CFGI Startup Diligence Report
Proceed only to confirmatory diligence. The attractive thesis is a scaled, independent non-audit accounting advisory platform serving CFOs and private equity sponsors; the diligence burden is proving revenue quality, margin durability, utilization, customer concentration, professional talent retention, legal receivables exposure, and current cap-table/debt economics behind a stale 2021 valuation.
CFGI Startup Diligence Report
CFGI appears eligible for a private-unicorn diligence report because CB Insights lists it as a unicorn, CB Insights/PRNewswire describe it as active and PE-backed, and SEC EDGAR shows private Form D filings without public tickers. Public evidence supports an active accounting and CFO advisory platform backed by Carlyle/CVC, but nearly all investment-critical economics remain private.
The US$1.85B valuation is a 2021 CB Insights data point; current valuation support, debt and sponsor rights are not public.
Diligence request: Request 2021 transaction documents, current valuation bridge, recent board materials and cap table/debt schedule.
CFGI's public scale implies a talent-intensive model where recruiting, utilization, attrition and partner retention can drive revenue and margins.
Diligence request: Review HRIS, utilization, attrition, recruiting funnel, compensation, partner productivity and retention plans.
Public sources do not disclose revenue, EBITDA, gross margin, cash, debt, utilization, backlog, AR aging, write-offs or forecast performance.
Diligence request: Obtain audited financials, monthly management accounts, QoE, revenue by service line/customer, utilization, AR aging, cash/debt and forecast model.
CFGI claims thousands of clients but does not disclose top customers, revenue concentration, churn, backlog or customer references.
Diligence request: Obtain top-customer revenue, contracts, backlog, churn/retention proxy, references and sponsor concentration.
Public sources identify Carlyle/CVC and Form D filings but not ownership percentages, debt, preferences, option pool, covenants or exit rights.
Diligence request: Obtain cap table, financing documents, debt instruments, investor rights, option ledger and legal entity chart.
CFGI's service areas overlap with Big Four capital markets/advisory offerings, independent advisory firms and software-enabled finance transformation vendors.
Diligence request: Perform win/loss, pricing, buyer-reference and rate-card benchmarking against Big Four and independent competitors.
Public automation evidence is partner-led, and CFGI's internal AI/technology roadmap, adoption and economics are not public.
Diligence request: Review technology roadmap, partner economics, adoption metrics, information security and delivery-tool ROI.
CFGI is plaintiff in a public Delaware matter, suggesting contract/collections exposure that cannot be assessed without pleadings and reserves.
Diligence request: Obtain full litigation schedule, pleadings, receivables/collection analysis, legal reserves and counsel letters.
CFGI's public financial evidence is dominated by CB Insights' US$1.85B unicorn valuation, SEC Form D private offering records and company/investor ownership statements; operating financials, debt, cash, backlog and projections are not public.
not publicly verifiable confidence: high
No public audited financial statements, quarterly management accounts, backlog, AR aging, revenue mix, margin, cash, burn, leverage or cohort metrics were found.
| metric | public signal | verification status | diligence request |
|---|---|---|---|
| Revenue / ARR-equivalent / bookings | Not disclosed in public sources reviewed. | not_publicly_verifiable | Revenue by service line, customer, geography and period. |
| EBITDA / gross margin / utilization | Not disclosed; professional-services utilization and margin require internal data. | not_publicly_verifiable | QoE, utilization, billable hours, margin by level/service line and write-offs. |
| Cash, debt and runway | No current cash, debt or leverage data found. | not_publicly_verifiable | Cash/debt schedule, credit agreements and covenant compliance. |
| Customer count | Company press release says thousands of clients, but no methodology or revenue linkage. | partially_verified | Customer master, active/revenue-generating accounts, churn and cohort retention. |
| Total raised | CB Insights profile lists Total Raised $18.58M; SEC Form D filings show 2018 and 2019 sold amounts, creating reconciliation need. | partially_verified | Complete financing ledger and reconciliation to public database and SEC filings. |
Public sources do not support underwriting operating performance.
partially verified confidence: medium
The public valuation anchor is the 2021 CB Insights unicorn row; forecast assumptions, growth drivers, downside cases and financing assumptions are private.
