In a cash + stock deal valued at $20.8M, the acquisition focuses on integrating the diligence suite into PreIPO’s technology stack to expand its SPV-as-a-Service offering allowing investors to access and participate in mature deals before they IPO.
NEW YORK, May 19, 2022 /PRNewswire/ — PreIPO Corporation ("PreIPO™"), a corporation based in Wyoming with offices in South Florida, has executed an agreement to acquire the assets and intellectual property of TABS Suite Pte. Ltd. ("TABS"), a Singaporean company founded by the Kabra family office, to integrate the proprietary "Diligence-as-a-Service™" technology as a vital element of the PreIPO™ Operating Platform.
Known to many by their AI-rubric style metric the "TABS Score," TABS Suite’s systems will enable the PreIPO™ Platform to transform into a more robust digital ecosystem that hosts deals of all sizes by cutting down the time-to-decision during the evaluation and diligence process and providing actionable insights amongst tailored recommendations. TABS will also empower PreIPO to enhance the way investors review and share deals by integrating the dynamic investment memo reporting into the ‘plug and play’ platform branded PreIPO-as-a-Service, a derivative of the familiar Software-as-a-Service ("SaaS") term.
With a total acquisition value of $20.8M, the transaction involves a combination of cash and stock. The founding team of TABS Suite will join PreIPO’s management team and board of directors in the interim period between the execution of this agreement and the final closing agreements.
Michael Carney, COO of PreIPO™, noted that "the capabilities of the all-star PreIPO™ management team just grew exponentially, coupled with the addition of critical IP and patentable technology as [PreIPO] wraps up its bridge round in anticipation for the Series A financing."
The only change that TABS Suite’s existing partners and clientele will notice over the coming weeks is a slight change in branding and user interface as the platform undergoes subtle updates to reflect PreIPO’s brand and styles. The assimilation of TABS Suite’s revenues moves PreIPO into the post-revenue category of burgeoning firms in the private marketplace sector.
TABS Suite managing director Atim Kabra stated that "the entire team at TABS is excited to with PreIPO’s team of experienced industry veterans" and that both he and his co-founder "look forward to further innovations in the FinTech industry together with the PreIPO team" from their new positions on PreIPO’s board of advisors and C-level management team, respectively.
The constantly evolving machine learning-based foundation of the TABS ecosystem will also be the nucleus for PreIPO’s SPV-as-a-Service offering and allow investors to syndicate and transact with their networks and extended networks in the global deal room to obtain favorable pre-IPO positions in brand-name ventures.
About PreIPO™ Corporation
PreIPO™ is a financial technology company specializing in private market securities transactions for investors, sellers, issuers, and financial institutions. A pioneer in distributed financial systems, PreIPO™ is deploying the PreIPO™ Platform at PreIPO.com.
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SOURCE PreIPO Corp