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M&A SCIENCE — Terms of Use

Effective Date: May 11, 2026

By accessing or using our Services, you agree to these Terms.

These Terms of Use (“Terms”) govern your access to and use of the websites, applications, learning management system, courses, certifications, assessments, advisor directory, AI-enabled research tools, on-demand advisory services, and related services (collectively, the “Services”) provided by M&A Science, Inc., an Illinois corporation (“M&A Science,” “we,” “us,” or “our”).

M&A Science is an independent company. Following a corporate carve-out completed in November 2025, M&A Science is no longer affiliated with DealRoom, Inc. as a parent or sister entity.  M&A Science is an independent company and is not responsible for the products, services, acts, omissions, data practices, or contractual obligations of DealRoom, Inc. or any other third party. Any DealRoom products, integrations, discounts, referrals, or related services are provided subject to separate terms between the applicable customer and DealRoom or the applicable third party. Nothing in these Terms creates any agency, partnership, joint venture, reseller, support, warranty, or service obligation between M&A Science and DealRoom.

By accessing or using the Services, you agree to these Terms. If you do not agree, do not access or use the Services.

1. Overview of the Services

M&A Science offers the following Services. Specific features may be added, modified, or discontinued at our discretion.

1.1 DealPilot Membership

DealPilot Membership is our umbrella subscription product. It is offered in multiple tiers, which may include individual, team, and enterprise level membership options. Current membership tiers, included features, user limits, and pricing are described on our pricing page, in the applicable checkout flow, order form, statement of work, or other written purchasing document accepted by M&A Science.

Membership features may include DealPilot platform access; M&A-trained AI research and guidance tools; certifications; assessments; exclusive on-demand content; benchmarking; DealRoom-related partner discounts; workshops; data access; advisor hours; or other services, depending on the applicable tier purchased.

  1. Seats are for named individual users and may not be shared, pooled, or used by more than one individual. Administrators may reassign seats only in connection with personnel changes or as otherwise permitted through the Services.

1.2 M&A Competency Assessment

The M&A Competency Assessment (the “Assessment”) may be purchased on an individual or bulk basis. Current pricing, bulk pricing, included attempts, credit quantities, and any applicable discounts are described on our pricing page, in the applicable checkout flow, order form, invoice, or other written purchasing document accepted by M&A Science. Bulk purchasers may designate test recipients via the administrative interface. Specific attempt, credit, and re-issuance terms are set forth in Section 3.2.

1.3 Certified Advisor on Demand

Certified Advisor on Demand is an hourly engagement service that connects buyers with Buyer-Led M&A™ Certified Advisors for matter-specific consultation. Engagements scope, advisor hours, fees, payment terms, and any package details will be set forth in a separate engagement letter, order form, statement of work, or other written purchasing document accepted by M&A Science.  M&A Science may facilitate introductions, scheduling, payment administration, and execution of an engagement letter, but the substantive advisory services are provided by independent advisors and not by M&A Science. Certified Advisors are not employees, agents, partners, or representatives of M&A Science, and M&A Science does not control, supervise, verify, or guarantee any advice, recommendation, work product, availability, credentials, conflicts status, or outcome provided by any Certified Advisor.

Certified Advisor on Demand is not a substitute for legal, tax, accounting, financial, investment banking, valuation, broker-dealer, regulatory, or other licensed professional advice. You are solely responsible for evaluating any advisor, determining whether an advisor is appropriate for your matter, obtaining any necessary professional advice, and making all transaction and business decisions.

1.4 Public Content

Visitors may access public website content, the M&A Science Podcast, the Deal Current newsletter, free Off Mandate sessions, and other marketing or educational materials we make publicly available without registration.

1.5 Buyer-Led M&A™ Certified Advisor Directory

Holders of an active Buyer-Led M&A™ Certification may, at their election, be listed in our public directory of certified advisors. Listing is optional; opting in authorizes M&A Science to publish your name, professional credentials, region, sector and functional specializations, deal-stage focus, and a contact mechanism. You may withdraw your listing at any time by written request to support@mascience.com. M&A Science may decline, suspend, modify, or remove any directory listing at any time if we believe the listing is inaccurate, misleading, outdated, violates these Terms, or could harm M&A Science, users, or third parties. You are responsible for ensuring that your directory information remains accurate and does not imply licensure, accreditation, endorsement, or expertise beyond your actual qualifications.

