Episode 106: Inside the Deal with Luis Landgrave

In this episode of the Tech M&A Podcast, we chat with Luis Landgrave, co-founder of Algebraix, an edtech and fintech company serving private schools across Latin America, with a primary focus on Mexico. Over nearly two decades, Luis helped build Algebraix into a school management platform with an integrated fintech arm that processes tuition and payments on behalf of schools — momentum that ultimately led to a successful sale through Corum after years of inbound interest from investors and acquirers. Luis shares how a Corum seminar in Mexico City planted the seed nearly a decade before he was ready to sell, and how an early deal that fell through made the second, advisor-led process far smoother. He offers candid advice on the demands of financial due diligence, the importance of getting your reporting in order before going to market, and the emotional discipline required when deal terms shift mid-negotiation. He also reflects on the realities of post-exit life — from deferred payments and multi-year earnouts to the reduced control and renegotiation that can come with a two-year transition. Takeaways Plant the seed early: A Corum seminar in Mexico City sparked the idea nearly a decade before Luis was ready to sell — selling was always the goal, never a legacy to pass down. The turning point can be a business-model shift: Adding payment processing around 2017–2018 accelerated revenue and made the company far more attractive to buyers. A first attempt that falls through still teaches you: A 2021 approach from a Brazilian acquirer didn't close, but it made the second, Corum-run process much smoother. A competitive process improves terms: Even with just one official offer, having other interested buyers in play tightened the LOI and held due diligence to a 90-day timeline. Due diligence is the heavy lift: For founders who are engineers rather than finance experts, producing the reports that PE-background buyers demanded was the most taxing part. Get your numbers in order first: The more prepared your reporting and financials, the less pressure and rework once offers start coming in. Align with your partner and stay centered: Selling is an emotional rollercoaster as terms move on and off the table — shared objectives keep you steady. Plan for the transition: A two-year earnout means deferred payments, reduced control, and even some renegotiation — know what you're signing up for. Timestamps 00:00 – Introduction: Luis Landgrave and Algebraix 00:44 – An edtech + fintech platform for private schools in Mexico 01:01 – First learning about Corum: a seminar in Mexico City 01:58 – The long gap: staying in touch over nearly a decade 02:29 – The turning point: payment processing and faster revenue growth 03:03 – A 2021 approach from a Brazilian acquirer — and why it didn't close 03:29 – Round two with Corum: a smoother, time-bound 90-day process 04:33 – The hardest part: due diligence and producing reports 05:26 – Buyer-side negotiation: in-house experience and the Corum advisor 06:03 – Inside the buyer: a startup with a search-fund track record 06:41 – Choosing the acquirer: business-model fit, cross-selling, and timing 08:03 – Advice for LatAm founders: partner alignment and preparation 09:32 – Bringing in local M&A and tax counsel in Mexico City 09:58 – Post-exit life: earnouts, reduced control, and what comes next