LogiStream — Thailand Logistics Technology

The Engagement

LogiStream had developed an AI-powered logistics optimization platform serving major e-commerce operators across Thailand and Vietnam. As the prospective de-SPAC target, the company required a thorough independent evaluation that would satisfy both SPAC sponsors and prospective PIPE investors seeking institutional-grade diligence before committing capital.

Diligence Execution

Aetherium assembled a multidisciplinary team covering financial analysis, technology assessment, legal review, and market validation. We coordinated with a Big Four firm for PCAOB-compliant financial audit conversion and engaged independent logistics industry consultants to validate LogiStream’s competitive positioning and technology claims.

Key Findings

• Revenue Quality: 85% of revenue from contractual SaaS arrangements with weighted average contract length of 2.3 years
• Technology Validation: Independent assessment confirmed proprietary routing algorithms delivered 22% cost savings versus manual dispatch
• Customer Concentration: Top five customers represented 38% of revenue, within acceptable thresholds for public-market investors
• Growth Trajectory: Validated management projections with 15% downside adjustment for conservative investor modeling

Valuation & Outcome

Our valuation analysis employed discounted cash flow, comparable company multiples, and precedent transaction methodologies to establish a defensible enterprise value range of $180M to $210M. The final negotiated valuation of $195M anchored the PIPE marketing process, with $50M in committed capital secured from six institutional investors within two weeks of the diligence memorandum distribution. The transaction proceeded to definitive agreement with full sponsor confidence in the underlying asset quality.