Todd Kaltman



Managing Director

Todd Kaltman is a managing director in the Duff & Phelps Opinions practice of Kroll. He joined the firm in 2000 and is based in the Los Angeles office.

Todd leverages more than 30 years of corporate and securities valuation experience and specializes in providing fairness opinions, solvency opinions and valuation advice for corporate transactions. Todd has experience across a broad range of industries and has substantial transactional experience in both the software/technology and healthcare services sectors.

Some of Todd’s notable experience includes:

  • SAP SE’s (XTRA:SAP) acquisition of Taulia, Inc. and minority equity investment in Icertis, Inc. (fairness opinions)
  • HP Inc.’s (NYSE:HPQ) acquisition of the HyperX gaming peripherals business of Kingston Technology Company, Inc. (fairness opinion)
  • Qualtrics International Inc.’s (NasdaqGS:XM) acquisition of Clarabridge, Inc. (fairness opinion)
  • ZMC’s sale of AdThrive, LLC to a new continuation fund vehicle (fairness opinion)
  • Webster Equity Partners’ sale of Bristol Hospice, PharmaLogic and BayMark Health Services to continuation fund vehicles (fairness opinions)
  • SunPower Corporation’s (Nasdaq:SPRW) spin-off of its solar module manufacturing business (solvency opinion)
  • Verint System Inc.’s (NasdaqGS:VRNT) spin-off off its cyber intelligence business (solvency opinion)
  • Annual valuations of Driscoll’s, Inc. for shareholders’ agreement purposes
  • Monthly valuations of American Century Investments for recurring repurchases of employee shares
  • Numerous leveraged dividend recapitalization transactions for portfolio companies of Vista Equity Partners, The Carlyle Group, KKR, TPG, Hellman & Friedman, Thoma Bravo, ZMC, and others.

Todd received his B.S. in business administration, magna cum laude, from California State University, Northridge. He is a chartered financial analyst (CFA) charterholder and he holds the Financial Industry Regulatory Authority Series 7 and 63 licenses. He is also a member of the CFA Institute and the CFA Society of Los Angeles.

Ranked No. 1 for Global Fairness Opinions

Ranked no. 1 for U.S., EMEA and Global Fairness Opinions

Duff & Phelps Opinions is a global leader in Fairness Opinions and Special Committee Advisory, ranking #1 for total number of global fairness opinions for full year 2022 and the past 10 years, according to Refinitiv cumulative data from 2013-2022.

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Corporate Finance and Restructuring

M&A advisory, restructuring and insolvency, debt advisory, strategic alternatives, transaction diligence and independent financial opinions.

Fairness and Solvency Opinions

Duff & Phelps Opinions is a global leader in Fairness Opinions and Special Committee Advisory, ranking #1 for total number of fairness opinions in the U.S., EMEA (Europe, the Middle East and Africa), Australia and Globally in 2023 according to LSEG (FKA Refinitiv).

Commercially Reasonable Debt Opinions

Advisory on capital structure, interest rate, and the other economic terms of debt securities.

Fairness Opinions

#1 ranked provider of fairness opinions for boards of directors and special committees.

Solvency Opinions

Duff & Phelps Opinions practice is a globally recognized leader in solvency opinions. Since 2005, we have rendered more than 2,585 fairness and solvency opinions for transactions with an aggregate deal value of over $8 trillion.

ESOP and ERISA Advisory

Kroll's Corporate Finance ESOP/ERISA practice is a leading corporate finance and valuation advisor to companies and ERISA fiduciaries.