2. Eligibility and Accounts

2.1 Eligibility

You must be at least 18 years old and capable of forming a binding contract under the laws of your jurisdiction.

2.2 Account Accuracy

You must provide accurate registration information and keep it current. Designated administrators of Teams and Connect accounts must keep their seat allocations and contact information current.

2.3 Account Security

You are responsible for maintaining the confidentiality of your login credentials and for all activity under your account. Notify us immediately of any unauthorized use at support@mascience.com.

2.4 Organization Administrators

Teams and Connect administrators may add and remove seats, manage workspace content, designate Competency Assessment recipients, and manage other administrative functions on behalf of their organization. Organization administrators acknowledge that they are authorized to bind the organization to these Terms.

3. Certifications and Assessments

M&A Science offers digital certifications, badges, assessments, and other acknowledgments of completion (collectively, “Certifications and Assessments”). Section 3.1 governs Certifications. Section 3.2 governs the M&A Competency Assessment specifically.

3.1 Certifications

The current Certifications include the M&A Fundamentals Certification and the Buyer-Led M&A™ Certification. Unless stated otherwise at the time of enrollment:

  • (a) Completion timeline. You will have at least one (1) year from the date of purchase or enrollment to complete the requirements necessary to earn a Certification, unless a different timeline is specified for that program.
  • (b) Evaluation. Certifications may require written responses, projects, quizzes, or other evaluative materials. M&A Science may use a combination of human review, automated grading, and AI-enabled evaluation tools. While we make reasonable efforts to provide fair and accurate evaluations, you acknowledge that grading outcomes may not always reflect subjective human judgment, and you agree to accept results as final except where M&A Science expressly permits resubmission.
  • (c) Personal credential. Certifications are personal to the participant who completed the requirements and may not be transferred, assigned, or sold. Posting Certifications on professional networks (e.g., LinkedIn) is permitted, provided they are presented accurately and not misleadingly.
  • (d) Public directory listing. Earning the Buyer-Led M&A™ Certification entitles you to opt into a public listing in the Buyer-Led M&A™ Certified Advisor Directory. Opting in is voluntary; declining does not affect your earned credential. See Section 1.5.
  • (e) No academic or professional accreditation. Certifications do not constitute academic credit, continuing education units, professional licensure, or accreditation of any kind. M&A Science does not guarantee that any third party — including employers, institutions, or regulatory bodies — will recognize a Certification for any purpose.
  • (f) Modifications. M&A Science reserves the right to modify Certification requirements, discontinue Certifications, or introduce new Certification programs at any time.

3.2 M&A Competency Assessment — Attempts, Credits, and Re-issuance

This Section 3.2 governs purchase, attempt eligibility, credit redemption, and re-issuance of access codes for the M&A Competency Assessment. Pricing is set forth in Section 1.2.

(a) Individual Attempts.

  • Each purchased attempt entitles the test-taker to one (1) administration of the Assessment at the price stated at the time of purchase..
  • An attempt is considered consumed when the test-taker begins the Assessment.
  • If the test-taker is unhappy with their score, they may purchase additional attempts at the then-current price by completing a new purchase. Each purchased attempt is independent; prior attempts are not refunded or superseded.

(b) Team Credits.

  • Bulk purchases yield assessment credits, with the number of credits and applicable pricing stated at the time of purchase or in the applicable order form, invoice, checkout flow, or other written purchasing document accepted by M&A Science..
  • Account administrators may assign Credits to specific users (each, an “Assigned User”) via the administrative interface. Once a Credit is assigned, only the Assigned User may use that Credit.
  • A Credit is considered consumed when the Assigned User begins the Assessment, regardless of whether the Assigned User completes it. The limited non-completion exception in subsection (d) is the only circumstance under which a consumed Credit may be restored.
  • Unused, unassigned Credits remain valid for twelve (12) months from the date of purchase unless otherwise stated at the time of purchase.

(c) Lost-Access Re-issuance.

