Claire Trachet is a fractional CFO and CEO of Trachet, a technology fundraising and M&A advisory firm. A former Deutsche Bank M&A banker, she has advised on more than $20 billion in transactions during her career.
Trachet works with Series A to Series C technology companies seeking to raise capital or pursue an exit. The firm operates as an extension of its clients’ teams, sometimes taking on a fractional CFO or COO role during the process.
During our conversation, Claire explained why an acquisition should not be viewed only as a last resort, how CFOs can keep exit options open, and why successful transactions depend on more than getting the numbers right.
Can you tell us about your background and the work Trachet does with growing technology companies?
I spent six years working in M&A at Deutsche Bank before leaving in 2016 to help build a deep-tech startup focused on machine learning. The business did not develop as my co-founder and I had hoped, but the experience allowed me to understand what it was like to be a founder and sit on the other side of a transaction.
Before founding Trachet, she spent six years working in M&A at Deutsche Bank and later co-founded a deep-tech startup focused on machine learning. Those experiences gave her insight into transactions from the perspectives of both an adviser and a founder.
What led you to become a fractional CFO after working in investment banking?
It was the natural connection between my experience in banking and my experience as a technology founder. I wanted to apply the analytical and strategic skills I learned in investment banking to the practical work of scaling a company.
A fractional CFO can also give a growing company access to more experience than its budget might otherwise allow. At critical transition points, the company benefits from a CFO who has already handled similar situations and can help prepare the wider team for what comes next.
Why do companies often view an acquisition as a last resort rather than a growth strategy?
Most founders want to continue running their companies, so an acquisition is unlikely to be their first choice. However, the overwhelming majority of exits happen through M&A rather than an Initial Public Offering (IPO), which means founders need to accept that an acquisition is a realistic possibility.
An acquisition can help a company deliver its mission when it cannot raise enough money or lacks the sales and marketing capabilities to grow on its own. Some companies therefore explore fundraising and M&A in parallel, comparing what each option could allow them to achieve. When a company waits until a sale becomes a last resort, it has less control over the transaction and less ability to create value.
When should a CFO begin preparing a company for a potential sale?
A potential sale should remain in the back of the CFO’s mind even when the company has no immediate intention of selling. The business should maintain a reasonably organized data room and review it each quarter so it can respond quickly to serious interest.
The board should discuss the wider market at least once a year, including consolidation trends and which companies are actively acquiring. Building relationships and understanding the market can take years, so waiting until an offer arrives may leave the company with too few options.
What have raising capital and navigating acquisitions taught you?
Ultimately, transactions are about people. The financial analysis must be right, but completing a transaction is not the same as making it successful.
The people joining the acquiring company hold much of the knowledge and capability that made the business valuable. If they don’t feel safe, they are less likely to be creative and energetic after the deal. Paying attention to how people experience the process can improve the likelihood that the transaction closes and succeeds afterward.
How can CFOs help founders and investors agree on the right time to sell?
It is a subtle and continually changing conversation. Investors often have different timelines and liquidity needs, while founders may be either eager to sell or reluctant to discuss it.
The CFO can prompt regular conversations so that an exit does not become a taboo subject. Discussing it annually allows everyone to understand where the others stand. Avoiding the subject will not prevent a sale, but it can make the eventual process more difficult and less successful.
What is the biggest financial challenge facing technology companies heading into 2027?
Business thrives on a certain amount of predictability, and the current level of volatility makes it harder to commit to growth investments. A company may hesitate to invest heavily in an area that could be disrupted within six months.
Technology companies must also adapt to slower growth, particularly in Europe. They need to remain ambitious while being realistic about what their customers can afford. Even a strong product can be difficult to upsell when customers do not have the budget.
What qualities make a great CFO?
A CFO needs to be a mature professional. They should be grounded and able to remain level-headed. The role often requires bringing a realistic perspective to the leadership team without becoming the person who always rains on the parade.
CFOs must help provide the financial fuel for growth while anticipating what could go wrong. They should be enthusiastic about new opportunities without being swept up in every trend. That balance helps the company pursue growth while remaining prepared to react when circumstances change.
What is the best career advice you have received?
The best advice I received as an intern was to get your hands dirty. Nothing is beneath you, even as you become more senior.
Leaders need to understand what’s happening inside the business and be able to explain it. Building a trusted team is important, but you still need enough knowledge and experience to remain closely aligned with its work. Going into the details also reduces surprises and strengthens risk management.
Claire Trachet is a fractional CFO and CEO of Trachet, a technology fundraising and M&A advisory firm. A former Deutsche Bank M&A banker, she has advised on more than $20 billion in transactions during her career.
Trachet works with Series A to Series C technology companies seeking to raise capital or pursue an exit. The firm operates as an extension of its clients’ teams, sometimes taking on a fractional CFO or COO role during the process.
During our conversation, Claire explained why an acquisition should not be viewed only as a last resort, how CFOs can keep exit options open, and why successful transactions depend on more than getting the numbers right.
