MicroTouch Technology
ApprovedCommunication Services · AdTech (programmatic traffic matching) / IT services · Hong Kong, Hong Kong · founded 2025
- What it is
- Intermediary economics in both lines: SmartFlow buys/aggregates ad traffic from suppliers and resells matched impressions to demand parties (thin, volume-driven spread - FY2025 gross margin ~40% but interim gross profit flat while revenue grew); custom software development billed per project to enterprise clients, won mainly through referrals and offline relationship networks rather than a sales engine. Holding-company structure relies on dividends up from the Hong Kong subsidiaries.
- What it’s doing now
- Merging with Future Vision II (FVN) — approved, announced Jan 16, 2026; shareholder vote Jul 23, 2026.
- What you should know
- The real share count puts the effective valuation 80% above the announced $90M. At 8.5× revenue the deal prices it above its listed peers, which trade at 0.81×. The deal carries a $5M minimum-cash condition — heavy redemptions can break it.
The business, per its filings
SEC primaryMicroTouch Technology Inc. is a Cayman holding company incorporated 10-Oct-2025 (BVI intermediate MT BVI incorporated 17-Oct-2025) whose only operations sit in two wholly-owned Hong Kong subsidiaries, Shuang Long Technology Limited and Fast Joyful Technology Limited - no Mainland China operations. Two segments: (i) SmartFlow Real-Time Matching (SFM), an in-house algorithmic engine that aggregates non-PII multi-tagged web/app traffic from suppliers and matches it in real time to digital-advertising demand parties, and (ii) full-lifecycle custom software development for enterprise clients (DevOps-based delivery, technology middle-platform components, planned low-code tooling). THE FINANCIAL REALITY VS THE STORY: FY2025 (ended Sep-30-2025) revenue was $19.2M ACTUAL, up 586.5% from $2.8M in FY2024 almost entirely because SmartFlow only commenced operations in 2025; net income swung to $2.0M from a $2.6M loss; 1H FY2026 (six months to Mar-31-2026) revenue $17.5M with just $0.2M net income and near-flat quarterly gross profit as mix shifted. Concentration is extreme: in FY2024 ONE customer was 100% of revenue; in FY2025 three customers were 57% and three vendors 66% of purchases. The balance sheet is tiny for the revenue: total assets fell from $15.7M (9/30/24) to $6.6M (9/30/25) to $4.6M at 3/31/26, with cash down from $9.3M to $0.56M and book equity of only ~$0.6M against $2.8M of long-term borrowings. The corporate shell, the $90M valuation (8,955,224 New MT shares at ~$10.05), and CEO Aijiao Tian and CFO Jinyan Han were all put in place in October 2025, three months before the 16-Jan-2026 Merger Agreement with Future Vision II Acquisition Corp.; FVN shareholders approved the deal 27-Jul-2026.
| Revenue | $19.2M (FY2025A (year ended Sep 30, 2025, audited; 1H FY2026 (6M to Mar 31, 2026) $17.5M unaudited)) |
| Gross margin | 40.1% |
| Cash | $0.6M |
| Debt | $2.8M |
| Book value | $0.6M |
Source: 424B3, accession 0001829126-26-007011 · as of Mar 31, 2026 · extraction confidence: high
What the company says about itself
Web research — not auditedMicroTouch provides innovative touch solutions across various sectors including retail, hospitality, gaming, healthcare, financial, and industrial applications. The company highlights its capacitive touchscreens with features like multitouch capabilities and high resolution, backed by over 100 patents, 40 years of industry leadership, and more than 50 million installations in over 80 countries.
- Markets:
- Retail | Hospitality | Gaming | Healthcare | Financial | Industrial
- Products:
- Capacitive touchscreens
[WEB-INTEL 2026-08-25] 3 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "MicroTouch Technology INC entered into a merger agreement to acquire Future Vision II Acquisition Corp. for $94.9 million." [https://www.marketscreener.com/news/microtouch-technology-inc-agreed-to-acquire-future-vision-ii-acquisition-corp-from-seeoysin-technol-ce7e58dddb8df620] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Future Vision files a preliminary S-4/proxy registering 6325000 shares for a merger with MicroTouch valued at $90M" [https://www.stocktitan.net/sec-filings/FVN/s-4-future-vision-ii-acquisition-corp-business-combination-registrati-22dc97212514.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "FVN Future Vision II Acquisition signed a Merger Agreement to combine with MicroTouch Technology in a deal valuing MicroTouch at $90 million" [https://www.tradingview.com/news/tradingview:02e22094c0c28:0-future-vision-ii-acquisition-signs-multiple-material-agreements/]
Source: https://microtouch.com/ · captured Aug 25, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
MicroTouch Technology is merging with Future Vision II (FVN), a $58M SPAC currently marked Deal approved and trading at $9.71 against $10.97 in trust per share.
| Headline equity value | $90M |
| Effective valuation (all shares) | $162M+80% vs headline |
| Sponsor promote | 20% |
| Minimum cash to close | $5M |
Structure per SEC accession(s) 0001829126-26-000388, 0001829126-24-006350, 0001829126-26-007011, 0001829126-26-004942. 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 MicroTouch Technology Inc. at $164.1M, or 8.5× the FY2025A (year ended Sep 30, 2025, audited; 1H FY2026 (6M to Mar 31, 2026) $17.5M unaudited) actual revenue it actually reported. That is 10.5× what the market pays for its closest listed peers (median 0.81×) — an expensive price. It is priced above 100% of them.
