AI for investment banking
Ultramarine Work spreads the comps, builds the LBO, drafts the pitch book and the CIM, and puts every bid on the same grid. It works from the model, exports and filings already in the deal folder.
Amber-bid-grid.xlsxExample| $M | Kestrel (sponsor) | Northvale (strategic) | Brightwater (sponsor) |
|---|---|---|---|
| Headline EV | 312.0 | 325.0 | 318.0 |
| Less earnout | 0.0 | −8.0 | 0.0 |
| Peg vs $41.5M QoE | 0.0 | −4.5 | −1.5 |
| Net debt and debt-like | −64.6 | −64.6 | −64.6 |
| Equity value | 247.4 | 247.9 | 251.9 |
| Cash at close | 247.4 | 247.9 | 214.1 |
NoteNorthvale’s IOI sets the peg at $46.0M against the QoE’s $41.5M, which takes $4.5M off its value, so ask them to confirm.
Ask it for
“Spread the trading comps for the electrical products pitch from the CapIQ export and the peers’ latest 10-Ks, calendarize LTM and NTM, and flag the outliers.”
Comps-trading-electrical.xlsx“Build the pitch book for Project Cypress in our template, including strategic alternatives, valuation pages from the comps model, buyer screens and credentials.”
Cypress-pitch-draft.pptx“Model the Cypress LBO with $680M enterprise value at 8.5x, a $425M term loan, a five-year hold, a 75% cash sweep and returns for base, upside and downside.”
Cypress-LBO.xlsx“Draft the CIM for Project Amber, the HVAC roll-up, from the data room files and last year’s CIM in our house style, and list every claim that has no source.”
Amber-CIM-draft.docx“Restate the three IOIs at cash-free debt-free value using the QoE peg and the net debt bridge, and show cash at close, the $8M earnout and the rollover.”
Amber-bid-grid.xlsx“Build the indicative pricing run for the new senior notes, with the issuer’s curve, five peers on yield to worst, the concession and coupons by tenor.”
Pricing-run-2026-07.xlsx
Inside the Investment Banking mode
Executive storyline and decks
Assembles the pitch book and the IC deck from a one-page storyline, with an action title on every slide and the exhibit that proves it.
Tie-out and page-turn review
Runs the page-turn before a book goes out. Every figure is tickmarked to its support, and the unresolved items come back listed for the associate to run down.
Three statement and operating models
Builds or fixes the driver-based three-statement model with the debt schedule and scenario toggles wired, so the balance sheet balances when you flex revenue.
Valuation
Spreads the comps and precedents and links a DCF and sum-of-the-parts to them. The committee page gets the football field and the equity bridge.
M&A and LBO models
The merger model ties accretion and dilution to a clean pro forma balance sheet, and the LBO comes with sources and uses, the sweep and a returns table.
Sell-side M&A process
Takes each IOI as it comes in, adjusts to cash-free debt-free value, then compares the working capital peg, earnouts, rollover and who can actually close.
Fairness and solvency opinions
Summarizes the DCF, comps and precedent work for the fairness memo, and pressure-tests the projections the opinion will rest on.
Activism and takeover defense
Maps the shareholder base from 13F and 13D filings and their reporting lags, and runs the universal proxy vote math before drafting the standalone case.
Equity capital markets
Works out IPO and follow-on pricing, the block discount, overallotment and capped calls on converts, and lays out the allocations against FINRA 5130 and 5131.
Debt capital markets and leveraged finance
Prices a new issue against the issuer’s curve and peers on yield to worst, sizes the concession and compares commitment papers on fees, flex and conditions.
Credit underwriting and covenants
Writes the credit memo, tests leverage and coverage headroom, and reads credit agreement carve-outs for baskets and incremental capacity.
QoE and working capital
Rebuilds the adjusted EBITDA bridge from the databook, works out the working capital peg and walks net debt and debt-like items dollar for dollar.
Value creation and transformation
Turns diligence findings into a 100-day plan, with each cost lever sized and the benefits tracked against what the IC approved.
M&A diligence and disclosure schedules
Reviews the room for change of control and consents, drafts the red-flag report and disclosure schedules, and keeps the diligence tracker current.
- Office skills
- Excel, Word, PowerPoint, PDF
- Tools
- Read, edit and write files, Search files, Run code, Search and read the web, View images
- Connectors
- SharePoint, Google Drive, Gmail, and additional custom connectors
- House style
- Your fonts, layouts and rules, on every file
How it works
- 1
The deal folder
CapIQ exports, the target’s filings, the management model, the QoE databook, last year’s CIM and the bank’s template are already in the folder, saved the way the deal team keeps them.
- 2
Ask for the piece of work
A request might be comps with calendarized LTM, an LBO with sources and uses, a CIM from the room, or a bid grid that lines the offers up. Files come back with live formulas, sources and a note of anything it could not reconcile.
- 3
Tie it out and turn the pages
Each figure traces to the file it came from, so the page-turn checks the argument instead of the plumbing. The deal team decides what the client sees, what the committee reads and what goes into the filing.
Who it’s for
Bankers in M&A advisory, industry coverage, equity and debt capital markets and leveraged finance at banks, advisory boutiques and corporate finance firms, from analyst to managing director.
Questions
Does it hardcode values instead of building formulas?
No, nothing in the workbooks is hardcoded. Every file carries live formulas, so a change to an assumption flows through the model. The skills tell it to cite the source file for each number it uses and to note what it could not reconcile instead of guessing. You still check every cell before the model leaves your desk, the way you would with any analyst’s work.
Can we run data room documents through it?
Only if the NDA, the client and your own compliance rules allow it, and that decision is not ours to make. Many NDAs now restrict AI processing or require written consent, and some prohibit it outright. The app writes only inside the project’s folder, but anything it handles is processed on Paper Instruments’ servers.
How does this square with information barriers and MNPI rules?
It cannot replicate your insider lists or enforce the wall, so which material may reach it is a decision for your bank’s compliance team, not for us. Deal files sit in the project’s folder, and processing happens on Paper Instruments’ servers. Anything with MNPI handling obligations needs your firm’s own written policy, an approved tool list and supervision. What we hold and what we do not is on our compliance page.
Can it set the valuation range or recommend the offer?
No, it builds the analyses and lays out the ranges, and the banker decides what to present. Signing an opinion and the professional decision stay with the banker. The football field is a draft until a person has defended every bar on it.
Where does deal material go when I use it?
Ultramarine Work changes files only in the project’s folder. When a request needs it, it can read files elsewhere on your computer, never passwords, keys or app data, and you can turn that off in settings. The model runs on Paper Instruments’ servers, so the content it works on is sent there to be processed. Paper Instruments is SOC 2 Type II, and our security and compliance details are on our compliance page.