Locker OS - B2B SaaS for OOH Delivery Infrastructure

$1.6M

Revenue

$651K

SDE

7.2x

Multiple

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Full Editorial Writeup

This is a hardware-agnostic operating system and orchestration layer for out-of-home (OOH) delivery infrastructure, essentially the software brain that runs smart locker networks used in last-mile logistics. The core product is a cloud-based Locker Operating System (LOS) with API integrations into logistics, retail, and e-commerce platforms, sold alongside professional deployment and integration services. The company stays vendor-neutral, meaning it can run any brand of locker, and it selectively supplies standard and temperature-controlled lockers to ease client onboarding and capture extra project revenue.

The customer base is genuinely enterprise-grade: national and regional postal operators, logistics service providers, couriers, plus major retail chains, supermarkets, and real estate developers using it for click-and-collect and tenant amenities. Deployments span Europe, Asia, Latin America, the Middle East, and Africa, with the team of 17 based in compact, shared offices in Asia (the listing flags China). Roughly 80% of revenue is recurring, locked in by 2 to 7 year contracts, and the business claims EBITDA margins north of 25%.

At $4.7M against $651K of cash flow, this is a 7.2x SDE multiple, which is a premium price for an SMB but defensible for a SaaS asset with this contract structure and switching costs. The real questions are whether the recurring revenue is as clean as advertised, how much of the $1.65M is one-time hardware/project revenue versus true SaaS ARR, and what it actually takes to run a 17-person engineering org spread across emerging markets.

Why we like it

Earnings quality is the headline here: roughly 80% of revenue is recurring under multi-year contracts ranging 2 to 7 years, with claimed EBITDA margins above 25%. That contract duration on national postal and logistics infrastructure gives revenue visibility most SMB SaaS deals never have, which is what justifies paying past a 7x multiple if it verifies.
The moat is structural integration, not marketing. Once the LOS is wired into a national postal operator's last-mile network, ripping it out means re-architecting how a country handles parcel delivery, so switching costs are real and measured in years. Being hardware-agnostic also lets it sit as the neutral layer above competing locker manufacturers rather than fighting them.
Last-mile delivery and click-and-collect demand keeps growing regardless of the economy, and locker networks are a cost-reduction play for couriers, which makes them more attractive in a downturn, not less. Postal operators and logistics firms still need to move parcels when consumer spending tightens, so the underlying volume is durable.
It is already asset-light and lean: 17 people, shared offices, no heavy facility footprint, and a model that scales through network density growth as existing postal clients add locations. An operator buying this is buying a software annuity with built-in organic expansion baked into existing contracts.

How to improve it

Separate true SaaS ARR from hardware and project services revenue in the financials immediately, then reprice and repackage the locker supply as a pass-through or partner-fulfilled line. Cleaning up the revenue mix lifts blended margin and makes the business far more valuable on resale as a pure software multiple.
Push net revenue retention by monetizing the expansion channels already named: reverse logistics transaction volume, grocery, and office asset management. These are upsells into customers who are already deeply integrated, so the cost of selling them is low and the attach rate should be high.
Tighten contract terms at renewal to include automatic price escalators tied to transaction volume or inflation, plus minimum-volume commitments. With switching costs this high, the business has pricing power it likely is not fully exercising, and small per-unit price increases flow almost entirely to EBITDA.
Build a partner and reseller channel through systems integrators in the target regions of North and Southeast Asia, the Middle East, Latin America, and West Africa. This lets you scale deployments without growing headcount linearly, preserving the asset-light economics while expanding the footprint.
De-risk founder dependency in the first 90 days by documenting the sales relationships, the technical architecture, and the integration playbooks. The founders are open to staying on, so use that window to transfer institutional knowledge and remove the single biggest discount factor on this asset.
Layer in usage analytics and an outcome dashboard for enterprise clients showing cost-per-parcel savings and uptime. Quantifying the ROI the platform delivers strengthens renewals, supports price increases, and shortens new enterprise sales cycles where procurement demands hard numbers.
Standardize and productize the professional services and onboarding into a fixed-fee deployment package. Turning bespoke integration work into a repeatable SKU improves margin predictability and reduces the engineering drag that custom projects create on the core product roadmap.

Diligence notes

Verify the 80% recurring revenue claim by pulling the actual contract base, MRR/ARR schedule, and the split between software subscription, transaction fees, and one-time hardware or project revenue. A platform that sells lockers can easily blend lumpy equipment sales into the top line, which would make the multiple look very different on true recurring SaaS revenue.
Scrutinize customer concentration among the national postal operators. National contracts produce great optics but if two or three postal clients drive the majority of revenue, the loss of one at renewal is an existential event, and you need to see contract expiration dates, renewal history, and any termination clauses.
Examine the China and emerging-market exposure carefully: where the entity is domiciled, how cash repatriates, currency risk across Europe, LatAm, Middle East, and Africa, and the legal enforceability of those multi-year contracts in each jurisdiction. A 17-person team in Asia selling into postal operators globally carries regulatory and political risk that a US buyer must price in.
Assess founder and key-engineer dependency given the team is only 17 people. Determine who holds the customer relationships, who owns the core IP and codebase, and whether the founders staying on is a genuine transition or a crutch the business cannot survive without. Confirm the IP is owned by the entity and not by individuals or contractors.
Reconcile the EBITDA margin claim of over 25% against the reported $651K cash flow on $1.65M revenue, which implies closer to 39% SDE margin. Understand the gap between SDE and EBITDA, what owner add-backs are included, and whether the lean cost structure is sustainable or is underinvesting in R&D and sales needed to hold the contracts.

Source

Originally listed on BizBuySell. View original listing →