Qatalyst Partners interview process

1. Step 1

   First round

   A 30-minute phone or video technical screen with an analyst on SaaS metrics, accounting, and valuation.

   • Expect direct questions on your motivation for tech M&A and this firm specifically.
   • SaaS-specific metrics are tested here, not generic subscription-business talk.
   • “Tell me about your favorite vertical in technology.”
   • “Which tech company would you acquire if you were a specific buyer?”

2. Step 2

   Final round

   A half-day, four-to-six-interview superday: paper LBO, short stock pitch, technical Q&A, behavioral, and market discussion.

   • Build a paper LBO for an unprofitable tech company under time pressure.
   • Pitch a short position, not a standard buy recommendation, and defend it.
   • A dedicated behavioral deep-dive and a market-discussion round round out the day.
   • “Why investment banking?”
   • “Why do you want to work at this bank?”

Share of the 10 Qatalyst Partners questions in our bank by topic. Each topic links to a worked example.

1. Behavioral questions50%
2. Valuation multiples30%
3. Three-statement questions10%
4. Accretion and dilution10%

• Valuing a company with negative or minimal EBITDA using DCF or comparable-company analysis.
• A paper LBO built around an unprofitable, high-growth tech company under time pressure.
• A short-position stock pitch, defending why a company is overvalued, not undervalued.
• Real tech M&A judgment: a specific, defensible acquisition idea with a credible rationale.
• SaaS metrics tested directly in the technical screen, beyond generic subscription-business talk.

Real questions from the set. Open one to answer it with grading.

• Go beyond the standard technical guideBehavioral questions|Advanced
• Net retention versus gross retentionValuation multiples|Advanced
• Capitalize or expense software developmentThree-statement questions|Advanced
• Test a technology acquisition ideaAccretion and dilution|Advanced
• Own a mistake on a small deal teamBehavioral questions|Advanced
• Value a negative-EBITDA software companyValuation multiples|Advanced
• Why Qatalyst instead of a broader platformBehavioral questions|Advanced
• CAC payback and LTV-to-CAC tradeoffValuation multiples|Advanced

• Walk in with two or three researched tech M&A ideas of your own, including the acquirer's motivation and financial capacity to do the deal.
• Show you can value a company that doesn't fit the standard EBITDA-multiple mold; unprofitable, high-growth businesses are the norm here.
• Practice a short-position stock pitch specifically, not just a buy recommendation; it is a named superday component.
• Prepare past a standard technical guide: know the mechanics well enough to answer the follow-up, not just the opening question.