Associate, M&A Execution

Role: Associate, M&A Execution

Location: Karachi

Department: M&A

Reports to: Director M&A (once hired)

Dotted-Line: CEO

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

The Associate, M&A is a core member of Exa’s deal engine, responsible for bridging investment origination with full-cycle execution. This role ensures that attractive inbound opportunities move from initial interest to high-quality diligence with speed, precision, and rigorous underwriting.

You will own the analytical backbone of each acquisition: building valuation models, driving diligence workstreams, preparing investment cases, supporting deal structuring, and helping craft the operating model that transitions into post-close value creation.

This is a high-velocity, high-expectation role ideal for someone who is analytical, driven, and excited to grow inside a long-term compounding platform.

Key Responsibilities

1. Deal Evaluation & Underwriting

• Conduct assessments of inbound opportunities (financial statements, ARR/EBITDA drivers, customer metrics, competitive dynamics).
• Build and maintain multi-scenario financial models (3-statement, LBO, DCFs, sensitivity analyses).
• Prepare valuation outputs including ARR/EBITDA comps, precedent transactions, unit-economics analysis, and ROI modeling.
• Deliver clear investment memos and recommendations for internal review.

2. Due Diligence Execution

• Support full-scope diligence across financial, commercial, product/tech, tax, legal, HR, and customer analytics.
• Own financial due diligence workstreams, including:
• Normalized EBITDA and revenue bridges
• Quality of earnings support
• Working capital analysis
• Customer and GRR/NRR deep dives
• Sensitivity and scenario stress testing
• Coordinate with external advisors and internal EESG teams to ensure timelines and deliverables are met.
• Maintain diligence trackers and ensure all findings translate into a refined underwriting thesis.

3. Operating Model & Integration Readiness

• Assist in building the operating model for each acquisition (Org, Finance, HR, Systems, Data, Customer success, Go-to-Market).
• Translate diligence insights into actionable operating risks, opportunities, and 90-day priorities.
• Prepare handoff documentation for the post-close integration team to ensure continuity and momentum.

4. Transaction Support

• Support deal structuring, LOIs, and final purchase agreement negotiation preparation.
• Build supporting schedules (NWC analysis, NOLs, deferred revenue, pro forma financials).
• Work closely with legal to ensure business terms align with underwriting assumptions.

5. Internal Collaboration & Reporting

• Partner with Origination, Finance, EESG functions, and CEO/Director M&A to ensure alignment across the acquisition pipeline.
• Provide timely updates, reporting, and insights (deal pacing, risks, priorities).
• Support the continuous improvement of Exa’s M&A processes, templates, and decision frameworks.

Required Qualifications

• 4-5 years in M&A/Corporate development, preferably working with corporate finance in an investment bank, professional services firm, or a boutique advisory firm with a track record of working on buy-side.
• Experience reviewing and building quality of earnings reports and building compelling stories out of a myriad of transactional data.
• The role would require strong numerical, financial, and modelling skills based on a well-developed understanding of financial statements. You will have sound commercial judgment and an ability to generate creative solutions to problems.
• Highly motivated with a strong and proven interest in the fields of private equity, tech entrepreneurship and finance.
• As a minimum, a reputable bachelor’s degree in finance, and a professional designation (ACA/ACCA, CFA) being an asset.
• Financial literacy and ability to build presentations / Information Memoranda for executive team/board-level audiences.
• Experience in leading a team of young and dynamic individuals, helping them ramp up quickly and review their outputs.
• Advanced English written and verbal communication skills.
• An effective communicator, a confident leader equipped with strong people management skills and a genuine passion to make things happen in a dynamic organization.

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 value-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