One of at least three required chart figures.
partially verified confidence: medium
Public evidence identifies Carlyle/CVC ownership signals and CFGI Eagle Parent, L.L.C. Form D filings, but shareholdings, debt, options, warrants, preferences and off-balance-sheet liabilities are not public.
| stakeholder or instrument | public position | diligence caveat |
|---|---|---|
| The Carlyle Group | Named investor in CB Insights row; SEC Form D issuer used c/o The Carlyle Group; 2026 PR describes CFGI as Carlyle/CVC portfolio company. | Ownership percentage, rights and debt are not public. |
| CVC Capital Partners | Named investor in CB Insights row and 2026 PR describes CFGI as CVC portfolio company. | Investment amount, class, preference, governance rights and current stake are not public. |
| CFGI Eagle Parent, L.L.C. | SEC registrant for Form D offerings; entity type other, no tickers or exchanges in SEC submissions JSON. | Legal entity chart and relation to operating subsidiaries require counsel confirmation. |
| Management / employee equity | Not publicly disclosed. | Option pool, rollover, vesting and retention economics are private. |
| Debt / credit facilities | No public debt schedule found. | Leverage, covenants, liens and repayment obligations are transaction-critical. |
Treat as a public-signal map only, not a cap table.
partially verified confidence: medium
SEC Form D records provide limited financing history; tax positions, accounting policies, debt terms and financing economics are not public.
| date | event | disclosed amount or valuation | investors or parties | diligence caveat |
|---|---|---|---|---|
| 2018-03-14 | SEC Form D private offering by CFGI Eagle Parent, L.L.C. | US$73.016M total amount sold | 11 investors; issuer listed c/o The Carlyle Group and Boston business address | Offering amount is not post-money valuation, current ownership, debt or preference detail. |
| 2019-04-15 | SEC Form D private offering by CFGI Eagle Parent, L.L.C. | US$18.579M total amount sold | 7 investors; issuer listed c/o The Carlyle Group | Offering economics and ownership percentages are not public. |
| 2021-09-15 | CB Insights unicorn-list entry | US$1.85B valuation | The Carlyle Group; CVC Capital Partners | Headline valuation is stale and does not disclose current cap table, debt or preferences. |
| 2021-09-15 | CVC Fund VIII investment announcement | Terms not publicly extracted in accessible article body | CVC Capital Partners Fund VIII; Carlyle-backed CFGI | Official title corroborates event, but blocked/rate-limited source access prevented full-article extraction. |
Public financing records are incomplete and must be reconciled with the company's private financing ledger.
Timeline does not imply continuous financing history.
CFGI sells professional-services offerings rather than a conventional software SKU; public evidence supports accounting, capital markets, strategic finance, ESG, transaction, restructuring and technology transformation services, while pricing and service-line profitability remain private.
partially verified confidence: medium
Public sources describe CFGI service lines around technical/operational accounting, capital markets, strategic finance, ESG, transactions, restructuring and technology transformation; pricing, growth and service-line profitability are not disclosed.
| service line | target audience | public evidence | diligence gap |
|---|---|---|---|
| Technical and operational accounting | CFOs, controllers, finance leaders | CB Insights lists technical and operational accounting among CFGI services. | Revenue, margins, rate card, utilization and quality metrics. |
| Capital markets / IPO readiness | Pre-IPO companies, CFOs, private equity portfolio companies | CB Insights lists capital markets services; Gappify quote references Pre-IPO Consulting and potential Big-4 audit readiness. | Pipeline conversion, cyclicality and client outcomes. |
| Strategic finance and analytics | CFO offices and sponsors | CB Insights lists strategic finance and analytics. | Service-line revenue, tooling and repeatability. |
| ESG and sustainability reporting | Public-company-ready and regulated finance teams | CB Insights lists ESG and sustainability reporting. | Practice scale, compliance framework and margins. |
| Transaction, restructuring and technology transformation advisory | Management teams and PE sponsors | CB Insights lists transactions, restructuring and technology transformations. | Deal-cycle exposure, partner leverage and implementation risk. |
CFGI is assessed as services-led; no standalone software SKU economics were public.
