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New opportunities for growth and disruption abound in the technology sector. Quantitative information alone paints an incomplete picture in this fast-moving landscape. Our qualitative due diligence insights provide the deep understanding of technology solutions that investors need to make informed decisions.

Expert insights into cutting-edge technology

Over the past five years, the Blue Heron technology team has conducted more than 3,000 diligence projects examining a wide range of companies, leaders, conditions, and risks. Collectively, the team brings decades of experience and a range of approaches to gathering nonquantifiable insights.

Quarterly earnings conference calls and 10-K filings can provide windows into companies’ strategies and communication styles, but these alone are not enough. Blue Heron’s dedicated technology team cuts through industry buzzwords and hype to provide clear insights and coherent data. The tech team regularly gains insight into such pivotal areas as:

  • management strategies and expertise;

  • customer buying decisions;

  • economic moats; and

  • price sensitivity.

Recent areas of research

Web and apps

E-commerce, fintech, startups, digital

Software and services

Cloud computing, PaaS, IaaS and SaaS, developer tools, cybersecurity

Artificial intelligence

Generative AI, large language models, machine learning, deep learning


Chip design, foundry, fab equipment, supplies

Hardware and equipment

Electronics, communications equipment

Bull sculpture on Wall Street

Bull case

To discover whether the bull case for a software company’s stock was appropriate, Blue Heron spoke with former employees and customers and found that the market was underestimating customer demand while overestimating competition.

People sitting at desks in an open plan office using computers

Accurate data

To determine whether the claims of the senior management team at a data warehouse company were accurate, Blue Heron spoke with former employees and customers and found that the claims were more hyperbole than fact.

Someone typing at a computer

Secure business

To explore a promising-looking firewall and SIEM infrastructure security management software vendor, Blue Heron spoke with customers and found that vendor consolidation, along with upsell and cross-sell activity, were driving adoption for the vendor’s products.

A hand pointing at a chart on a tablet computer

Fintech IPO

Calls with former senior managers at a fintech company that was about to IPO revealed that the CEO was struggling to delegate and key talent was leaving in frustration due to his micromanagement and micro-aggressions.

Meet our technology team

Ray Hegarty

Sector Leader, Technology

Ray is Technology Sector Leader and a Technology Project Manager at Blue Heron. His responsibilities include setting the technology practice goals at Blue Heron. Ray started his career as a programmer and system analyst in the UK before moving to the US and becoming a technology journalist and technology and research analyst. He was an investment research analyst at Ziff Brothers Investments for more than 11 years. Ray has appeared on CNBC and written for Businessweek and the Financial Times. He has also written for several subscription-based technology newsletters focused on Unix enterprise software and hardware, the transition from client-server to service architecture, and the cloud. Ray has performed in-depth market and technical studies and consultations for several hardware and software vendors, including Nokia, Huawei, Sun Microsystems, SAP, and IBM. He has a master’s degree in information technology from Cranfield University in the UK.

Steve Holland

Deputy Sector Leader, Technology

Steve is Deputy Technology Sector Leader and a Technology Project Manager at Blue Heron. Previously, he produced reports on ASX-listed companies, focusing on TMT, for various platforms. Steve was also a journalist, newsreader, and editor in Australia, Asia, and Europe, reporting on politics, business, and finance for numerous media outlets including The Age, The Australian, The Sydney Morning Herald, and the Australian Broadcasting Corporation. Steve has a master of laws (juris doctor) from Monash University and a master of international relations from the University of Melbourne.

Mary-Ellen Barker

Project Manager

Mary-Ellen is a Technology Project Manager at Blue Heron with a focus on hardware and the cloud. Before joining Blue Heron, she was a journalist for more than 25 years. Her journalism career included 20 years at Reuters in London, which culminated in managing global coverage of news about companies and markets.

Graham Bower

Project Manager

Graham is a Technology Project Manager at Blue Heron with a focus on digital marketing and developer tools. He was previously founder and CEO of an award-winning digital creative agency, Polymath. Prior to that, he was managing director of Taglab, a web design and build agency, and a board director of Black Cat, Wunderman Thompson’s London-based direct marketing agency. In his spare time, he develops a fitness app, Reps & Sets, which has been featured by Apple on the App Store.

Adrian Dickson

Project Manager, International

Adrian is a Technology Project Manager and Researcher at Blue Heron. With broad international experience following a career of over 20 years as a journalist and senior editor at Reuters, Adrian has led diligence projects for Blue Heron in several countries, including China, Japan, India, Brazil, Mexico, Argentina, Chile, and Nigeria, as well as in Europe and the United States. Earlier in his career, while working for Reuters, he launched several real-time professional financial news services in Brazil, Japan, China, and India. Based out of Buenos Aires, he is fluent in Spanish and Portuguese.

Ravender Sembhy

Deputy Sector Leader, Technology

Rav is Deputy Technology Sector Leader and Deputy Director of Project Managers at Blue Heron. His responsibilities include overseeing project management at Blue Heron and helping to set technology practice goals. Rav joined Blue Heron after more than a decade in financial journalism. He has held several senior editorial positions at the Sunday Express, City A.M., and the Press Association. He holds a master’s degree in English literature and a postgraduate diploma in journalism. 

Luke Dormehl

Training and Education Leader, Technology

Luke is Technology Training and Education Leader and a Senior Technology Researcher at Blue Heron with a main focus on machine learning and AI. He was previously a technology journalist published in The Guardian, Wired, Politico, The Sunday Times, Digital Trends, and other outlets. He is the author of Thinking Machines and The Formula, both published by Penguin Random House, and has spoken at events organized by MIT, the BBC, and others. Based in the UK, he was a stakeholder in a five-year EU project examining the regulation of smart technologies.

Killian Bell


Killian is a Technology Researcher at Blue Heron with a primary focus on financial technology. He is a former technology journalist and copywriter who spent more than a decade covering Apple, Google, Microsoft, and other industry giants for various publications. He was also a researcher on several books about Apple. Prior to this, Killian worked in the public sector.

Craig Brett


Craig is a Technology Researcher at Blue Heron. Previously he was a journalist at Bloomberg and other global news agencies, where he covered healthcare, finance, technology, and other sectors from bureaus in London, Toronto, Singapore, Tokyo, and Mumbai. He has written widely about emerging technologies such as AI, blockchain, and quantum communications. He divides his time between Canada and Singapore.

Hope Norman

Deputy Director, Researchers US

Hope is Deputy Director of US Researchers at Blue Heron. She previously spent four years as a researcher at OTR Global and, prior to that, was a manager at Covance, a leading biopharmaceutical clinical research organization. She developed and managed programs that preserve insurance coverage and improve patient access. She also developed tech-based solutions to assist with complex coding and reimbursement issues for various settings of care, implemented patient access programs, addressed payer issues, and conducted reimbursement trainings. Hope has a master’s degree in social welfare from UCLA.

Contact us to discuss your technology due diligence requirements.

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