Senior Associate or Manager, M&A Execution

Role: Senior Associate or Manager, M&A Execution

Location:
Toronto, Ontario

Department:
M&A

Reports to:
Director M&A (once hired)

Dotted-Line:
CEO

About Exa Capital

Exa Capital is a permanent capital holding company focused on acquiring and building vertical market software businesses. We take a long-term, stewardship-driven approach – buying and holding companies forever, and empowering leaders through a decentralized operating model.

Role Overview

The Senior Associate or Manager, M&A is a core member of Exa's deal engine, responsible for bridging investment origination with full-cycle execution. This role ensures that attractive inbound opportunities move from initial interest to high-quality diligence with speed, precision, and rigorous underwriting.

You will own the analytical backbone of each acquisition: building valuation models, driving diligence workstreams, preparing investment cases, supporting deal structuring, and helping craft the operating model that transitions into post-close value creation.

This is a high-velocity, high-expectation role ideal for someone who is analytical, driven, and excited to grow inside a long-term compounding platform.

Key Responsibilities

1. Deal Evaluation & Underwriting

• Conduct assessments of inbound opportunities (financial statements, ARR/EBITDA drivers, customer metrics, competitive dynamics).
• Build and maintain multi-scenario financial models (3-statement, LBO, DCFs, sensitivity analyses).
• Prepare valuation outputs including ARR/EBITDA comps, precedent transactions, unit-economics analysis, and ROI modeling.
• Deliver clear investment memos and recommendations for internal review.

2. Due Diligence Execution

• Support full-scope diligence across financial, commercial, product/tech, tax, legal, HR, and customer analytics.
• Own financial due diligence workstreams, including:
• Normalized EBITDA and revenue bridges
• Quality of earnings support
• Working capital analysis
• Customer and GRR/NRR deep dives
• Sensitivity and scenario stress testing
• Coordinate with external advisors and internal EESG teams to ensure timelines and deliverables are met.
• Maintain diligence trackers and ensure all findings translate into a refined underwriting thesis.

3. Operating Model & Integration Readiness

• Assist in building the operating model for each acquisition (Org, Finance, HR, Systems, Data, Customer success, Go-to-Market).
• Translate diligence insights into actionable operating risks, opportunities, and 90-day priorities.
• Prepare handoff documentation for the post-close integration team to ensure continuity and momentum.

4. Transaction Support

• Support deal structuring, LOIs, and final purchase agreement negotiation preparation.
• Build supporting schedules (NWC analysis, NOLs, deferred revenue, pro forma financials).
• Work closely with legal to ensure business terms align with underwriting assumptions.

5. Internal Collaboration & Reporting

• Partner with Origination, Finance, EESG functions, and CEO/Director M&A to ensure alignment across the acquisition pipeline.
• Provide timely updates, reporting, and insights (deal pacing, risks, priorities).
• Support the continuous improvement of Exa's M&A processes, templates, and decision frameworks.

Required Qualifications

• 7+ years in M&A / Corporate development, preferably working with corporate finance in an investment bank, professional services firm, or a boutique advisory firm with a track record of working on buy-side.
• Experience reviewing and building quality of earnings reports and building compelling stories out of a myriad of transactional data.
• The role would require strong numerical, financial, and modelling skills based on a well-developed understanding of financial statements. You will have sound commercial judgment and an ability to generate creative solutions to problems.
• Highly motivated with a strong and proven interest in the fields of private equity, tech entrepreneurship and finance.
• As a minimum, a reputable bachelor's degree in finance, and a professional designation (ACA/ACCA, CFA) being an asset.
• Financial literacy and ability to build presentations / Information Memoranda for executive team/board-level audiences.
• Experience in leading a team of young and dynamic individuals, helping them ramp up quickly and review their outputs.
• An effective communicator, a confident leader equipped with strong people management skills and a genuine passion to make things happen in a dynamic organization.

What You'll Learn & Gain

• Deep exposure to the full M&A lifecycle from origination to execution
• Experience evaluating vertical market software businesses
• Insight into permanent-capital investment strategy and portfolio stewardship
• Ability to influence investment decisions early in your career
• Growth opportunities within M&A, capital allocation, and strategy

Who You Are

• Analytical and structured thinker
• Comfortable with ambiguity and new problems
• Highly accountable - with a strong sense of ownership
• Curious, disciplined, and value-driven

Why Exa

• Long-term ownership philosophy
• Flat, entrepreneurial culture
• Opportunity to shape a fast-growing investment platform
• Work directly with senior leadership and decision-makers
• Merit-based growth and development

Perks & Benefits

• Unlimited PTO
• Lifestyle Spending Account up to $1,250
• $500 home office setup allowance
• Comprehensive medical, dental, and vision benefits
• Hybrid work model (2 days in-office: Tuesday & Thursday)
• Toronto HQ at First Canadian Place with direct PATH and transit access
• Monthly team socials

Compensation

Salary Range: $120,000 – $150,000 per year

Accessibility & Accommodations

Exa Capital is committed to providing equal access to employment opportunities. Accommodation is available for applicants with disabilities throughout the recruitment and selection process. If you require accommodation or support, please reach out to us at 

, we are happy to help.

Equal Opportunity Employer

We are an equal opportunity employer and are committed to fostering a diverse and inclusive workplace. We value diverse perspectives and are committed to building an inclusive environment where everyone can do their best work.

Artificial Intelligence Disclosure:

Exa Capital may use artificial intelligence–based tools to support certain aspects of the applicant screening and assessment process.

Canadian Experience:

This role does not require Canadian work experience. Applicants must be legally eligible to work in Canada.