ACCORD PARTNERS · CONFIDENTIAL

DPI AGM — Investor Q&A Guide

Accord Partners · Founder Spotlight · Jun 22, 2026 · Cairo

Each block: the question, then a memorable declare (say it out loud), then 1–2 plain lines of proof. Answer, prove, stop.

I. COMPETITION

"Won't OpenAI and Anthropic just eat this?"

They build for the CFO, not the auditor.

The law says you can't audit a company and sell it software at the same time. So their AI helps the finance team do its work — it can never sign the audit. We sign the audit. The more AI a company uses, the more they need someone independent to check it. That's us.

"PwC+OpenAI, EY at 130K staff, KPMG at 276K — how do you compete?"

We don't compete on the AI. We own the firm.

Everyone gets the same AI models — they're cheap and shared. Their AI makes their own staff faster. Ours rebuilds a firm we own from the ground up — half the cost to run, and we keep every dollar of that. Different game: they rent the tool, we own the business AI transforms.

"Big 4 will build audit AI internally — doesn't that erase your edge?"

Our lead is real but won't last forever.

True — they'll catch up in a year or two. That's exactly why we move now. We buy and automate Saudi firms today, so by the time they catch up we're already the established player with the data and the relationships. You build that head start; you can't buy it.

"GT has gtap, Thomson Reuters has CoCounsel — what's left for you?"

Their tools are copyable. Buying the firm isn't.

Those are US and UK products — no Arabic, no Saudi tax rules, no local audit forms. And they just sell software to firms. We buy the firm, run our system inside it, and keep the profit. A software vendor only ever gets a subscription fee.

"Thrive raised a billion, Beacon $225M, Crete is backed — it's crowded."

All that money is chasing America, not Saudi.

None of them has a Saudi license, our ownership structure, or a single relationship here. The Saudi market is huge, fragmented, and nobody has consolidated it. Their money proves the idea works — we just own the ground they can't reach.

"What's your moat in one sentence?"

Three engines no one else has together: AI, trust, and the license.

Three things working together: AI that cuts the cost of the work, local trust that wins the firms, and the license that lets us sign. No competitor has all three. The labs have AI but no license; the Big 4 have the license but won't buy small firms; nobody else has the local trust. We have the full stack.

"Who actually competes with you?"

Not the AI labs — a funded buyer copying us in the Gulf.

The real risk isn't OpenAI. It's a US-style roll-up bringing big money here once we've proven it works. But the things that matter — regulator trust, local relationships, an Egypt team — take a newcomer two to three years to build. We have them now. And in Saudi, the first credible buyer becomes the one everyone calls.

"Why hasn't a Big 4 done this roll-up themselves?"

Too small for them, too hard for a software company.

Big 4 grow by adding partners, not buying up small local shops. A firm doing under $3M isn't worth their time. That's the gap we live in — too small for the giants, too local for the software players.


II. BUSINESS MODEL & MOAT

"Walk me through the model."

Buy. Automate. Grow. Reinvest.

We buy control of a good Saudi audit firm. We use AI to cut the cost of doing the work, which lifts margins. We bring it bigger clients it couldn't reach alone. Each firm we buy makes the next one easier and cheaper.

"Where does defensibility actually live?"

In the data from every firm we own.

Each firm we buy teaches our system how real audits work here — what clients send, where work gets stuck, what mistakes recur. No software company gets that data; it only comes from owning the firms. And it grows with every deal.

"How is Accord OS different from a Claude wrapper?"

The AI is the input. The audit know-how is the product.

Anyone can plug into an AI model. Almost nobody has taught it how Saudi audits actually run — the procedures, the rules, the local tax logic — using real engagement data. That's the part that's hard to build, and that's what we built.


III. TRACTION & EXECUTION

"What have you actually closed?"

Three targets. One closing now.

GreenCPA is in final paperwork with our lawyers — SAR 3M at about 3x earnings. We have offices in Riyadh and Cairo, our system is running live, first recurring revenue is in from AlJeel, we're a SOCPA forum partner, and DPI is already on our cap table.

"Is the 75% ownership structure locked?"

30% gets us in today. 75% is upside, not a promise.

We can buy 30% right now under current rules — that part is certain. Going above that to 51% or 75% uses a structure we're still proving out in practice. So we plan the business on the 30% we know we have, and treat the rest as upside we're working toward.

"What keeps you up at night?"

Speed. Nothing else.

Our edge is time-limited and we need enough deals in the pipeline. The strategy is sound — the risk is just moving fast enough. Close firms and get the system running before the window closes.

"Why you two? Why now?"

An operator and a builder, at the right moment.

One of us built and sold a company backed by $180M; the other built the system. And this only works now — AI is what finally makes buying and running these firms profitable.


IV. THE ASK

"How can we help?"

Two asks. Both simple.


RAPID-FIRE FALLBACKS


Declare Describe. Read the question, hit the headline, let the plain proof follow.

Declare → Describe. Answer in one sentence, prove in one line, stop.