Principal-led from start to finish in the age of AI

Managing Partners Terry Kavanaugh and Rahul Malpani are pleased to announce the launch of Lumari Capital, an elite, principal-led M&A advisory firm focused exclusively on digital, technology and business services. At first glance, the launch of another M&A advisory firm may raise a fair question: why does the market need one more?

The answer lies in how Lumari was built, and who built it.

Founded by seasoned investment bankers with backgrounds in consulting, systems engineering and software development, Lumari brings a true practitioner-turned-advisor perspective to every engagement.

Our team has executed transactions with leading strategic acquirers including Cognizant, Omnicom, Infosys, Wipro and Accenture, as well as private equity firms such as Sequoia, Capital Square Partners and Oak Hill. These relationships, and the insight behind them, drive better outcomes for clients.

That operating experience shapes how we evaluate businesses. We focus less on reported performance and more on how value is created, delivered and scaled in an increasingly complex environment where nearly every company claims to be “AI-enabled.”  Few fewer firms have fundamentally changed how they deliver work, price projects, compress timelines or expand margins because of it. That disconnect creates noise in M&A processes and, in some cases, leads to mispriced opportunities.

Our role is to cut through that noise and anchor the conversation in what actually drives value.

Lumari operates with a highly selective, principal-led model. Senior advisors lead every engagement from initial positioning through closing. Buyers and investors value direct access to decision-makers and consistent execution throughout the process.

“We founded Lumari with a simple belief: that great outcomes come from truly understanding the businesses we represent,” said Terry Kavanaugh. “Our experience as both operators and advisors allows us to guide clients with a level of precision and credibility that is often missing in traditional processes.”

Rahul Malpani added, “In a market where timing, positioning and strategic fit are critical, we aim to provide clients with clear, informed advice and to execute with discipline from start to finish.”

Lumari Capital will focus on advising middle-market companies across data and AI, cloud, marketing, digital engineering and broader technology-enabled services. The firm is committed to a highly selective, success-based model, ensuring that every client engagement is led directly by its senior partners.

The result is a more thoughtful, more aligned M&A advisory experience.