Post-dilution equity + target net debt.
FY2025A (year ended Sep 30, 2025, audited; 1H FY2026 (6M to Mar 31, 2026) $17.5M unaudited) — a reported actual.
8.5× FY2025A (year ended Sep 30, 2025, audited; 1H FY2026 (6M to Mar 31, 2026) $17.5M unaudited) actual revenue. Put another way: $1 of its annual sales is being bought for $8.50.
$1 of their sales costs $0.81 on the open market. Median of 6 listed companies we judged a true comparable, which individually run from 0.27× to 4.89×. Their share prices are from 15 August 2026, not today.
What qualifies this number
- Struck on the post-dilution value of $161.9M, not the announced $90M — new shares handed to the sponsor, warrant holders and the PIPE are part of what public buyers are really paying.
- POAS, DOX, EFOR, NUWE, ACR, LADR 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 |
|---|---|---|---|---|---|
| CRTO | Criteo S.A. | $915M | 0.4x | 2.8x | Criteo is the listed mid-cap ad-tech intermediary matching supply-side traffic to advertiser demand - the scaled version of SmartFlow's real-time matching spread business.more ▾less ▴ |
| POAS | Phaos Technology Holdings (Cayman) Limited | — | — | — | Operational comp: Advanced Medical Equipment & Technology (NEC); shares bvi, down, cayman, limited, time, three 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 is the largest independent sell-side platform aggregating publisher traffic for programmatic demand, the closest structural comp to SmartFlow's supplier-side aggregation.more ▾less ▴ |
| DOX | Amdocs Limited | $8.9B | — | — | Operational comp: IT Services & Consulting (NEC); mid-cap ($8.9bn); shares code, devops, mix, lifecycle, limited, low with the target's own description; forward EV/Sales 1.4x.more ▾less ▴ |
| PERI | Perion Network Ltd | $404M | 0.3x | — | Perion Network - small-cap ad-tech intermediary with volatile, concentration-prone revenue; honest size and business-quality comp. |
| DSP | Viant Technology Inc. | $867M | 0.8x | 10.3x | Viant Technology - small-cap programmatic advertising software taking a spread on matched ad spend. |
| EFOR | Everforth Inc | $2.1B | — | — | Operational comp: IT Services & Consulting (NEC); mid-cap ($2.1bn); shares devops, incorporated, six, enterprise, digital, customer with the target's own description; forward EV/Sales 0.6x.more ▾less ▴ |
| EPAM | EPAM Systems, Inc. | $5.2B | 0.8x | 6.1x | EPAM Systems benchmarks the enterprise custom-software-development services segment (project-based engineering delivery). |
| NUWE | Nuwellis Inc | $3M | — | — | Operational comp: Advanced Medical Equipment & Technology (NEC); micro-cap ($3m); shares smartflow, whose, from, time, technology, one with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| GLOB | Globant S.A. | $1.6B | 0.9x | 5.4x | Globant - listed pure-play custom software development for enterprises; margin/multiple anchor for MicroTouch's second segment. |
| ACR | ACRES Commercial Realty Corp. | $155M | — | — | Operational comp: Mortgage REITs; micro-cap ($155m); shares quarterly, approved, equity, real, total, time with the target's own description; forward EV/Sales 24.9x.more ▾less ▴ |
| LADR | Ladder Capital Corp | $1.4B | — | — | Operational comp: Mortgage REITs; small-cap ($1.4bn); shares sheet, balance, cash, net, real, all with the target's own description; forward EV/Sales 16.3x.more ▾less ▴ |
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 MicroTouch Technology going public?
MicroTouch Technology has an approved merger with the SPAC Future Vision II (FVN), announced Jan 16, 2026. Deal status: Approved.
What is MicroTouch Technology's SPAC deal valuation?
The announced headline equity value is $90M, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $162M, 80% above the headline.
Was MicroTouch Technology bought at an expensive or a cheap valuation?
The deal values MicroTouch Technology Inc. at $164.1M, or 8.5× the FY2025A (year ended Sep 30, 2025, audited; 1H FY2026 (6M to Mar 31, 2026) $17.5M unaudited) actual revenue it actually reported. That is 10.5× what the market pays for its closest listed peers (median 0.81×) — an expensive price. It is priced above 100% of them.
Does MicroTouch Technology have revenue?
The filings report a revenue figure of $19.2M (FY2025A (year ended Sep 30, 2025, audited; 1H FY2026 (6M to Mar 31, 2026) $17.5M unaudited)).
Educational content, not investment advice.
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