Mobilewalla
Definitive (DA signed)Technology · Consumer data / vertical agentic AI analytics · Chamblee, Georgia (Atlanta metro), United States · founded 2008 · 67 employees
- What it is
- Heavily subscription/recurring enterprise data contracts (ARR-monitored, ACV ~$271K, NRR 98-103%) plus emerging usage-based vertical-AI API revenue (LendBetter integrated into lender workflows via API); one shared data platform amortized across telecom, financial-services and adtech verticals.
- What it’s doing now
- Merging with SPACSphere Acquisition (SSAC) — definitive (da signed), announced May 29, 2026; expected close H2 2026.
- What you should know
- The real share count puts the effective valuation 92% above the announced $250M. At 37× revenue the deal prices it above its listed peers, which trade at 4.19×.
The business, per its filings
SEC primaryMobilewalla (founded by CEO Anindya Datta, Ph.D.; incorporated in Delaware Nov-2008 as Wordster, Inc., renamed Mobilewalla in Mar-2013) is a consumer-data and 'vertical agentic AI' company: a single proprietary Mobilewalla Data Platform (signals from 2bn+ devices in 40+ countries, ~50TB ingested/day, ~200-petabyte data lake, 300+ ML models, ~80-90% U.S. population coverage) feeding legacy Consumer Data Solutions (data enrichment, audience segments) plus newer vertical AI products - Telescope and Market Flow/Switcher Insights for telecom carriers and LendBetter (API-delivered borrower assessment/fraud/collections data for emerging-market digital lenders) - sold to 45+ enterprise customers (~67 employees, offices in the U.S. and India). THE FINANCIAL REALITY VS THE STORY: real but shrinking revenue - FY2025 actual net sales $13.0M (GM ~59%) vs $13.6M FY2024, net loss ~$4.9M, ARR ~$12.3M at Mar-2026 with legacy CDS running off faster than vertical-AI revenue scales (Telescope 'early stage of commercialization'); GOING-CONCERN opinion, cash of only $0.1M at Mar-31-2026 against ~$22.3M of debt and convertible notes substantially all maturing on or before Nov-1-2026 (Avenue Venture term loan ~$10.9M, ~$10.0M converts across 29 holders - some already past maturity - Worldwide Capital ~$1.4M), total liabilities $28.0M vs total assets $2.7M and a $25.3M stockholders' deficit. The $250M headline is a defined pre-money cash-free/debt-free Enterprise Value (~19x current ARR) that SSAC management itself derived from 20x 2025 ending ARR of ~$12.8M and 12.5-15x a PROJECTED 2026 ARR of $16-20M; all existing equity AND convertible debt convert to stock at $10.00; a contemplated $30M PIPE had no commitments as of the S-4 (filed 2026-08-12).
| Revenue | $13M (FY2025A (Q1 2026A: $3.204M vs $3.131M Q1 2025)) |
| Gross margin | 59.1% |
| Cash | $0.1M |
| Debt | $22.3M |
Source: S-4, accession 0001193125-26-347101 · as of Mar 31, 2026 · extraction confidence: high
What the company says about itself
Web research — not auditedSite pitches 'Vertical agentic AI - purpose-built industry intelligence': proprietary consumer-data platform (billions of signals, longitudinal history) powering domain-specific agentic AI for telecom and lending decisions (acquisition, retention, pricing, credit risk); already brands its API 'Covariate API', matching the planned Covariate, Inc. rename.
- Markets:
- Telecommunications; Financial Services & Fintech; Retail/Consumer Goods & Dining; Travel & Hospitality; E-Commerce & On-Demand; Media, Entertainment & Gaming
- Products:
- Switcher Insights (CSPs), Market Insights (CSPs), Telescope (CSPs), LendBetter (financial services), Feature Mart, Data Enrichment, Audience Segments, Covariate API
- Customers:
- Positioned at data analysts/scientists, marketers, agencies and partners; telecom carriers (CSPs) and emerging-market digital lenders are the flagship verticals; no individual customers named on homepage.
Source: https://www.mobilewalla.com/ · captured Aug 14, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
Mobilewalla is merging with SPACSphere Acquisition (SSAC), a $173M SPAC currently marked Deal announced and trading at $10.09 against $10.14 in trust per share.
| Headline equity value | $250M |
| Effective valuation (all shares) | $481M+92% vs headline |
| Sponsor promote | 23.9% |
| Pro-forma shares | 48.1M |
Structure per SEC accession(s) 0001193125-26-347101, 0001829126-26-005318, 0001829126-26-005869. 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 Mobilewalla at $480.9M, or 37× the FY2025A (Q1 2026A: $3.204M vs $3.131M Q1 2025) actual revenue it actually reported. That is 8.8× what the market pays for its closest listed peers (median 4.19×) — an expensive price. It is priced above 86% of them.
Announced enterprise value (per the filing) + dilution.
FY2025A (Q1 2026A: $3.204M vs $3.131M Q1 2025) — a reported actual.
37× FY2025A (Q1 2026A: $3.204M vs $3.131M Q1 2025) actual revenue. Put another way: $1 of its annual sales is being bought for $37.00.
$1 of their sales costs $4.19 on the open market. Median of 7 listed companies we judged a true comparable, which individually run from 0.98× to 68.4×. Their share prices are from 15 August 2026, not today.
What qualifies this number
- Struck on the post-dilution value of $480.9M, not the announced $250M — new shares handed to the sponsor, warrant holders and the PIPE are part of what public buyers are really paying.
