17/02/2026
Your Technology Is an Asset.
Are You Valuing It Like One?
One of the most consistent mistakes tech startups make is building world-class technology while treating it as a cost center rather than a balance sheet asset.
The Nedbank-NCBA deal — where Nedbank paid a premium of 1.4x book value specifically because of NCBA's scalable digital credit infrastructure — is a masterclass in why this mindset must change.
Nedbank's CEO Jason Quinn was explicit:
'When you see technologies that are scalable, price-to-book multiple isn't always the best determinant of value.'
That statement should be pinned on the wall of every startup founder, CFO, and board room in Africa.
Here is the commercial and legal reality:
When you walk into a fundraising round, an acquisition negotiation, or a licensing discussion, your technology will be valued — with or without your input.
The question is whether that valuation will reflect its true worth, or whether an uninformed counterparty will discount it because you never bothered to document, protect, and articulate its value.
Proper tech valuation requires deliberate groundwork — IP registration and ownership clarity, robust software documentation, evidence of scalability, revenue attribution to specific technology assets, and defensible proprietary moats.
Investors and acquirers are increasingly sophisticated;
They conduct deep technical due diligence, and gaps in IP ownership or undocumented code bases have killed deals and suppressed valuations that should have been transformative.
Beyond M&A, a well-valued technology stack strengthens your position in debt financing, strategic partnerships, and regulatory engagements.
It is also your first line of defense in litigation — you cannot enforce what you have not defined.
At Wahinya Advocates we work closely with tech founders and startups to ensure their technology assets are legally secured, commercially structured, and strategically positioned long before a deal is on the table. We identify these opportunities early — because in high-stakes transactions, preparation is the difference between a premium and a discount.
Build great technology. But build it like it will one day be the most valuable thing in the room — because it will.
🏛️Wahinya Advocates | Legal Insight, Business Instinct
