Yellow.ai
Definitive (DA signed)Information Technology · AI-powered conversational automation platform · San Mateo, California, United States · founded 2016
- What it is
- Enterprise SaaS: recurring subscription/usage revenue from AI agents automating customer-service and employee-experience workflows (70%+ of recurring revenue from enterprise accounts); land-and-expand economics (deck cites customers expanding ARR ~7x-27x, e.g. $96K->$1.3M insurance, $30K->$0.8M, $474K->$3.5M retail); planned second leg is acquiring human BPO/contact-center firms and converting them to AI-native, per-resolution pricing.
- What it’s doing now
- Merging with Bluerock (BLRK) — definitive (da signed), announced Aug 3, 2026; expected close H2 2026.
- What you should know
- The real share count puts the effective valuation 85% above the announced $300M. At 10.5× revenue the deal prices it above its listed peers, which trade at 3.26×.
The business, per its filings
SEC primaryYellow.ai (Bitonic Technology Labs Inc., San Mateo; founded 2016 by IIT/MIT-rooted engineers Raghu Ravinutala (CEO, Top 50 SaaS CEOs 2023), Rashid Khan (CMO/Head of IR, Forbes 30-under-30 2022) and Jaya Kishore Reddy (CPO), later joined by Kaushik Bhaskar (CEO AI Services, BPO operations) and Nand Sharma (President & Group CFO, PE roll-up background)) sells the Nexus enterprise agentic-AI platform - multi-LLM (15+ models) AI agents for customer service and employee experience across chat, email and voice (Nexus Vox, its fastest-growing product, claims 135+ languages and low-latency voice cloning) - claiming 16B+ conversations annually, 650+ enterprise clients in 85+ countries, 100+ integrations, 113% net revenue retention on post-ChatGPT agentic-AI cohorts, and a Forrester Wave 'Strong Performer' nod (Q2 2026); it has raised $100M+ from Lightspeed, Salesforce Ventures, Sapphire Ventures and WestBridge Capital. THE FINANCIAL REALITY VS THE STORY: unaudited revenue (FYE Jan-31, PCAOB audit still incomplete) grew $11.6M FY22 -> $21.7M FY23 -> $27.8M FY24 -> $34.4M FY25 but then went essentially FLAT at $34.8M in FY26A (+1.2%), with FY27E guided to just $37.3M; the company is loss-making ('early-stage company with a history of financial losses... expects continuing losses'), EBITDA-positive only as an FY27E projection, and the growth story leans on an unexecuted BPO roll-up pipeline (10 illustrative targets, $5-85M revenue each) - yet the deal prices Yellow.ai at $300M pre-money (~8.6x flat FY26A revenue; deck shows implied EV $365.3M = 10.5x vs a 15.2x peer mean), with a 17.5M-share management milestone plan gated at $45M/$55M/$65M revenue and a $12.00 VWAP.
| Revenue | $34.8M (FY2026A (Feb 2025 - Jan 2026; unaudited, PCAOB audit pending)) |
Source: 425, accession 0001213900-26-085814 · as of Jan 31, 2026 · extraction confidence: medium
What the company says about itself
Web research — not auditedyellow.ai presents an enterprise-grade agentic AI platform leveraging 15+ LLMs for autonomous customer/employee conversations across voice, chat and email, with the go-public announcement bannered on the homepage; marketing claims (500+ languages for Nexus Vox) exceed the deck's 135+ languages figure.
- Markets:
- Customer service automation and employee experience; industry solutions for BFSI, healthcare, utilities, retail/e-commerce
- Products:
- Nexus agentic AI platform: AI Agent Builder 2.0, Conversational Knowledge Base (Agentic RAG), AI Copilot, Automated Testing, Analytics, Human+AI Agent Assist; Nexus Vox voice AI ('clone any voice in 10 seconds, deploy in 500+ languages')
- Customers:
- Case studies name InteleTravel, City of Cape Coral, Waste Connections, Lion Parcel, VIPdesk; integrations with Zendesk, Freshdesk, HubSpot, Genesys
Site claims Nexus Vox deploys in '500+ languages' while the SEC-filed press release/deck say 135+ languages; marketing-vs-filing inflation, noted not fatal.
Source: https://yellow.ai/ · captured Aug 14, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
Yellow.ai is merging with Bluerock (BLRK), a $173M SPAC currently marked Deal announced and trading at $10.11 against $10.19 in trust per share.
| Headline equity value | $300M |
| Effective valuation (all shares) | $554M+85% vs headline |
| Sponsor promote | 25% |
| PIPE | $30MTwo-part. (1) Equity PIPE: 500,000 Pubco units at $10.00 = $5,000,000; each unit is one share plus one warrant at $11.50 for 5 years; investors also receive 0.5 Sponsor Commitment Shares per unit, up |
| Pro-forma shares | 55.4M |
| Post-close ticker | YAI |
Structure per SEC accession(s) 0001213900-26-084282, 0001213900-26-087789, 0001213900-25-123337. How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
Three different numbers are all called the deal value
They are not the same fact, and only the last one is what a valuation multiple may be struck on.
