A new Silicon Valley AI startup, Termina.ai, was largely responsible for Kraken’s recent $1.5 billion acquisition of NinjaTrader. The AI-enabled platform enabled quick turnaround of comprehensive, nuanced due diligence. This gave Kraken the ability to accelerate the acquisition process and validate the core thesis of the deal. It was a big moment for artificial intelligence in the practice of mergers and acquisitions.

Termina.ai: Born from Venture Capital

Termina.ai was born out of Tribe Capital, a venture capital outfit founded by Ted Maidenberg, Jonathan Hsu, and Arjun Sethi. Rounding out the leadership team is cofounder and CFO, Alex Chee, who guides the company as it works to transform due diligence with cutting edge artificial intelligence. Termina.ai’s technology can rapidly analyze thousands of county, state, locality and tribal laws. It produces answers in one-fifth the time—it’s showing you what consultants would generally take weeks to find.

What truly distinguishes the platform is its unique ability to produce a consultant-quality, comprehensive report within 24 hours. With Termina.ai, the difference lies in how we’re able to trace answers back to source data and layer in a few layers of automated validations. A specialized team of experienced analysts then corroborates all outputs before they ever exit the system, maximizing accuracy and reliability.

How Termina.ai Streamlines Due Diligence

Termina.ai is deeply committed to solving the highest priority problems for our clients. These discrepancies range from the differences between prospectuses and raw data. They include verifying business theses, envisioned synergies, and determining whether there are any material issues that would threaten the deal. Their company charges a flat fee per analysis, providing a clear and predictable cost structure.

That’s because Arjun Sethi, who was named co-CEO of Kraken in October 2024, was the one who connected Robert Moore to Termina.ai. This move turned out to be a huge win for Kraken’s acquisition strategy. Since then, Termina.ai has become “a secret weapon and a core part of the process” for Kraken’s acquisitions, including the successful NinjaTrader acquisition.

Kraken's Acquisition of NinjaTrader

Robert Moore, vice president of strategy and corporate development at Kraken, used Termina.ai to support the NinjaTrader acquisition. He used the tool in numerous other confidential transactions. The AI-powered platform helped Kraken’s team through the acquisition process at an improved pace while progressing with more confidence. Over the course of multiple weeks, Termina.ai ran 10+ iterations of analysis, greatly compressing the time needed for due diligence.

"It would've taken us longer to get through some of those pieces. Would we have still pulled it off? Maybe, with no sleep." - Robert Moore

The largest trading platform acquisition Termina.ai has been a part of validated the core thesis of the deal Kraken’s acquisition of NinjaTrader. This validation was an important part of Kraken’s confidence in proceeding with the monumental ($1.5 billion) acquisition.

"We are a very ambitious acquirer, I would say, and so trying to juggle multiple things at once with extended due diligence timelines can be challenging" - Robert Moore

Termina.ai’s technology goes well beyond Kraken. It’s available to dozens of other investors, demonstrating its wide-ranging applicability in the financial sector.