AgileAlgo Holdings
ApprovedTechnology · AI code-generation / low-code enterprise software (Singapore) · Singapore, Singapore · founded 2019
- What it is
- Subscription revenue from self-serve access to the Virtual System Implementer platform plus fixed-price project/consultancy engagements billed by milestone (15-30 day terms) and time-and-material ADA coding-as-a-service; sales concentrated in a handful of Singapore contracts; R&D (including all cloud-hosting costs) expensed within G&A.
- What it’s doing now
- Merging with Inception Growth Acquisition Ltd (IGTA) — approved, announced Sep 12, 2023; shareholder vote Aug 19, 2025.
- What you should know
- At 603.8× revenue the deal prices it above its listed peers, which trade at 4.25×. The deal carries a $5M minimum-cash condition — heavy redemptions can break it.
The business, per its filings
SEC primaryAgileAlgo Holdings Ltd. (BVI holdco incorporated 2023-08-28 for the deal; operating company AgileAlgo Pte. Ltd., Singapore, incorporated December 2019; CEO Tay Yee Paa Tony, with Lee Wei Chiang Francis to be co-CEO and Yeo Eddie Kia Loke CFO of the PubCo) sells a natural-language-to-code 'Virtual System Implementer' platform (ANGEL, marketed on the web as the 'Prodigy Platform': Virtual Data Scientist / Virtual Full-Stack Developer / virtual SAP-and-Salesforce developer roles) plus, since late 2024, an 'ADA' coding-as-a-service line, targeting Singapore public-sector and large-enterprise customers. The financial reality is microscopic against the price: audited FY ended 30-Sep-2024 revenue was $264,957 (up 252% from $75,252; 90% from two contracts; largest contract ever S$200,000) with a net loss of $517,597, going-concern doubt, capital deficiency, and ~$40k/month operating costs - yet the Inception Growth Acquisition Ltd deal values it at up to $160,000,000 ($140M closing = 14,000,000 PubCo shares at $10.00 + $20M earnout), roughly 600x trailing revenue. Signed 2023-09-12, shareholder-APPROVED (DEFM14A/424B3 May 2025), and still unclosed ~3 years after signing after serial Outside-Date extensions (Nov-2024, Mar-2025, May-2025, Jul-2025) and monthly SPAC trust-extension 8-Ks continuing through Jul-2026.
| Revenue | $0.3M (FY ended 2024-09-30 (audited actual; $264,957)) |
Source: 424B3, accession 0001213900-25-047841 · as of Sep 30, 2024 · extraction confidence: high
What the company says about itself
Web research — not auditedagilealgo.ai markets 'Augmenting Human Potential' - AI that turns natural-language requirements into runnable algorithms, reports and workflows, with a 'Try Prodigy' self-serve entry point. Site branding (Prodigy) differs from the filing's product names (ANGEL platform, ADA service), suggesting a post-filing rebrand.
- Markets:
- Enterprise IT delivery; data science; SAP/Salesforce customization; agile software delivery
- Products:
- Prodigy Platform - Virtual Data Scientist, Virtual Full-Stack Developer, Virtual Enterprise Software Developer (SAP/Salesforce), Virtual Functional Multi-agent; 'digitised agile' requirement-to-user-story automation
- Customers:
- None named on site ('Clients, Partners and Technologies' section carries logos only)
Product naming: 424B3 describes the ANGEL platform and ADA coding-as-a-service; the website now brands the offering as 'Prodigy Platform' with no mention of ANGEL/ADA - a rebrand, not a substantive conflict.
Source: https://www.agilealgo.ai/ · captured Aug 15, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
AgileAlgo Holdings is merging with Inception Growth Acquisition Ltd (IGTA), a $104M SPAC currently marked Deal announced.
| Headline equity value | $160M |
| Minimum cash to close | $5M |
Structure per SEC accession(s) 0001213900-23-077307. How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
Was this deal done at an expensive or a cheap valuation?
SpacBrain’s read on the price
Priced above its listed peers
The deal values AgileAlgo Holdings Ltd. at $160M, or 603.8× the FY ended 2024-09-30 (audited actual; $264,957) actual revenue it actually reported. That is 142.1× what the market pays for its closest listed peers (median 4.25×) — an expensive price. It is priced above 100% of them.
Announced equity value (net debt unknown).
FY ended 2024-09-30 (audited actual; $264,957) — a reported actual.
603.8× FY ended 2024-09-30 (audited actual; $264,957) actual revenue. Put another way: $1 of its annual sales is being bought for $603.80.
$1 of their sales costs $4.25 on the open market. Median of 4 listed companies we judged a true comparable, which individually run from 3.35× to 9.66×. Their share prices are from 15 August 2026, not today.
What qualifies this number
- The target's cash and debt are not in the filings we have, so this is an equity value used as a stand-in for enterprise value.
- IPO-HOTE, ORKT, GMM have no revenue to divide by, so they are shown but left out of the peer median.
The listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| APPN | Appian Corporation | $2.5B | 3.4x | 66.8x | Appian - listed low-code enterprise application platform; the established version of 'business requirements to working software without engineers'. |
| IPO-HOTE | Hotel 101 Global Pte Ltd | — | — | — | Operational comp: Real Estate Services (NEC); shares singapore, developer, pte, ltd, for, company with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| PATH | UiPath, Inc. | $8.3B | 4.2x | 57.2x | UiPath - enterprise automation/agentic-AI platform; benchmarks what automating white-collar delivery work earns at scale. |
| ORKT | Orangekloud Technology Inc | $5M | — | — | Operational comp: Software (NEC); micro-cap ($5m); shares code, coding, enterprise, platform, operating, software with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| AI | C3.ai, Inc. | $1.5B | 4.3x | — | C3.ai - enterprise AI application platform with lumpy, concentrated contracts; a fair analogue for AgileAlgo's project-concentrated revenue model. |
| GMM | Global Mofy AI Ltd | $50M | — | — | Operational comp: Technology Consulting & Outsourcing Services; micro-cap ($50m); shares virtual, reality, ltd, customers, two, service with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| BBAI | BigBear.ai, Inc. | $1.6B | 9.7x | — | BigBear.ai - small-cap AI-services de-SPAC; the realistic post-listing trajectory comp for a micro-revenue AI story taken public via SPAC. |
Which companies belong on this list is our judgement, and the sentence beside each one is the whole of our reasoning — disagree with it and the verdict above changes. Rows marked context only are shown because they are informative, but they are deliberately left out of the median. The multiples come from listed-company data priced Aug 15, 2026; a private target’s deal multiple is not audited the way theirs are.
Common questions
Is AgileAlgo Holdings going public?
AgileAlgo Holdings has an approved merger with the SPAC Inception Growth Acquisition Ltd (IGTA), announced Sep 12, 2023. Deal status: Approved.
What is AgileAlgo Holdings's SPAC deal valuation?
The announced headline equity value is $160M.
Was AgileAlgo Holdings bought at an expensive or a cheap valuation?
The deal values AgileAlgo Holdings Ltd. at $160M, or 603.8× the FY ended 2024-09-30 (audited actual; $264,957) actual revenue it actually reported. That is 142.1× what the market pays for its closest listed peers (median 4.25×) — an expensive price. It is priced above 100% of them.
Does AgileAlgo Holdings have revenue?
The filings report a revenue figure of $0.3M (FY ended 2024-09-30 (audited actual; $264,957)).
Educational content, not investment advice.
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