| item | public status | why it matters | diligence request |
|---|---|---|---|
| Rate card / billing model | Not publicly disclosed. | Determines gross margin, utilization sensitivity and pricing power. | Standard and realized bill rates by level, service line and geography. |
| Project profitability | Not publicly disclosed. | Fixed-fee overruns or write-offs can impair EBITDA. | Project P&L, budget-to-actual, write-offs and realization. |
| Partner/software economics | Gappify partnership disclosed; economics not disclosed. | Revenue share, implementation liability and support cost can shift margin. | Gappify and other partner agreements, fees and SLAs. |
| Service-line growth and market share | Not publicly disclosed. | Determines durability of the valuation thesis and competitive position. | Revenue/booking history by offering and competitor win/loss. |
A professional-services diligence model should replace SaaS ARR assumptions with utilization, bill-rate, realization and retention metrics.
Architecture is conceptual and not a verified system diagram.
CFGI publicly claims thousands of clients and customer categories but does not disclose named top customers, customer revenue, concentration, churn or severed relationships.
not publicly verifiable confidence: high
Public materials refer to thousands of clients and target CFO/PE sponsor audiences, but do not identify the top 15 customers or purchase timing.
| customer or segment | public evidence | verification status | diligence request |
|---|---|---|---|
| Thousands of clients | 2026 PRNewswire release states CFGI serves thousands of clients across 30+ offices. | partially_verified | Active customer count methodology, revenue-generating accounts and churn. |
| Management teams / finance leaders / CFO organizations | PRNewswire and Gappify descriptions position CFGI around CFO and finance leader priorities. | partially_verified | Named customer list, contracts and references. |
| Private equity sponsors and portfolio companies | Public sources state CFGI works with PE sponsors; investors include Carlyle/CVC. | partially_verified | Sponsor concentration, referral economics and portfolio-company revenue. |
| Named top 15 customers | Not disclosed in public sources reviewed. | not_publicly_verifiable | Top-customer revenue, timing, application and references. |
Company-published customer-count claims do not verify revenue concentration.
partially verified confidence: medium
Publicly identified relationships include Carlyle/CVC sponsorship and Gappify's accrual automation partnership; economic terms are not public.
| partner | relationship nature | public evidence | diligence gap |
|---|---|---|---|
| The Carlyle Group | Sponsor/investor and public portfolio-company relationship. | CB Insights and PRNewswire identify Carlyle as investor/portfolio owner. | Governance, ownership percentage, financing terms and sponsor pipeline contribution. |
| CVC Capital Partners | Sponsor/investor and 2021 CVC Fund VIII investment announcement. | CB Insights and CVC release title identify CVC relationship. | Current stake, terms, governance and portfolio referrals. |
| Gappify | Strategic partnership for accrual automation and monthly-close transformation. | PRNewswire states Gappify and CFGI formalized a partnership leveraging Accrual Cloud and CFGI advisory experience. | Revenue share, exclusivity, implementation obligations, data/security terms and pipeline. |
| Brafton | Marketing/demand-generation vendor signal. | Brafton case-study title references generating SQLs for CFGI. | Spend, SQL conversion, ROI and channel contribution. |
Strategic relationship economics were not public.
