Why the Real Synergy in SaaS M&A Is GTM, Not Cost

Most M&A models still lead with cost takeout because it’s easy to count and easy to defend. But in SaaS, the value that actually compounds is usually commercial: attach, bundles that earn pricing power, workflow depth that lifts NRR, and distribution that accelerates cycles. This piece lays out a simple taxonomy of GTM synergies, why “modeled” revenue upside so often fails to show up, and the underwriting checklist that forces reality: eligible base, proof motion, capacity, integration depth, and the metrics that tell you early whether the flywheel is real.