Anonymised flagship case study
A €900m, 5.5-million-customer base, rebuilt from transaction data. The flagship example of the methodology in practice.
See the evidence →Operator grade customer base analysis for private equity diligence
The work behind growth programmes around the world with Keystone Consulting. Now used to show investors what the revenue is actually worth and where the risk is already building.
An operator's read, not a consultant's framework
Twenty Years Inside the Customer Base
We've spent two decades inside the customer bases of listed consumer, subscription, streaming, loyalty, financial services, and retail businesses. Keystone IQ reads customer bases the way an investor needs them to read - because we've sat on the operator side of every question PE buyers ask.
A Structurally Different Methodology
We analyse distributional movement across five behavioural metrics - frequency, total spend, breadth of purchasing, recency, and order value - over 12 to 48 months of observed transaction data. Not assumed probability models. Not survey-based proxies. Observed behaviour, at the individual customer level.
The judgement layer above the analytics
AI is absorbing cohort math, segmentation, and pattern recognition. The operator judgement above it - knowing what a movement pattern means for the investment thesis, and what to do about it - is structurally non-commoditisable. That is where Keystone IQ operates.
Speed That Matches Deal Timelines
5
Days - Health Check
10
Days - Full Diagnostic
While other consultancies take three to six weeks for similar scope - with less relevant analysis.
Built on evidence, not claims
Named UK PE case studies
In progress - first named reference client targeted for Q4 2026, two by Q2 2027.
Diagnostic output samples
Redacted sample outputs from live engagements, available to qualified deal teams under NDA.
One conversation. No pitch deck required.
Whether you are running a live mandate, reviewing a portfolio company, or preparing for exit, your best first step is a 30-minute conversation to understand how we can help you determine the real revenue quality.
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