Chart uses counts/signals, not revenue concentration.
not publicly verifiable confidence: high
Revenue by customer and any customer accounting for 5% or more of revenue are not public.
not publicly verifiable confidence: high
Public sources did not disclose severed customer, partner or supplier relationships.
partially verified confidence: low
Public evidence identifies human capital and selected partners as likely operational dependencies, but top suppliers and spend are not disclosed.
| supplier or dependency | role | public evidence | concentration risk |
|---|---|---|---|
| Professional staff and partners/principals | Core service delivery capacity and client relationship ownership. | CFGI publicly claims over 1,200 professionals. | Attrition, utilization and recruiting constraints can directly impair revenue and margin. |
| Gappify Accrual Cloud | Partner platform for accrual automation offering. | Strategic partnership announced in 2023. | Terms, uptime, data security and revenue sharing are unknown. |
| Marketing/demand-generation providers | Lead generation and SQL production. | Brafton case-study title references SQLs for CFGI. | Channel ROI and vendor dependency are unknown. |
| Office, software, data and subcontractor vendors | Global office operations, delivery tooling and possible specialized support. | Specific vendor spend not disclosed. | Requires vendor list and contracts. |
Supplier spend and contractual dependency are private data-room topics.
CFGI competes in a crowded accounting advisory and CFO-services market against Big Four alternatives, independent advisory firms and software-enabled finance-transformation providers; public win/loss and pricing evidence is thin.
partially verified confidence: medium
CB Insights lists alternatives/competitors, PwC publicly markets capital markets and IPO services, and CFGI/Gappify positioning highlights non-audit advisory and Big-4 audit-readiness use cases.
| competitor or category | segment overlap | public signal | diligence focus |
|---|---|---|---|
| Big Four / PwC example | Capital markets, IPO readiness, accounting advisory and CFO transformation. | PwC publicly markets Capital Markets & IPO Services. | Win/loss, independence/conflict advantage, pricing and audit-readiness positioning. |
| Citrin Cooperman | Accounting, tax, audit/attest and advisory services. | CB Insights competitor section describes Citrin Cooperman's services. | Middle-market buyer overlap, pricing and geography. |
| Corit Advisory | Tax advisory and transaction-related services. | CB Insights competitor section lists Corit Advisory. | Specialist advisory competition and international tax overlap. |
| Finance automation software partners/vendors | Automation of monthly close, accruals, SOX/control processes and financial reporting. | Gappify partnership shows technology can complement or compete for finance transformation budget. | Software substitution risk, attach rate, partner economics and client adoption. |
| Independent accounting advisory firms | Non-audit CFO/accounting advisory and PE sponsor support. | CFGI positions as the nation's largest non-audit accounting advisory firm in the Gappify release. | Scale, talent retention, partner leverage, pricing and customer outcomes. |
Market share, win/loss and pricing are not public.
| axis | cfg public position | competitor pressure | evidence strength |
|---|---|---|---|
| Independent non-audit advisory | Publicly described as the nation's largest non-audit accounting advisory firm. | Big Four scale may compete when independence/conflict allows; independent firms compete directly. | medium |
| PE sponsor relationships | Publicly claims support for PE sponsors and is Carlyle/CVC-backed. | Sponsor networks can be durable but cyclical and relationship-dependent. | medium |
| Global office/talent scale | Company claims 1,200+ professionals and 30+ offices. | Big Four and large advisory firms may have broader global talent pools. | medium |
| Technology-enabled delivery | Gappify partnership and COO statements reference automation/AI/technology. | Software vendors and consulting firms can capture value through automation. | medium |
| Price / rate realization | Not publicly disclosed. | Pricing pressure cannot be assessed without win/loss and rate cards. | low |
Scoring is qualitative because no buyer survey, market share or pricing data was public.
Market-map coordinates are qualitative.