  • If the test-taker loses access to the Assessment during an attempt — due to technical issue, internet disruption, browser failure, or other circumstance preventing completion — the test-taker (or, for Team accounts, the Account Administrator on behalf of the Assigned User) may request a secondary access code by emailing support@mascience.com.
  • Re-issuance requests must be received within seven (7) calendar days of the original incomplete attempt. Requests received after the seven-day window will not be honored, and the original attempt or Credit will be deemed consumed.
  • M&A Science reserves the right to verify the circumstances of the incomplete attempt before issuing a secondary access code, including by reviewing platform logs.

(d) Team Credits — Non-Completion Exception.

  • For Team accounts, if an Assigned User does not complete the Assessment after beginning it, the Credit will be considered consumed unless the Account Administrator notifies M&A Science at support@mascience.com within seven (7) calendar days of the date the Assigned User became inactive on the Assessment.
  • Where notice is timely and the circumstances warrant, M&A Science will, in its sole and reasonable discretion, restore the Credit to the Account Administrator's pool for reassignment. Notices received after the seven-day window will not be honored.

(e) Personal Results.

  • Assessment scores are personal to the test-taker. For Team accounts, scores are released to the Account Administrator only as authorized by the Assigned User and the Account Administrator at the time of test administration.
  • Assessment results are not a Certification and confer no credential, license, or accreditation.

(f) Refunds.

  • Except as expressly provided in subsections (c) and (d) of this Section 3.2, attempts and Credits are non-refundable. The general refund policy in Section 4.3 also applies.

(g) Modifications.

  • M&A Science reserves the right to modify Assessment content, scoring methodology, pricing, attempt windows, and re-issuance procedures at any time. Material changes will be communicated through the Services or via email to active Account Administrators.
  1. 3.3 Assessment Integrity. You may not cheat, copy, share Assessment questions or answers, use unauthorized assistance, impersonate another person, allow another person to take an Assessment on your behalf, reverse engineer Assessment content, or otherwise compromise the integrity of any Assessment. M&A Science may use reasonable technical, manual, and automated methods to detect misconduct. If M&A Science determines, in its reasonable discretion, that an Assessment attempt or result may be invalid or compromised, M&A Science may suspend access, withhold or invalidate results, revoke related credentials, deny reissuance, or refuse future participation without refund.

4. Fees, Billing, and Refunds

4.1 Membership Fees

Fees for memberships, assessments, Certified Advisor on Demand engagements, Connect engagements, and other paid Services are as stated on our pricing page, in the applicable checkout flow, invoice, order form, statement of work, engagement letter, or other written purchasing document accepted by M&A Science. Unless otherwise stated in the applicable purchasing document, membership fees are billed annually in advance, assessments are billed at the time of purchase, Connect engagements are invoiced in accordance with the applicable statement of work, and Certified Advisor on Demand engagements are invoiced in accordance with the applicable engagement letter.

Prices, features, usage limits, and packaging may change from time to time. Changes will not affect a paid subscription during its then-current term unless otherwise stated in the applicable purchasing document or required by law. Renewal terms will be charged at the then-current price disclosed before renewal, unless otherwise stated in the applicable purchasing document.

4.2 Automatic Renewal

Annual memberships renew automatically on the anniversary of purchase unless canceled before the renewal date. We will provide reasonable advance notice of upcoming renewals where required by law.

4.3 Refund Policy

Except where required by applicable law and except for the limited Assessment re-issuance and credit-restoration provisions set forth in Section 3.2(c)–(d), M&A Science does not offer refunds. If M&A Science materially breaches these Terms and does not cure the breach within a reasonable period after written notice, we will provide a pro rata refund of prepaid fees covering the period after the effective date of termination. No other refunds are offered.

4.4 Taxes

Fees are exclusive of applicable taxes. You are responsible for any taxes assessed on your purchase, except for taxes on M&A Science's net income.

5. Acceptable Use

You agree not to:

  • Upload or share illegal, infringing, harmful, defamatory, or abusive content.
  • Upload confidential third-party materials without authorization.
  • Misrepresent AI-generated outputs as legal, financial, investment, tax, or transaction advice.
  • Attempt to scrape, harvest, or extract content or data from the Services.
  • Use any portion of the Services  (including course content, the M&A-trained LLM, or assessment materials)  to train, fine-tune, or improve any machine learning model or AI system.
  • Share Certification credentials, badges, or directory listings in a misleading manner, including claiming a Certification you have not earned.
  • Resell, sublicense, or otherwise transfer your access to any third party without our prior written consent.
  • Reverse engineer, benchmark, evaluate, or publicly report on the performance of the Services or AI Features without our prior written consent.
  • Copy, disclose, publish, distribute, or otherwise share Assessment questions, answers, scoring criteria, or other non-public assessment materials.
  • Upload sensitive personal information, regulated data, or confidential third-party transaction materials unless you have all rights and authorizations necessary to do so.

