In this fictional transaction, industrial software supplier Ternwick Systems has agreed to buy maintenance platform Caldrin Works for €680 million. The attraction is a portfolio of 2,400 factory subscriptions rather than a new generation of machinery. Subscription contracts account for 72% of the target's modeled revenue, giving the buyer a steadier income stream than the installation projects that dominate its existing business.

The price would still require careful scrutiny. Integrating factory records is labor-intensive, and customers can resist fee increases when changing providers would interrupt established workflows. The scenario assumes €24 million in annual savings, mostly from shared hosting and sales operations. Whether those savings justify the purchase depends on contract renewals, implementation costs and how much bargaining power remains with customers after the platforms are combined.