Operational Assurance · Hardware-Enabled Credit

The assurance layer hardware credit needs.

SOMA is a scored, 111-factor methodology that gives lenders the advance rate guidance, covenant recommendations, and monitoring triggers to underwrite facilities where hardware, software, and capital converge. Credit-committee-grade. Delivered in days.

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58%

of private credit managers now prioritise asset-based lending strategies

Preqin, 2025

40%

of private credit borrowers have negative free cash flow — up from 25% in 2021

IMF Global Financial Stability Report, 2025

JPMorgan

marked down software-dependent loan portfolios and restricted lending to private credit groups

Financial Times / Reuters, March 2026

$1.8T

private credit industry under structural stress — defaults exposing gaps in operational diligence

Bloomberg, 2026

The diligence gap

Conventional diligence was designed for a different asset class.

When hardware, software, and capital converge in a single credit facility, the operational risk sits at an intersection that existing diligence frameworks were never built to assess. Financial DD, legal review, and software escrow each cover part of the picture. None covers the intersection.

What conventional diligence covers

✓ Financial due diligence — accounts, cashflow, DSCR

✓ Contract and collateral review

✓ Legal documentation and escrow arrangements

✓ Source code custody (software escrow only)

What remains fragmented or absent

✕ Hardware-software integration risk assessment

✕ Operational continuity and backup servicing readiness

✕ Post-close monitoring of hardware and software assets

✕ Clock synchronisation analysis — hardware, software, and capital lifecycles

✕ Credit-specific scored outputs for the investment committee

What SOMA produces

Credit-committee-grade outputs from a scored methodology.

SOMA doesn't produce observations. It produces quantified, decision-ready outputs that feed directly into credit committee papers — in the language credit teams already use.

Advance Rate Guidance

50 – 80% depending on TCS rating

Scored advance rate recommendations calibrated to the operational risk profile of the specific facility and asset class.

Risk-Adjusted Pricing

±75 – 150 bps above base

Margin and spread adjustments tied to specific operational risk factors identified during assessment.

Operational Covenants

Tied to measurable operational metrics

Facility covenant recommendations grounded in hardware uptime, software continuity, and deployment readiness — not generic boilerplate.

Monitoring Triggers

30 – 90 day early warning

Multi-factor, high signal-to-noise triggers designed to surface operational stress before it reaches the financial statements.

TCS Rating

Grades A through F

A composite Technical Continuity Score mapping the operational risk profile to a credit-grade rating with advance rate implications.

Backup Servicing Playbook

Workout-ready protocols

Scenario-based continuity and step-in protocols defining who maintains hardware and software operations in a default or workout.

How it works

Structured to fit within deal timelines.

SOMA is not an open-ended engagement. It is a structured assessment with a fixed scope, fixed fee, and a credit-committee-grade report as the deliverable.

Engage

Day 1

Confidential briefing on the facility. Define the asset class, structure, and key operational risk questions. Agree scope: SOMA MVP or full assessment.

Assess

3–5 days / 2–3 weeks

Structured assessment against 111 factors across 6 risk dimensions. MVP (63 factors) completed in 3–5 days. Full assessment in 2–3 weeks.

Report

Credit-committee grade

Scored report with TCS rating, advance rate guidance, risk-adjusted pricing, covenant recommendations, and monitoring trigger framework.

Monitor

Post-close · Optional

Ongoing post-close monitoring using operational telemetry triggers. Multi-severity escalation protocols. Early warning 30–90 days ahead of financial distress.

Who it's for

Built for every participant in hardware-enabled credit.

Lenders & Credit Funds

Underwrite with confidence.

For venture debt, ABL, equipment finance, and structured credit teams assessing operational risk in hardware-enabled facilities. SOMA gives your investment committee the scored outputs it needs.

Discuss a facility

Hardware Companies

Become more financeable.

For CFOs and capital markets teams preparing for a facility raise. A SOMA assessment proactively addresses the operational risk questions lenders will ask — and produces a credit-credible report for your data room.

Prepare for a raise

Ecosystem Partners

Extend your coverage.

For structured finance platforms, law firms, escrow providers, and insurers who encounter the hardware-software-capital gap from an adjacent angle. SOMA complements your existing services.

Explore partnership

Asset classes and deal types

GPU-backed compute Battery storage & fleets EV charging infrastructure Robotics-as-a-Service Connected medical devices IoT & smart infrastructure Intelligent vending Drone networks Connected vehicle platforms

Why SOMA

The gap is structural. No existing provider covers it.

Software escrow, technical due diligence, and operational DD each serve important functions. None covers the convergence of hardware, software, and capital in a credit facility context. SOMA occupies the intersection.

Capability	Software Escrow e.g. Escode, Iron Mountain	Tech Due Diligence e.g. Deloitte, AKF Partners	Operational DD e.g. AlixPartners, Kroll	SOMA Assurance
Source code custody & verification	Yes	No	No	Yes
Hardware integration risk assessment	No	Partial	Partial	Yes — scored
Credit-specific scored outputs	No	No	No	Yes
Advance rate & pricing guidance	No	No	No	Yes
Post-close operational monitoring	No	No	No	Yes
Backup servicing & step-in playbooks	No	No	Partial	Yes
Clock synchronisation analysis	No	No	No	Yes — proprietary

Escode — the leading software escrow provider — was acquired for £275M at approximately 9× EBITDA in January 2026. SOMA extends beyond escrow into the full hardware-software-capital operational risk stack for credit facilities.

Who built it

Built by a practitioner, not a consultant.

Mihir Parikh — Founder, SOMA Assurance

SOMA was built by someone who spent 15 years constructing the hardware-software operational infrastructure that lenders are now being asked to underwrite. Not advising on it. Building it. At Jaguar Land Rover, LeasePlan, The AA, and Xerox — at board level and at deployment scale.

The methodology is grounded in direct experience of what actually breaks when hardware, software, and capital desynchronise — and what it takes to hold those systems together through market stress, PE transitions, and global rollouts.

Jaguar Land Rover Architected Connected Car operational layer. Board-level investment case for hardware-as-a-service. MVP to scale across 6 countries, 3 continents.
LeasePlan PE-driven value creation. Operational TOM delivering 14% EBITDA uplift. Hands-on understanding of PE diligence and operating leverage.
The AA ML-driven predictive maintenance from telematics data. 1.5% year-on-year EBITDA uplift from operational intelligence.
Xerox B2B pivot to HW/SW/Print-as-a-Service. Capital and operations synchronised across £5–100M reseller network.

MS Electrical Engineering, Syracuse University | MBA, London Business School

The SOMA methodology was developed and validated within a live deal environment at a structured credit fund. All intellectual property, tools, and frameworks remain solely with SOMA.

"This is what we'd want in every credit committee pack."

— Senior credit professional, structured credit fund

Ready to assess a facility?

A first conversation typically covers the asset class, the facility structure, the specific operational risk questions you're facing, and whether SOMA is the right fit. No commitment required.

Discuss a live facility Request methodology overview

Or read the briefing: The Three Clocks Problem — why conventional diligence fails for hardware-enabled credit →