- EQS, BANX, GLAD, MSIF, IPO-CONU, OTF, GAIN, TRIN, BCIC, SCM, CCAP, ECPG 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 |
|---|---|---|---|---|---|
| RAMP | LiveRamp Holdings, Inc. | $2.3B | 2.4x | 16.3x | LiveRamp is the scaled listed consumer-data connectivity/identity-resolution platform selling enterprise data-enrichment subscriptions - the mature version of Mobilewalla's CDS business.more ▾less ▴ |
| EQS | EQUUS Total Return Inc | $20M | — | — | Operational comp: Closed End Funds; micro-cap ($20m); shares debt, convertible, total, stockholders, stock, enterprise with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| ZETA | Zeta Global Holdings Corp. | $7.4B | 4.7x | 63.4x | Zeta Global pairs a proprietary consumer-data cloud with AI models sold to enterprise marketers - the closest listed data+AI consumer-intelligence hybrid.more ▾less ▴ |
| BANX | ArrowMark Financial Corp. | $170M | — | — | Operational comp: Closed End Funds; micro-cap ($170m); shares convertible, debt, notes, stockholders, money, net with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| SMWB | Similarweb Ltd. | $778M | 2.6x | — | Similarweb sells subscription digital/consumer-behavior intelligence at comparable ARR-style economics and mid-scale size. |
| GLAD | Gladstone Capital Corp | $488M | — | — | Operational comp: Closed End Funds; small-cap ($488m); shares debt, stockholders, before, cash, equity, flow with the target's own description; forward EV/Sales 9.0x.more ▾less ▴ |
| TRU | TransUnion | $15.7B | 4.2x | 13.4x | TransUnion is the giant of consumer-credit data used in lender underwriting workflows - the incumbent LendBetter's API product competes against in emerging markets.more ▾less ▴ |
| MSIF | MSC Income Fund Inc | $616M | — | — | Operational comp: Corporate Financial Services (NEC); small-cap ($616m); shares convertible, debt, current, total, equity, capital with the target's own description; forward EV/Sales 8.1x.more ▾less ▴ |
| CDLX | Cardlytics, Inc. Common Stock | $25M | 1.0x | — | Cardlytics monetizes proprietary consumer purchase data for marketing decisions - a small-cap consumer-data comp with a similar niche-data-asset story.more ▾less ▴ |
| IPO-CONU | Concurrent Income and Innovation Fund | — | — | — | Operational comp: Closed End Funds; shares convertible, total, debt, equity, assets, stock 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 is the cautionary listed small-cap 'vertical AI analytics' de-SPAC precedent: thin revenue base, AI narrative, heavy dilution - the market's realized pricing of this exact profile.more ▾less ▴ |
| OTF | Blue Owl Technology Finance Corp | $6.7B | — | — | Operational comp: Investment Management & Fund Operators (NEC); mid-cap ($6.7bn); shares convertible, debt, equity, total, current, stock with the target's own description; forward EV/Sales 8.6x.more ▾less ▴ |
| PLTR | Palantir Technologies Inc. | $430.4B | 68.4x | 158.2x | Palantir anchors the top of the 'vertical/agentic AI on proprietary data' multiple spectrum that SSAC's 20x-ARR valuation narrative implicitly invokes.more ▾less ▴ |
| GAIN | Gladstone Investment Corp | $565M | — | — | Operational comp: Closed End Funds; small-cap ($565m); shares debt, stockholders, cash, equity, flow, current with the target's own description; forward EV/Sales 11.5x.more ▾less ▴ |
| TRIN | Trinity Capital Inc | $1.2B | — | — | Operational comp: Investment Management & Fund Operators (NEC); small-cap ($1.2bn); shares vertical, debt, venture, equity, current, capital with the target's own description; forward EV/Sales 8.7x.more ▾less ▴ |
| BCIC | BCP Investment Corp | $148M | — | — | Operational comp: Closed End Funds; micro-cap ($148m); shares debt, notes, but, current, equity, stock with the target's own description; forward EV/Sales 6.0x.more ▾less ▴ |
| SCM | Stellus Capital Investment Corp | $367M | — | — | Operational comp: Closed End Funds; small-cap ($367m); shares debt, before, stockholders, total, current, equity with the target's own description; forward EV/Sales 8.6x.more ▾less ▴ |
| CCAP | Crescent Capital BDC Inc | $518M | — | — | Operational comp: Closed End Funds; small-cap ($518m); shares debt, stockholders, total, market, current, equity with the target's own description; forward EV/Sales 8.9x.more ▾less ▴ |
| ECPG | Encore Capital Group, Inc. | $1.2B | — | — | Operational comp: Corporate Financial Services (NEC); small-cap ($1.2bn); shares debt, collections, consumer, early, financial, value with the target's own description; forward EV/Sales 3.2x.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 Mobilewalla going public?
Mobilewalla has a signed merger with the SPAC SPACSphere Acquisition (SSAC), announced May 29, 2026. Deal status: Definitive (DA signed).
What is Mobilewalla's SPAC deal valuation?
The announced headline equity value is $250M, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $481M, 92% above the headline.
Was Mobilewalla bought at an expensive or a cheap valuation?
The deal values Mobilewalla at $480.9M, or 37× the FY2025A (Q1 2026A: $3.204M vs $3.131M Q1 2025) actual revenue it actually reported. That is 8.8× what the market pays for its closest listed peers (median 4.19×) — an expensive price. It is priced above 86% of them.
Does Mobilewalla have revenue?
The filings report a revenue figure of $13M (FY2025A (Q1 2026A: $3.204M vs $3.131M Q1 2025)).
Educational content, not investment advice.
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