Payments M&A glossary

CIM (Confidential Information Memorandum)

The primary sales document in an M&A process, delivered to qualified buyers under NDA. Contains business description, financials, market, and growth thesis.

Also known as

Confidential Information Memorandum · Offering Memorandum · OM · Book

Full definition

A CIM is the comprehensive sales document prepared for prospective buyers during an M&A process. It typically includes a company overview, products and services, customer base, financial history and projections, organizational structure, market positioning, and a forward-looking growth thesis. Buyers receive the CIM after signing an NDA and use it to decide whether to submit an indication of interest (IOI) or letter of intent (LOI).

Related terms

LOI (Letter of Intent)

A non-binding (mostly) document that outlines the proposed terms of an M&A transaction. Triggers exclusivity and detailed diligence.

NDA (Non-Disclosure Agreement)

The legal agreement that protects confidential information shared between parties during an M&A process.

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