6. AI Features and Disclaimers

6.1 The DealPilot AI Features

DealPilot includes AI-enabled research and guidance tools, including a large language model trained on M&A Science's proprietary practitioner intelligence (the “DealPilot AI Features”). When you use the DealPilot AI Features:

  • AI outputs may be inaccurate, incomplete, or unsuitable for your intended use.
  • AI outputs are not legal, financial, tax, investment, or transaction advice and must not be relied upon as such.
  • You are responsible for independently verifying any information before relying on it in any business decision or external communication.
  • M&A Science may log, store, and analyze your queries and the AI's responses to operate, monitor, secure, and improve the Services. Enterprise (Connect) workspace queries are subject to the additional protections in Section 7.4.
  • M&A Science may log, store, and analyze your queries, uploaded materials, and AI outputs to provide, maintain, secure, troubleshoot, and improve the Services, subject to our Privacy Policy and any applicable order form or statement of work. M&A Science will not use Connect workspace content to train AI models, and will not use non-public user content to train AI models except where permitted by the applicable product settings, your consent, or a separate written agreement.

6.2 Third-Party Materials

M&A Science is not liable for content or materials of any third parties (including users, Deal Leaders, Certified Advisors, podcast guests, or linked sites), or for any errors, omissions, or losses resulting from such content. We do not pre-screen content but reserve the right to refuse or remove any content in our sole discretion. You evaluate, and bear all risks associated with, any content available through the Services.

7. Intellectual Property

7.1 Our IP

M&A Science owns all right, title, and interest in the Services, including the DealPilot platform and AI Features, the courses, videos, events, frameworks, research tools, the M&A Competency Assessment, the Buyer-Led M&A™ methodology, and the related materials. The Buyer-Led M&A™ name and mark are trademarks of M&A Science. You may not copy, distribute, perform, modify, or create derivative works from our content except as expressly permitted in writing.

7.2 No AI Training on Our Content

You may not access, scrape, copy, or use our content, courses, materials, or AI outputs to train, fine-tune, evaluate, or improve any AI model without our prior written permission.

7.3 Individual User Content

If you submit comments, assignments, profile information, or other non-enterprise content (including content submitted in connection with the Buyer-Led M&A™ Certified Advisor Directory listing), you grant M&A Science a limited, non-exclusive, revocable license to use, store, reproduce, and display such content solely to operate and improve the Services and to publish your directory listing where you have opted in.

7.4 Enterprise (Connect) Workspace Content

“Enterprise Content” means content, documents, data, prompts, queries, comments, annotations, templates, SOPs, files, materials, and other information uploaded to, submitted through, or generated within a private Connect workspace. Connect customers retain all right, title, and interest in their Enterprise Content. M&A Science receives only a limited, non-exclusive license to host, process, transmit, display, and use Enterprise Content solely as necessary to provide, secure, support, and improve the Services for that Connect customer, subject to the restrictions below.

With respect to Enterprise Content, we will not:

  • Train AI models on Enterprise Content;
  • Use it for product development outside of operating the Services for the customer; or
  • Share it across organizations.

We may use aggregated or de-identified usage analytics that contain no identifiable enterprise materials.

7.5 Deal Leader and Certified Advisor Contributions

Deal Leaders, Buyer-Led M&A™ Certified Advisors, and other contributors who provide content to M&A Science do so under separate written agreements. Those agreements govern ownership, license, and compensation of contributor materials. Nothing in these Terms modifies a contributor agreement.

8. Data Use and Privacy

We collect personal information, technical data, and usage analytics to operate, secure, and improve the Services. For details, see our Privacy Policy at mascience.com/privacy. By using the Services, you consent to our collection and use of personal data as outlined in the Privacy Policy.

9. Mobile Services

The Services may be accessible on mobile devices. Your carrier's data rates may apply. If you opt in to SMS communications, you consent to receive operational or transactional text messages and may opt out at any time. You are responsible for maintaining the security of your mobile device and any activity undertaken through it.

