New Research Highlights Growing Use of Anonymous Referencing in M&A Due Diligence
Investors are increasingly blindsided not by the numbers they see, but by the conversations they never had. DRG fills that gap.
New data shows rising demand for anonymous referencing as global M&A activity enters a period of renewed momentum
Across sectors, investors are looking for a clearer understanding of how customers and suppliers actually experience the business”
TORONTO, CANADA, December 9, 2025 /EINPresswire.com/ -- As global M&A activity enters a period of renewed momentum, new research from Desk Research Group (DRG) indicates a measurable increase in demand for anonymous customer and vendor referencing during confirmatory due diligence. The trend reflects a broader shift among acquirers seeking greater commercial visibility beyond financial statements and management presentations.— Christopher Hutchinson, CEO of Desk Research Group
According to DRG’s analysis of recent diligence mandates across industrial, technology, and business-services sectors, deal teams are placing greater emphasis on independent third-party referencing to assess customer satisfaction, operational reliability, supply-chain resilience, and potential concentration risks. The findings point to a growing recognition that relationship-level intelligence often uncovers issues not visible through traditional documentation alone.
Market Shift: From Checklist Due Diligence to Relationship-Centred Validation: DRG’s review highlights three factors driving the increased adoption of anonymous referencing:
1. Compressed diligence timelines, which heighten the need for rapid but reliable validation.
2. Greater variability in customer lifetime value and retention, especially in subscription, service-based, and distribution-focused businesses.
3. A rise in post-close surprises, prompting acquirers to examine commercial assumptions more closely.
Industry Perspective
“Across sectors, investors are looking for a clearer understanding of how customers and suppliers actually experience the business,” said Christopher Hutchinson, CEO of Desk Research Group. “Anonymous referencing is emerging as a key mechanism for gaining unbiased input during a period where decision windows are getting tighter.”
Role of Independent Referencing in Today’s M&A Environment: Anonymous referencing allows acquirers to obtain feedback from customers and vendors without influencing responses or signalling potential transaction activity. The process is used to validate:
> Customer satisfaction and churn indicators
> Supply-chain reliability and dependency
> Relationship stability and contract expectations
> Perceptions of operational performance and value delivery
DRG expects adoption to continue increasing through 2026, particularly among private equity firms focusing on lower-middle-market and mid-market transactions, where customer concentration dynamics often carry disproportionate risk.
About Desk Research Group
Desk Research Group is a Canada-based market research and strategic insights firm specialising in commercial diligence, competitive intelligence, and industry analysis for global clients. More information is available at https://www.deskresearchgroup.com.
For media enquiries: media@deskresearchgroup.com
C Hutchinson
Desk Research Group
+1 416-271-5424
email us here
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