You are Mariana Ocampo-Bustos, 36, founder-CEO of NubeContable, a Bogotá-based accounting-SaaS for Andean SMEs. On Thursday at 14:00 you sit across the table from Diego Borrero, Managing Director at Atlante Capital, who has formally offered to acquire NubeContable. He has been doing this for 22 years. You have been doing it once. The opening anchor is yours to set.
The deal
NubeContable: COP 28,400M ARR (~USD 7.0M), 41% YoY, EBITDA-positive, 11,400 paying SMEs across CO/EC/PE. Atlante is a $1.4B LATAM mid-market PE fund whose stated thesis is "accounting infrastructure rollups." Their indicative offer letter, sent two weeks ago: a 100% cash transaction "in the USD 35–55M range, subject to diligence." No specific number. The IOI says they would like to hear your "reasonable expectations" first.
Your reservation price — the number below which you walk and run the company another two years — is USD 39M (board-aligned, post-personal-financial-planning). You do not know Atlante's reservation price. Your analyst friend at Citi says comparable LATAM accounting-SaaS deals have transacted at 5–8× ARR, with the highest at 9.4× and the median at 6.5×. The market is choppy. Diego Borrero will open with a number, or he will wait for you to open. You have to decide what to do first.