KIKA Technology INC.
Definitive (DA signed)Communication Services · AdTech dynamic matching technology services · Hong Kong, Hong Kong · founded 2023 · 10 employees
- What it is
- Fee-for-service ad-traffic optimization: HK TP applies proprietary dynamic tag matching to improve advertisers' return-on-ad-spend, billed per engagement (variable cost structure, ~30% gross margin in the March-2026 quarter), plus newly launched custom software development contracts; heavy client concentration and one-quarter-old revenue base.
- What it’s doing now
- Merging with Wintergreen Acquisition Corp. (WTG) — definitive (da signed), announced Nov 17, 2025; expected close H1 2026 (lapsed).
- What you should know
- At 6.3× revenue the deal prices it above its listed peers, which trade at 1.55×. The deal carries a $5M minimum-cash condition — heavy redemptions can break it.
The business, per its filings
SEC primaryKIKA Technology INC. (Cayman holdco, inception 2023-10-31; all operations via Hong Kong subsidiary Time Point Technology Co., Limited 'HK TP'; 10 full-time employees, all in Hong Kong; CEO Tony Han) sells 'AdTech Dynamic Matching Technology' services (dynamic tag matching / traffic-label optimization for advertisers) plus, since Q1 2026, custom software development. Micro-scale with a suspicious hockey stick: revenue was $1.6M from inception through 30-Jun-2024 (net profit $146,547) and $1.3M in FY-June-2025 (net loss $172,819, working-capital deficit), then exploded to $12.68M for the nine months ended 31-Mar-2026 (+1,294% YoY; the single March-2026 quarter's $6.39M grew 5,087% YoY and exceeded the prior two fiscal years combined) - with customer retention of just 13%, 4 key clients contributing 82% of revenue, average revenue per customer jumping from ~$29k to ~$507k, and total assets of only $4.48M. The Wintergreen Acquisition Corp. merger (BCA 2025-11-18; S-4 2026-04-16, 4th S-4/A 2026-08-12) prices 100% of KIKA at an $80,000,000 pre-money equity valuation (7,980,050 shares at $10.025) - supported by no fairness opinion, only a King Kee Valuation & Consulting report, and management projections through 2035 assuming 280% growth in FY2026, 100% in FY2027 and $120M revenue by FY2035.
| Revenue | $12.7M (9M ended 2026-03-31 (actual; FY-June-2025 was just $1.3M)) |
| Book value | $2.6M |
Source: S-4/A, accession 0001829126-26-009468 · as of Mar 31, 2026 · extraction confidence: high
What the company says about itself
Web research — not auditedKika Tech is a company that provides engaging communications and emotional connection through its AI engine. Its signature product is the Kika Keyboard, an expressive and universal custom keyboard app available on Android and iOS. The company partners with leading movie studios and sports teams to provide themes, stickers, and GIFs.
- Markets:
- Mobile Apps | Artificial Intelligence | Communication
- Products:
- Kika Keyboard | HyFont | Global IME Service
- Customers:
- Real Madrid | FC Barcelona | Wonder Woman | Minions | Despicable Me
[WEB-INTEL 2026-08-25] 7 finding(s) · foundedYear — FILING: 2023 (S-4/A 0001829126-26-008666) · WEB: 2011 [https://www.kikatech.com/] — filing stands; recorded, not resolved. · hq city — FILING: Hong Kong, Hong Kong (S-4/A 0001829126-26-008666) · WEB: Beijing [https://www.kikatech.com/] — filing stands; recorded, not resolved. · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Expected close: mid-2026." [https://tickerspark.ai/market/kika-technology-spac-merger] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "KIKA is being valued at $80,000,000 in the merger" [https://tickerspark.ai/market/kika-technology-spac-merger] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Announced deal value$80M." [https://spacbrain.com/spac/WTG/deal] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Announced 17 November 2025." [https://spacbrain.com/spac/WTG/deal] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Wintergreen Acquisition's 10-K outlines a proposed $80M merger with AdTech firm KIKA, a $57.4M trust balance" [https://www.stocktitan.net/sec-filings/WTG/10-k-wintergreen-acquisition-corp-files-annual-report-e78bc17616fc.html]
Source: https://www.kikatech.com/ · captured Aug 25, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
KIKA Technology INC. is merging with Wintergreen Acquisition Corp. (WTG), a $56M SPAC currently marked Deal announced and trading at $10.58 against $10.03 in trust per share.
