Independent sponsor referral program: introducing companies for data licensing

Why independent sponsors are well placed

Independent sponsors are well placed because they know a few companies deeply and many more from deals that never closed. The work mixes board seats at a handful of portfolio companies, a steady stream of owner conversations, letters of intent, quality-of-earnings reviews and diligence processes that do not all reach a signing.

That pattern suits a referral program. You already know which companies have years of systems history, who controls the records and whether the owner is open to new ideas. You do not need a committed fund, a mandate or a data team; you need one trusted relationship per company. The program is open to anyone, from any supported country, and the introductions are for US companies.

Much of the deal flow comes from founder-owned businesses changing hands. McKinsey estimates that by 2035 about six million US small and medium-size businesses will face ownership transitions as baby boomers retire, with more than one million viable candidates for sale representing up to $5 trillion in enterprise value (McKinsey). Many companies in that flow will be too small for data licensing, but the larger, older ones can hold exactly the records AI buyers look for. If co-investors ask whether this is real money, whether AI data licensing is a real revenue line answers with public deals only.

Which companies in your deal file fit

Look across three lists: companies you own, companies whose boards you sit on as adviser or co-investor, and companies you diligenced but did not buy.

Founder-led distributors, engineering firms, IT services providers, B2B software companies and professional services firms tend to fit. Companies whose records mostly belong to their clients, as at many agencies, need those clients' consent first. For a view of how licensing compares with building a data business, see licensing vs data products for PE-backed companies.

The FAIR screen before you call anyone

Run four checks on each company. If any answer is no, leave it for now.

• Free to raise it: no confidentiality agreement, exclusivity letter or board duty stops you discussing this company with an outside party.
• Authority within reach: you can speak directly to the owner, CEO, CFO or another authorized representative.
• In scope: a US company with 50+ full-time employees at peak (contractors excluded) and several years of documented operations.
• Rights clear: the company created the records, and nothing obvious, such as client ownership or mostly consumer or health data, blocks a license.

Then run the company fit checker, a preliminary, non-binding screen that needs no contact details, so weak candidates drop out before the owner hears anything. The full criteria are on who qualifies.

The F matters most for deals that died. A non-disclosure agreement signed in diligence usually limits how you can use what you learned in the data room. Introduce such a company only on what the owner tells you directly and agrees to share, never on diligence material.

When to raise it in your deal calendar

How the introduction works

You make one introduction per company and never touch the records.

1. Register as a partner and collect your referral link.
2. Disclose your interest to the company's board, and to co-investors where your agreements call for it, before the company applies.
3. The owner or CEO applies at sourcex.si/apply through your link, or you submit the company with the referral form.
4. SourceX qualifies the company on size, history, data breadth and rights.
5. The company builds a data inventory with SourceX: which systems, how many years, what can be exported.
6. SourceX and the company agree price and terms before buyers see the opportunity; once the company is deal-ready, buyers typically respond within about two weeks.
7. After signing, the company delivers data under redaction rules agreed in advance and is paid.

Credit goes to the first valid referrer whose introduction leads to a verified company application within the attribution window, so register before you make the call.

What to say

To an owner you have worked with:

To the board or co-investors, before the company applies:

How rewards work for an independent sponsor

Partners earn 25% of the eligible platform fees SourceX actually collects from the referred company's licensing deals, capped at $100,000 per referred company. Rewards become payable only after the buyer pays and SourceX receives its fee; an introduction, meeting or signed agreement alone does not trigger payment, and no reward is guaranteed.

Three points are specific to independent sponsors. The reward is a share of SourceX's fee and is never deducted from what the company receives. Your deal documents may already address fees a sponsor earns in connection with a portfolio company, for example through offsets or disclosure duties, so read them before registering. And if you sit on the board, let the other directors decide with full information. The program terms govern the details. This is general information, not legal, tax or financial advice; confirm with your own counsel before acting.

When not to bother

• The company falls short of 50+ full-time employees at peak (contractors excluded).
• Its records mainly belong to clients, such as an outsourcer's or agency's client files, and those clients have not consented.
• The data is mostly consumer personal information or protected health information.
• Archives have been deleted, or nobody can run an export.
• A court, trustee or assignee controls the assets and has not been involved.
• The data has already been licensed for AI training.
• The owner will not consider an exclusive license for an agreed term.

Sponsors with a committed fund can compare notes with the page for private equity operating partners.

Next step

Pick the two companies in your deal file you know best and run the FAIR screen. If one passes, register as a partner and make the introduction.