Below are selected transactions and funding rounds from the last 30 days (July), reviewed through a Digital Due Diligence lens. The analysis focuses on where value may be exposed to digital risk, where further upside could exist and how digital findings could influence deal value.
I. Uber / Delivery Hero
Uber’s proposed acquisition of Delivery Hero would combine two large food-delivery platforms, with approximately $1.6 billion of overlapping operations reportedly expected to be divested to address competition concerns. Much of the transaction’s value rests on the two companies’ apps, order data and the effectiveness with which their underlying digital environments can be integrated.
Food delivery is already a mature, low-margin market, making additional growth increasingly difficult to capture. The main digital layers include the two ordering apps, the customer and order data behind them, and the systems responsible for matching riders, restaurants and users.
Combining these environments without disrupting service, losing data quality or weakening the customer experience is likely to be one of the transaction’s central execution challenges. The need to secure approvals across multiple markets could add further time and complexity.
Both brands are already well established in their respective regions. As a result, the opportunity may lie less in generating entirely new demand and more in operating a cleaner platform, improving data activation and reducing duplication across the combined business.
The Digital Risk score reflects the scale and difficulty of integrating two major platforms across multiple countries. The Digital Opportunity score remains conservative because both businesses are already market leaders operating with relatively thin margins.
II. eBay / Depop
eBay’s proposed acquisition of Depop brings together an established global marketplace and an app-based platform focused on second-hand fashion. With the transaction cleared by UK regulators, attention is likely to shift towards how eBay protects and develops the digital assets that underpin Depop’s value.
Depop is a digital-native business whose value largely resides in its users, community, brand and marketplace data. Resale shopping continues to grow, particularly among younger consumers, providing a supportive demand environment.
The main digital layers include the Depop app, its two-sided buyer and seller marketplace, and the behavioural and transactional data generated across the platform. A central diligence question is how active and loyal these users really are, and whether sellers will remain engaged after the acquisition.
Depop’s brand and community are arguably its most important assets. Integrating the platform too closely into eBay could create efficiencies, but it could also weaken the identity and experience that make Depop distinctive.
The Digital Risk score reflects uncertainty around community strength, user retention and seller loyalty. The Digital Opportunity score is more measured: connecting Depop’s audience and data with eBay’s wider ecosystem could create value, but pushing integration too aggressively could undermine the platform’s appeal.
III. EQT / Kakaku.com
EQT’s proposed take-private of Kakaku.com places a pure digital business at the centre of the investment case, although other bidders may still remain involved. As a leading Japanese price-comparison and reviews platform, Kakaku.com’s value depends heavily on its traffic, data and ability to monetise user activity.
Price-comparison websites have traditionally relied on strong search visibility to attract free, high-intent traffic. Changes in search behaviour, algorithm updates and the growing role of AI-generated answers therefore represent important risks to assess.
The key digital layers include the website and its organic search visibility, first-party data on what users compare and purchase, and the combination of advertising and commerce models used to convert visits into revenue. Kakaku.com’s established brand in Japan provides a degree of protection by helping the platform retain direct and recurring demand.
The Digital Risk score reflects the company’s reliance on search visibility and the importance of maintaining stable traffic. The Digital Opportunity score remains conservative: private ownership could improve how data, advertising and commercial inventory are used, but much of this capability may already be relatively mature given the company’s market position.
IV. Tempus AI / Personalis
Tempus AI’s proposed acquisition of Personalis would combine two businesses operating across cancer testing, genomic data and healthcare technology. In this case, a significant share of the transaction’s value lies in the underlying data and the technology used to interpret it.
Precision cancer testing is a growing field, supporting the strategic rationale for the deal. However, the market remains relatively early, and the commercial and clinical value of some applications is still being established.
The main digital layers include the genomic datasets, the software and AI models used to analyse them, and the systems responsible for storing, processing and governing sensitive health information. Combining two separate data and technology environments while maintaining data quality, security and regulatory compliance is likely to be a central integration task.
The Digital Risk score reflects the complexity of data integration, governance and healthcare compliance. The Digital Opportunity score is slightly higher but remains measured: a larger combined dataset could strengthen testing capabilities and model performance, although its ultimate value depends on outcomes that are not yet fully proven.
V. Wonder
Wonder raised a substantial Series D round to support the continued growth of its food and delivery business. Its value rests on the ordering app, the customer and order data behind it, and whether the economics of each transaction can support sustainable scale.
Food delivery remains highly competitive, with thin margins and significant operational complexity. Demonstrating that the underlying model works consistently across markets is therefore central to the investment case.
The main digital layers include the ordering app, customer and order data, and the systems used to coordinate kitchens and delivery operations. As a growing business rather than an established market leader, the economics behind each order, as well as the strength and durability of its brand, require close assessment.
The Digital Risk score reflects uncertainty around unit economics, operational scalability and the ability to maintain performance during rapid growth. The Digital Opportunity score remains conservative: Wonder’s app and data could support further expansion, but the model has not yet been demonstrated at full scale.
VI. Fora
Fora’s latest funding round values the company at approximately $1 billion, reflecting investor interest in its online, AI-supported travel-agency model. The company’s value depends on its ability to attract demand, convert that demand into bookings and make effective use of customer and travel data.
Online travel represents a large market, but it is also highly competitive and sensitive to wider economic conditions. For a young company valued at this level, a central diligence question is whether the digital growth engine can sustainably support the valuation.
The main digital layers include the website and booking tools, customer and trip data, and the systems used to turn initial interest into completed bookings. Acquisition efficiency, conversion performance, repeat usage and advisor productivity are therefore likely to be important indicators of underlying digital health.
The Digital Risk score reflects Fora’s early-stage position, competitive exposure and still-developing operating model. The Digital Opportunity score is similarly measured: stronger demand capture and more effective use of data could support growth, but the model has not yet been proven at large scale.
VII. Cover Genius
Cover Genius raised $100 million in growth capital to support its embedded-insurance model, through which coverage is offered within the digital checkout environments of other companies. Its value is therefore closely connected to its partner integrations and the data used to price and manage insurance products.
Embedded insurance continues to benefit from the broader shift towards online transactions. However, the model depends on maintaining reliable, compliant and scalable connections across multiple partner websites and applications.
The main digital layers include Cover Genius’s integration technology, the data used to price coverage and the structure of its partner network. Dependence on a limited number of major partners—and the operational impact of losing one, represents an important risk to examine.
The Digital Risk score reflects this partner concentration and integration dependence. The Digital Opportunity score remains conservative: the platform could scale as more partners are added, but competition is increasing and continued growth is not guaranteed.
Final observation
Across these transactions, digital value is rarely concentrated in a single asset. It sits across platforms, proprietary data, customer relationships, search visibility, partner integrations and the systems connecting them.
The recurring risk is not simply whether these digital assets exist, but whether they are as scalable, defensible and transferable as the investment case assumes. At the same time, much of the potential upside depends on using combined data more effectively, improving platform efficiency and protecting the customer or community experience during integration.
Externally observable signals can indicate where these risks and opportunities may exist. However, determining whether they could materially influence valuation requires deeper digital due diligence across internal systems, user behaviour, unit economics, data quality and operational workflows.