| Headline equity value | $80M |
| Minimum cash to close | $5M |
Structure per SEC accession(s) 0001829126-25-009262, 0001829126-26-003564. 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 KIKA Technology INC. at $80M, or 6.3× the 9M ended 2026-03-31 (actual; FY-June-2025 was just $1.3M) actual revenue it actually reported. That is 4.1× what the market pays for its closest listed peers (median 1.55×) — an expensive price. It is priced above 80% of them.
Announced equity value (net debt unknown).
9M ended 2026-03-31 (actual; FY-June-2025 was just $1.3M) — a reported actual.
6.3× 9M ended 2026-03-31 (actual; FY-June-2025 was just $1.3M) actual revenue. Put another way: $1 of its annual sales is being bought for $6.30.
$1 of their sales costs $1.55 on the open market. Median of 5 listed companies we judged a true comparable, which individually run from 0.27× to 15.53×. 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.
- MI, KCG, GRNQ 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 |
|---|---|---|---|---|---|
| APP | Applovin Corporation | $105.6B | 15.5x | 19.6x | AppLovin - the scaled benchmark for algorithmic ad-matching/optimization economics; the aspirational ceiling for any 'dynamic matching' AdTech claim. |
| MI | Nft Ltd | $57M | — | — | Operational comp: E-commerce & Auction Services; micro-cap ($57m); shares valuation, kong, hong, consulting, services, for with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| MGNI | Magnite, Inc. | $3.5B | 4.9x | 23.1x | Magnite - listed programmatic ad-infrastructure (SSP) mid-cap; realistic multiple anchor for ad-traffic optimization businesses. |
| KCG | Keystone Global Financial Group | — | — | — | Operational comp: Investment Management & Fund Operators (NEC); shares kong, hong with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| DSP | Viant Technology Inc. | $867M | 0.8x | 10.3x | Viant Technology - small-cap programmatic ad platform; closer in scale-risk profile to a sub-$100M-valuation AdTech. |
| GRNQ | GreenPro Capital Corp | $16M | — | — | Operational comp: Corporate Financial Services (NEC); micro-cap ($16m); shares kong, hong, consulting, growth, capital, limited with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| PERI | Perion Network Ltd | $404M | 0.3x | — | Perion Network - small-cap ad-tech intermediary whose de-rating shows how the market treats concentration and channel risk in this niche. |
| MCHX | Marchex, Inc. | $82M | 1.6x | — | Marchex - micro-cap conversational/ad analytics comp; the floor of listed AdTech valuations at KIKA's actual revenue scale. |
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 KIKA Technology INC. going public?
KIKA Technology INC. has a signed merger with the SPAC Wintergreen Acquisition Corp. (WTG), announced Nov 17, 2025. Deal status: Definitive (DA signed).
What is KIKA Technology INC.'s SPAC deal valuation?
The announced headline equity value is $80M.
Was KIKA Technology INC. bought at an expensive or a cheap valuation?
The deal values KIKA Technology INC. at $80M, or 6.3× the 9M ended 2026-03-31 (actual; FY-June-2025 was just $1.3M) actual revenue it actually reported. That is 4.1× what the market pays for its closest listed peers (median 1.55×) — an expensive price. It is priced above 80% of them.
Does KIKA Technology INC. have revenue?
The filings report a revenue figure of $12.7M (9M ended 2026-03-31 (actual; FY-June-2025 was just $1.3M)).
Educational content, not investment advice.
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