Public GTM signals point to direct CFO/finance-leader selling, private equity sponsor relationships, global offices, partner-led offerings and marketing lead generation; pipeline, CAC, sales-cycle and productivity data are private.
partially verified confidence: medium
Public evidence supports CFO/PE-sponsor positioning, global office reach, partner campaigns and marketing lead-generation activity, but channel mix and conversion metrics are not disclosed.
| channel | public evidence | verification status | diligence gap |
|---|---|---|---|
| Direct CFO / finance leader relationships | Press releases describe CFGI as an advisory firm to the CFO and finance leaders. | partially_verified | Bookings by direct channel, conversion and retention. |
| Private equity sponsor channel | Public sources repeatedly reference PE sponsors and Carlyle/CVC backing. | partially_verified | Sponsor concentration, referral economics and deal-cycle exposure. |
| Geographic office network | Company press release claims 30+ offices in the Americas, Europe and Asia Pacific. | partially_verified | Office-level revenue, utilization and profitability. |
| Technology/strategic partnerships | Gappify partnership for accrual automation and monthly close. | partially_verified | Partner-sourced pipeline and economics. |
| Marketing / SQL generation | Brafton case-study title references SQL generation for CFGI. | partially_verified | Marketing spend, SQL-to-win conversion and channel ROI. |
Channel weights are not public.
| signal | source | implication | limitation |
|---|---|---|---|
| COO appointment announcement | PRNewswire / CFGI | Management is investing in global operations, AI/technology and market presence. | Company-published; no operating metrics. |
| Gappify strategic partnership | PRNewswire / CFGI | Supports technology-enabled finance-transformation marketing. | No revenue contribution, adoption or partner economics. |
| Brafton SQL case-study title | Brafton | Indicates use of external content/lead-generation agency. | Only title/initial page text was accessible in this workflow. |
| CB Insights company profile and latest news | CB Insights | Market-database visibility supports investor and buyer awareness. | Database fields and news snippets are not financial diligence. |
Marketing activity does not verify pipeline quality.
One of the required chart figures; not a pipeline chart.
not publicly verifiable confidence: high
Major customer status, growth and pipeline by customer are not public.
partially verified confidence: medium
Public avenues include CFO direct relationships, PE sponsor relationships, technology partnerships and marketing demand generation.
not publicly verifiable confidence: high
Sales compensation, quota, sales cycle and plan for new hires are not public.
not publicly verifiable confidence: high
Marketing budget, sales capacity and projected hiring/resource plan are not public.
CFGI is a services firm, so R&D diligence centers on technology-enabled delivery, automation partnerships, AI/process improvement and knowledge management rather than lab-style product development; public pipeline evidence is limited.
partially verified confidence: medium
Public evidence shows technology transformation services, a technology-enabled accrual partnership and COO-led emphasis on AI/technology, but no detailed R&D organization or budget.
| person or function | public role | evidence | diligence gap |
|---|---|---|---|
| Radhika Ray | Chief Operating Officer | PRNewswire says she will oversee global operations and leverage AI and technology. | Operating mandate, KPIs, technology budget and execution plan. |
| Technology transformation services | Client-facing service area | CB Insights lists technology transformations among CFGI advisory services. | Practice headcount, revenue, delivery tooling and margins. |
| Gappify partnership | Partner technology for accrual automation | PRNewswire says the offering leverages Gappify's Accrual Cloud and CFGI experience. | Partner economics, integration, data/security and adoption. |
| Formal R&D / CTO organization | Not publicly verified | No detailed R&D org chart or CTO mandate verified. | Internal tools, product owners, engineering resources and roadmap. |
Services firms often embed R&D in delivery operations; private documentation is required.
Conceptual; not a verified product architecture.
partially verified confidence: low
Public pipeline signals include Gappify accrual automation and AI/technology operations, but timing, cost, critical technology and adoption are private.
| initiative | public status | expected impact | verification status |
|---|---|---|---|
| Gappify Accrual Cloud partnership | Announced August 2023. | Automate and streamline monthly accruals, reduce compliance risk and improve data completeness/accuracy. | verified for announcement; adoption not public. |
| AI and technology in global operations | COO release says Radhika Ray will leverage AI and technology. | Sharpen how the firm works and elevate client experience. | partially_verified; roadmap not public. |
| Technology transformations service line | Listed by CB Insights as a CFGI advisory service. | Client finance transformation and operational improvement. | partially_verified; service P&L not public. |
| New proprietary software or IP roadmap | Not publicly disclosed. | Unknown. | not_publicly_verifiable. |
Public initiatives require adoption and unit economics validation.