10. Events

For events (virtual or in-person), including Science Fair, Labs, and Off Mandate sessions:

  • We may record sessions for marketing, training, and on-demand replay.
  • We may use event photos and video for marketing unless you opt out where legally required.
  • You must behave professionally and comply with any event-specific rules and codes of conduct.
  • Event specific registration terms, releases, codes of conduct, or venue rules may also apply and will control in the event of a conflict with this Section solely with respect to the applicable event.

11. Termination

We may suspend or terminate your access for violations of these Terms or misuse of the Services. You may terminate your account at any time. Upon termination:

  • Individual accounts lose access immediately.
  • Connect customers may request deletion or export of workspace content per the procedures in their order form or statement of work.
  • Prepaid fees are non-refundable except for any applicable pro rata refund due to our material breach.
  • Sections that by their nature should survive termination — including IP, confidentiality, disclaimers, limitation of liability, and dispute resolution — will survive.

12. Disclaimers

THE SERVICES ARE PROVIDED “AS IS” AND “AS AVAILABLE.” WE DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT, ACCURACY OF AI OUTPUTS, AND CONTINUOUS AVAILABILITY OF COURSES, ASSESSMENTS, OR EVENTS. NO ADVICE OR INFORMATION OBTAINED FROM THE SERVICES CREATES ANY WARRANTY NOT EXPRESSLY STATED IN THESE TERMS.

13. Limitation of Liability

TO THE MAXIMUM EXTENT PERMITTED BY LAW: M&A SCIENCE WILL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, OR EXEMPLARY DAMAGES, OR FOR LOSS OF PROFITS, REVENUE, DATA, OR BUSINESS OPPORTUNITY, ARISING OUT OF OR RELATING TO THE SERVICES OR THESE TERMS, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

OUR TOTAL LIABILITY FOR ANY CLAIM ARISING OUT OF OR RELATING TO THE SERVICES OR THESE TERMS IS LIMITED TO THE GREATER OF (A) THE FEES YOU PAID TO M&A SCIENCE IN THE SIX (6) MONTHS PRECEDING THE EVENT GIVING RISE TO THE CLAIM, OR (B) ONE HUNDRED U.S. DOLLARS ($100).

FOR CLARITY, M&A SCIENCE’S LIABILITY FOR CLAIMS RELATING TO CERTIFIED ADVISOR ON DEMAND IS LIMITED TO M&A SCIENCE’S ROLE IN FACILITATING THE APPLICABLE ENGAGEMENT AND DOES NOT EXTEND TO THE ACTS, OMISSIONS, ADVICE, RECOMMENDATIONS, OR WORK PRODUCT OF INDEPENDENT CERTIFIED ADVISORS.

14. Indemnification

You agree to indemnify, defend, and hold M&A Science, its affiliates, officers, employees, contractors, Deal Leaders, and Certified Advisors harmless from any claims, damages, losses, liabilities, costs, and expenses (including reasonable attorneys' fees) arising out of your misuse of the Services, your violation of these Terms or applicable law, your content, your infringement of any third-party right, or your use of any AI output, Assessment result, Certification, advisor recommendation, or directory listing in a manner that gives rise to a third-party claim.

15. Governing Law

These Terms are governed by the laws of the State of Illinois, without regard to its conflict-of-law principles. The federal and state courts located in Cook County, Illinois have exclusive jurisdiction over any dispute not subject to arbitration under Section 16.

16. Arbitration Agreement

You and M&A Science agree that any dispute arising out of or relating to these Terms or the Services will be resolved through binding individual arbitration in Cook County, Illinois under the rules of the American Arbitration Association, and not in court. The arbitrator may award the same remedies as a court but only on an individual basis. No class actions, class arbitration, or representative actions are permitted. Either party may seek injunctive relief in court for misuse of intellectual property or confidential information. You may opt out of this arbitration agreement by notifying us at support@mascience.com within 30 days of first accepting these Terms.

17. Changes to the Terms

We may update these Terms from time to time. We will notify you of material changes by email or by an in-product notice, and continued use of the Services after the effective date of the change indicates acceptance. The latest version is always available at mascience.com/terms.

18. Contact

M&A Science, Inc.

300 N. State Street, #3033

Chicago, IL 60654

support@mascience.com

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