20+ years of experience, including 18 years with A&M
Focuses on the software and technology industry
Denver
@alvarezmarsal
LinkedIn
Copied!
Kacey Coles is a Managing Director with Alvarez & Marsal Transaction Advisory Group in Denver. Mr. Coles co-leads the Software & Technology Industry Group. He has over 20 years of public and private experience and has specialized in buy-side and sell-side financial due diligence for private equity and strategic clients for over 18 years.
Mr. Coles focuses on transactions in software- and technology-related industries, ranging in deal size from lower-middle market to large-cap deals. These deals include both domestic and cross-border deals involving multiple foreign jurisdictions and the coordination of multiple services lines, including operations and tax due diligence.
Mr. Coles advises his clients on critical financial and operating metrics, including revenue-related analyses such as customer retention, recurring vs. non-recurring revenue profitability, product penetration, customer concentration, pricing, and bookings momentum, as well as core due diligence analyses such as normalized EBITDA and net working capital, pro forma EBITDA, free cash flow, debt and debt-like items, broader transactions, and financing negotiations.
Mr. Coles has also provided other technical accounting and finance services, including constructing carve-out financial statements, evaluating revenue recognition and key accounting policy conformance to GAAP, and assessing internal controls.
Prior to joining A&M, Mr. Coles was with the Assurance and Advisory practice of Deloitte in Minneapolis, Minnesota.
Mr. Coles earned a bachelor’s degree in accountancy from the University of North Dakota. He is a Certified Public Accountant (CPA) licensed in the states of Colorado and California and is a member of the American Institute of Certified Public Accountants (AICPA).
In this episode, Alvarez & Marsal Global Transaction Advisory Group Managing Directors and U.S. Technology Industry Group Co-Leaders, Kacey Coles and Sean St. Germain join Anthony Caporrino to discuss how investors are assessing software and technology businesses in an environment shaped by AI, cybersecurity, shifting valuation dynamics, and heightened scrutiny around recurring revenue and scalability.
Is artificial intelligence (AI) an existential threat for software companies? For specific business models, yes, it is. But not for the entire industry. Far and away, AI is redirecting capital flows and generating new deal activity across emerging subsectors and business models.
Like many industries, the education landscape has undergone dramatic changes over the last few years. From early education to universities, a “new normal” has not yet surfaced as the sector continues to experience shocks to the system, with 2026 expected to be another year of transition.
The growing adoption of artificial intelligence, cloud-based services, and Internet-of-Things devices is driving a massive increase in connectivity and data generation.
Latest insightsThe latest insights from Kacey Coles's team
Lease expense often represents one of the largest operating expenses for restaurant companies. Given its magnitude, it is a key focus of financial due diligence in restaurant transactions. It is important to understand how lease expense could change post-transaction when a company’s existing lease accounting is subject to purchase accounting.
