Bain · Tech Consulting · Medium · 25-35 min

PE-Backed Logistics Software Carve-out

Last updated 2026-07-29

What is this case about?

A PE fund has carved a last-mile routing SaaS out of a global courier parent. The new standalone — 180 staff, $40M ARR, 60% gross margin — has an 18-month TSA covering payroll, billing, ITSM, identity, and the data lake. The mandate is to become independently profitable in 24 months and double ARR in three years. You are the value-creation lead. Build vs buy vs outsource is the question on every TSA workstream.

Where strong candidates start

  • Frame the carve-out as a value-creation plan, not an exit-the-TSA project — what is the equity story in 36 months
  • Categorise the TSA workstreams — strategic (build), commodity (buy), low-volume (outsource) — with explicit criteria

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