Support the origination team by conducting initial investment screening and financial evaluation of target companies
• Build and refine indicative valuation models and preliminary offer analyses
• Conduct revenue analysis, ARR/NRR/GRR assessment, and customer-level cohort analysis
• Review CIMs, management presentations, and data rooms to extract key themes and red flags
• Assess historical and projected financial performance and unit economics
• Coordinate and participate in early-stage seller outreach and investment discussion preparation
• Perform industry and competitor research to determine attractive verticals and sub-segments
• Assess market structure, industry size, growth, and customer profile attractiveness
• Summarize findings in memos, internal briefs, and investment evaluation templates
• Support transition to execution by properly documenting assumptions and handoffs
• Work cross-functionally with internal teams as needed (M&A, data, finance)

Required Qualifications

• 1–3 years of experience in investment banking, transaction advisory services, corporate development, or related financial roles
• Strong analytical and modeling skills
• Experience analyzing financial statements and operational KPIs (ARR, churn, gross margin, EBITDA, etc.)
• Ability to interpret CIMs and supporting diligence materials
• Strong written and verbal communication skills; ability to present complex analysis clearly
• Proficiency in Excel and Financial modeling
• Detail-oriented work style and ability to handle multiple priorities
• High professional integrity and curiosity

Preferred Experience & Attributes

• Background investing in or analyzing software/SaaS companies
• Experience with commercial or customer-level analysis
• Exposure to valuation methodologies including DCF, trading/transaction comps, and offer modeling
• Interest in long-term ownership models (e.g. Berkshire Hathaway)
• Self-starter with a bias toward learning, ownership, and continuous improvement

What You'll Learn & Gain

• Deep exposure to the full M&A lifecycle from origination to execution
• Experience evaluating vertical market software businesses
• Insight into permanent-capital investment strategy and portfolio stewardship
• Ability to influence investment decisions early in your career
• Growth opportunities within M&A, capital allocation, and strategy

Who You Are

• Analytical and structured thinker
• Comfortable with ambiguity and new problems
• Highly accountable - with a strong sense of ownership
• Curious, disciplined, and values-driven

Why Exa

• Long-term ownership philosophy
• Flat, entrepreneurial culture
• Opportunity to shape a fast-growing investment platform
• Work directly with senior leadership and decision-makers
• Merit-based growth and development