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M&A Software Glossary

What is cost to cure?

Cost to cure is the total price required to bring a non compliant software licensing position into compliance, covering true ups, back maintenance and any repurchase.

What is cost to cure? Cost to cure is the number that converts a licensing shortfall into a dollar figure a deal team can act on. It is the full price of closing every gap found in the effective license position: the license true up, any back maintenance owed, repurchase of mislicensed products, and the cost of remediating the underlying deployment. In software M&A the cost to cure is what turns a compliance finding into a price adjustment, an escrow holdback, or an indemnity, rather than a vague warning in a report.

Why cost to cure drives deal decisions

A finding that a target is under licensed means little to a deal team until it carries a number. Cost to cure supplies that number. It lets a buyer reduce the purchase price, fund an escrow holdback, or require an indemnity sized to the exposure. It also tells the buyer whether to remediate before or after close, and whether to renegotiate with the publisher from a position of evidence. Without a credible cost to cure, the licensing risk either inflates into a deal breaker or, more often, gets waved through and lands after close.

What cost to cure includes

A defensible cost to cure separates the worst case list price from the likely settlement. Publishers open at list, but back maintenance, penalties and bundled negotiations move the real number. The estimate should include the license shortfall priced at the relevant metric, back maintenance for the period of non compliance, any repurchase or migration cost, and an allowance for negotiation. Presenting both the ceiling and the expected outcome lets the deal team protect against the worst case while planning for the likely one.

Cost to cure and deal structure

The right protection depends on structure. A price reduction suits a quantified shortfall, an escrow holdback suits a contingent claim, and an indemnity suits an exposure that may or may not crystallise. The cost to cure informs which to use and how large it should be. This work is commercial and licensing advisory, not legal advice.

Worst case list price against likely settlementA bar comparison of the worst case list price for curing a shortfall against the likely negotiated settlement.Worst case list price against likely settlementindexed 0 to 100Worst case at listindex 100Likely settlementindex 55
What a cost to cure includes
ComponentWhat it coversWhy it matters
License shortfallMissing entitlement at metricCore of the exposure
Back maintenanceSupport owed while non compliantOften overlooked
Repurchase or migrationReplacing mislicensed productsHidden cost
Negotiation allowanceGap between list and settlementSets the realistic number

Key takeaways

  • Cost to cure prices a licensing shortfall into a number a deal team can act on.
  • It converts a compliance finding into a price adjustment, holdback or indemnity.
  • A defensible estimate separates the worst case list price from the likely settlement.
  • It should include back maintenance and repurchase, not just the missing licenses.

Recommendations for buyers

  1. Quantify every gap. Price each shortfall in the effective license position at its correct metric.
  2. Show two numbers. Present the worst case at list and the likely negotiated settlement.
  3. Match protection to structure. Use price reduction, escrow holdback or indemnity as the exposure type dictates.
  4. Include the hidden costs. Add back maintenance, penalties and repurchase, which publishers fold into a claim.

Related reading: see the M&A software glossary hub, plus effective license position and escrow holdback.

Frequently asked questions

How is cost to cure calculated?
It sums the priced license shortfall, back maintenance for the non compliant period, any repurchase or migration cost, and an allowance for the gap between list price and likely settlement.
Is cost to cure the same as the audit penalty?
No. The audit penalty is what a publisher demands. Cost to cure is the buyer side estimate of what it will realistically take to reach compliance, which is usually lower than the opening demand.
Who pays the cost to cure in a deal?
That is negotiated. A buyer can shift it to the seller through a price reduction, an escrow holdback or an indemnity once the cost to cure is quantified.
When should cost to cure be calculated?
During due diligence, as soon as the effective license position reveals a shortfall, so the number can shape price and the protections in the agreement.

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