Public sources identify co-CEOs Shane Caiazzo and Nick Nardone, COO Radhika Ray, selected partner leadership, and company-published scale claims, but org chart, compensation, turnover, employee relations and retention plan require private records.
partially verified confidence: medium
Public evidence names co-CEOs and a COO, but no complete organization chart was available.
| name | role | background or public signal | diligence gap |
|---|---|---|---|
| Shane Caiazzo | Co-CEO | Identified by PRNewswire as CFGI co-CEO issuing statement on COO appointment. | Full biography, tenure, equity, employment agreement and succession role. |
| Nick Nardone | Co-CEO | Identified by PRNewswire as CFGI co-CEO issuing statement on COO appointment. | Full biography, tenure, equity, employment agreement and succession role. |
| Radhika Ray | Chief Operating Officer | Joined from McKinsey Transformation practice; previously PE Operating Executive at Cerberus, per PRNewswire. | Mandate, compensation, KPIs and authority over global operations. |
| Oscar Palacio | Partner, Finance Transformation | Quoted in Gappify partnership release. | Practice economics, partner retention and client responsibilities. |
Public roster is incomplete.
Formal reporting lines are not publicly verified.
partially verified confidence: medium
CFGI publicly claims over 1,200 professionals across 30+ offices in the Americas, Europe and Asia Pacific; historical and projected headcount by function/location is not public.
| signal | value | source | diligence caveat |
|---|---|---|---|
| Professionals | Over 1,200 professionals | 2026 PRNewswire COO release. | HRIS validation, full-time/contractor split, billable/non-billable mix and utilization. |
| Offices | 30+ offices | 2026 PRNewswire COO release. | Office list, headcount/revenue by office and lease commitments. |
| Regions | Americas, Europe and Asia Pacific | 2026 PRNewswire COO release. | Regional compliance, utilization, revenue, tax and employment obligations. |
| Headquarters / founding | Boston; founded 2000 | CB Insights company profile. | Legal entity and operating headquarters should be confirmed with corporate records. |
Public scale claims are not a substitute for HRIS/payroll diligence.
One of the required chart figures.
partially verified confidence: medium
Public sources provide basic details for co-CEOs and COO but not ages, complete tenure, compensation or full biographies.
not publicly verifiable confidence: high
Executive, partner, employee compensation and benefits arrangements are not public.
| topic | public status | risk | requested artifact |
|---|---|---|---|
| Executive and partner compensation | Not publicly disclosed. | Compensation structure can drive retention, margin and transaction proceeds allocation. | Employment agreements, compensation plans, bonus/equity schedules. |
| Incentive equity / rollover | Not publicly disclosed. | Dilution and liquidity expectations affect valuation and retention. | Equity plan, option ledger, rollover and vesting schedule. |
| Employee relations | Not publicly verified. | Claims, burnout or wage/hour issues could harm operations and reputation. | HR claims, agency matters, settlements and survey results. |
| Turnover and recruiting | Not publicly disclosed. | Partner/principal and senior-manager attrition can reduce revenue continuity. | Two-year attrition, regretted attrition, recruiting funnel and retention plan. |
This table is referenced by multiple personnel sections because private HR materials are central to the diligence thesis.
not publicly verifiable confidence: high
Incentive stock, option, phantom equity or management rollover arrangements are not public.
not publicly verifiable confidence: high
Public sources reviewed did not provide a complete record of employee relations matters.
not publicly verifiable confidence: high
Turnover by level/service line/geography and retention benefits are not public.
Public legal diligence found SEC Form D filings and a Delaware lawsuit initiated by CFGI, but no complete public verification of lawsuits against CFGI, IP/trademark assets, regulatory history, insurance, contracts or employee/environmental matters.
inconclusive confidence: low
No confirmed public lawsuits against CFGI were identified in the limited CourtListener searches, but this is not a comprehensive docket search.
| search scope | result | verification status | follow up |
|---|---|---|---|
| CourtListener search for "CFGI Eagle Parent" | No opinion results returned. | inconclusive | Run full federal/state dockets, arbitration, demand letters and counsel inquiry. |
| CourtListener broad search for "CFGI" | Mixed results included CFGI, LLC as plaintiff and unrelated false positives; no comprehensive lawsuit-against conclusion. | inconclusive | Counsel should search exact legal entities and affiliates. |
| Management legal schedule | Not public. | not_publicly_verifiable | Request legal schedule, reserves, claims notices and counsel letters. |
Absence of public search hits is not evidence of absence.
verified confidence: medium
CourtListener identifies CFGI, LLC as plaintiff in Delaware Superior Court litigation against Common C Holdings LP / Common Citizen with published opinions in 2024 and 2025.
| case | court | docket | public status | diligence request |
|---|---|---|---|---|
| CFGI, LLC v. Common C Holdings LP / Common C GP LLC (d/b/a Common Citizen) | Superior Court of Delaware | N23C-03-032 MAA CCLD | CourtListener lists published opinions dated 2024-01-29 and 2025-10-30; CFGI is plaintiff. | Complaint, contract, damages/reserve, collection probability, customer relationship status and settlement posture. |
One public plaintiff-side matter can signal collections/contract-scope diligence needs.
Timeline is not comprehensive docket or regulatory diligence.
not publicly verifiable confidence: low
As a professional-services firm, environmental and employee-safety exposure appears lower than industrial sectors, but public evidence is insufficient.
inconclusive confidence: low
Public trademark/patent verification was inconclusive; material brand, software, methodology, data and partner-license rights require counsel review.
| area | public signal | verification status | required artifact |
|---|---|---|---|
| Trademarks / patents / copyrights | USPTO/TSDR general pages accessible, but no mark-specific CFGI asset was verified in this workflow. | inconclusive | Trademark/patent/copyright schedule and counsel search. |
| SEC/private offering compliance | SEC records show Form D filings for CFGI Eagle Parent, L.L.C. | partially_verified | Securities counsel memo, investor records, Form D/state blue-sky compliance. |
| Insurance | Not public. | not_publicly_verifiable | E&O, cyber, D&O, EPLI, WC policies and loss runs. |
| Material contracts | Not public, except Gappify partnership announcement. | not_publicly_verifiable | Top MSAs/SOWs, partner contracts, leases, employment and debt documents. |
| Regulatory agency problems | No agency-problem history verified from public sources; SEC Form D does not constitute a clean regulatory record. | inconclusive | Agency correspondence, licenses, privacy/security incidents and counsel memo. |
Legal/IP/regulatory diligence remains substantially open.
not publicly verifiable confidence: high
E&O/professional liability, cyber, D&O, EPLI, workers' compensation and global office insurance details are not public.
not publicly verifiable confidence: high
Client master services agreements, SOWs, partner contracts, employment agreements, office leases and debt/financing documents are not public.
inconclusive confidence: low
Public SEC EDGAR records show private Form D filings; no public agency-problem history was verified, and no clean regulatory opinion can be given from public sources alone.
Heatmap uses public-evidence risk judgment and should be updated after data-room review.
| ID | Claim | Status | Sources |
|---|---|---|---|
| EC-001 | CB Insights lists CFGI in the unicorn list at a US$1.85B valuation, joined 2021-09-15, in Boston/United States/Financial Services, with The Carlyle Group and CVC Capital Partners as investors. | verified high | SRC-001 |
| EC-002 | CB Insights' CFGI profile describes CFGI as founded in 2000, based in Boston, at stage "Private Equity - II | Alive", with total raised of $18.58M and included in the Unicorns expert collection. | verified high | SRC-002 |
| EC-003 | CFGI publicly operates in accounting and business advisory services including technical/operational accounting, capital markets, strategic finance and analytics, ESG/sustainability reporting, transaction, restructuring and technology transformation advisory. | verified medium | SRC-002 |
| EC-004 | SEC EDGAR lists CFGI Eagle Parent, L.L.C. as a Delaware limited liability company with no public tickers or exchanges and two recent Form D filings. | partially verified high | SRC-003 |
| EC-005 | CFGI Eagle Parent, L.L.C. filed a 2018 Form D showing US$73,016,535 total amount sold, 11 investors, and revenue range declined to disclose. | verified high | SRC-004 |
| EC-006 | CFGI Eagle Parent, L.L.C. filed a 2019 Form D showing US$18,578,575 total amount sold, 7 investors, and revenue range declined to disclose. | verified high | SRC-005 |
| EC-007 | CFGI publicly claims it is a Carlyle/CVC portfolio company with over 1,200 professionals, 30+ offices in the Americas, Europe and Asia Pacific, and thousands of clients. | partially verified medium | SRC-006 |
| EC-008 | CFGI announced Radhika Ray as COO; public release identifies co-CEOs Shane Caiazzo and Nick Nardone and says Ray will oversee global operations while leveraging AI and technology. | verified medium | SRC-006 |
| EC-009 | Gappify and CFGI announced a strategic partnership to help accounting teams automate and streamline monthly accruals, reduce compliance risk and improve financial-data completeness and accuracy. | verified medium | SRC-007 |
| EC-010 | CFGI describes itself as the nation's largest non-audit accounting advisory firm supporting the Office of the CFO and private equity sponsors with finance/accounting operations, people, processes and technology. | partially verified medium | SRC-007 |
| EC-011 | CourtListener identifies CFGI, LLC v. Common C Holdings LP / Common C GP LLC in Delaware Superior Court, with CFGI as plaintiff and docket N23C-03-032 MAA CCLD. | verified medium | SRC-010 |
| EC-012 | Public legal searches did not establish a comprehensive clean record for lawsuits against CFGI; CourtListener exact search for "CFGI Eagle Parent" returned zero, while broad "CFGI" results mixed actual CFGI and unrelated results. | inconclusive low | SRC-010SRC-011 |
| EC-013 | Material IP and trademark status was not publicly verified in this workflow. | unverified low | SRC-012 |
| EC-014 | CB Insights lists competitors/alternatives to CFGI including BuzzWord, Corit Advisory, Citrin Cooperman, Viatec Associates and others. | verified medium | SRC-002 |
| EC-015 | PwC publicly markets Capital Markets & IPO Services, supporting Big Four overlap with CFGI's capital markets/IPO readiness advisory market. | verified medium | SRC-013 |
| EC-016 | Brafton publicly presents a CFGI case-study title about producing SQLs for CFGI, indicating marketing/demand-generation activity. | partially verified low | SRC-014 |
| EC-017 | Revenue, EBITDA, ARR-equivalent bookings, cash, debt, forecasts, customer concentration, contracts, HR/compensation, legal schedules, insurance and IP details are not publicly verifiable and require private diligence. | not publicly verifiable high | SRC-001SRC-002SRC-003SRC-006SRC-007 |
| EC-018 | Public evidence reviewed supports CFGI as active/private and did not show IPO, public listing, shutdown or acquisition after the 2021 CVC/Carlyle investment. | partially verified medium | SRC-002SRC-003SRC-006 |
| EC-019 | CVC's public release title corroborates a 2021 CVC Fund VIII investment in CFGI to drive growth. | verified medium | SRC-008 |
| EC-020 | Some investor/company source pages were inaccessible or blocked during research, limiting source corroboration. | inconclusive low | SRC-008SRC-009SRC-015 |
| EC-021 | CFGI's website title/tagline publicly positions the company as supporting CFOs in critical functions. | verified medium | SRC-015 |
This report is a public-evidence diligence snapshot, not investment advice. Important financial, legal, technical, and contractual facts remain non-public and should be verified directly with management and primary documents before any investment decision.