What Yellow.ai on its own is valued at, before a dollar of the SPAC's trust or the PIPE reaches it. This is the price agreed for the business itself.
assumes 0% redemptions
Every share of the combined company, marked at the reference price, once the deal closes — the business PLUS the cash that arrives with it. This is the figure press headlines quote, and it is bigger than the business for that reason alone.
assumes 0% redemptions
Money the transaction puts INTO the company. It is counted inside the equity value above, which is why it comes straight back out to reach the figure below — nobody pays a revenue multiple for a bank balance.
The combined company net of that cash — what the buyers are paying for the BUSINESS. Every multiple below is struck on this figure and on nothing else.
What that price is, per dollar of sales
$365.3M ÷ $34.8M of FY2026A (Feb 2025 - Jan 2026; unaudited, PCAOB audit pending) revenue. $1 of Yellow.ai's 2026 reported sales is being bought for $10.50.
Enterprise value ÷ EBITDA — not shown
No EBITDA figure for Yellow.ai appears in any filing we hold, so no EV/EBITDA multiple is shown. We have not inferred one from a margin assumption — a multiple built on an assumed margin measures the assumption, not the company.
What qualifies these figures
- The equity and cash figures above assume NOBODY REDEEMS — the filing's own assumption, and the most favourable one available to it. Public shareholders in this market frequently redeem most of a trust; at a higher rate both figures fall together and the enterprise value the multiples are struck on does not move.
- The announced headline of $300M and the filed pro-forma equity value of $553.5M are not the same number. Both are recorded as stated; we have not reconciled them for you.
All figures above are stated in EX-99.2 investor deck (425)0001213900-26-084286
Transaction Summary slide of the filed investor deck — Sources and Uses plus the capitalisation block, one slide, and the identity $553.5M − $188.2M = $365.3M holds exactly as printed. Note the two cash figures are not the same number and both are filed: Uses says "196.3 Cash to Balance Sheet" while the capitalisation block subtracts "($188.2) ( - ) Pro forma Cash on Balance Sheet", the deck's footnote (5) governing the difference. We store the figure the EV is actually struck against, $188.2M, because that is the one inside the identity. Redemption assumption from the same slide: "Assumes no SPAC public shareholder elect to redeem their shares." Not stored: the deck's own "Peer Comps Mean: 15.2x" (its choice of comparables and its own multiple, per "AlphaSense, FactSet, and S P Capital IQ as of 7/30/26") — our peer median comes from our own priced peer set, not from the seller's slide.
Each row is one filing. A forecast that moves while the transaction price does not is a change in what the deal costs, and the filings that make that change are months apart.
Revenue
The underlined figure in each column is the ledger’s current answer for that year. The rest are not wrong; they are earlier, and they are kept.
| Document | FY2027E |
|---|---|
| 425 — EX-99 investor deck2026-08-03 · the target's own filing or deck | $37.3M |
What that does to the price of a dollar of forecast revenue
- FY2027E: 9.8x enterprise value to forecast revenue, unchanged across every document that states it.
No document in this chain has revised a forecast. That is a finding too: it means every multiple above is the one struck at announcement, and it is what a reader should expect to see change first if the deal starts to slip.
The tables these figures were read out of, verbatim
- 425 — EX-99 investor deck (0001213900-26-084286) — EX-99.2 investor deck, "Scaling Revenue, Path to Expected EBITDA Positive" — "$11.6 $21.7 $27.8 $34.4 $34.8 $37.3 FY22A FY23A FY24A FY25A FY26A FY27E"
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 Yellow.ai at $365.3M, or 10.5× the FY2026A (Feb 2025 - Jan 2026; unaudited, PCAOB audit pending) actual revenue it actually reported. That is 3.2× what the market pays for its closest listed peers (median 3.26×) — an expensive price. It is priced above 75% of them.
Pro-forma enterprise value as filed.
FY2026A (Feb 2025 - Jan 2026; unaudited, PCAOB audit pending) — a reported actual.
10.5× FY2026A (Feb 2025 - Jan 2026; unaudited, PCAOB audit pending) actual revenue. Put another way: $1 of its annual sales is being bought for $10.50.
$1 of their sales costs $3.26 on the open market. Median of 8 listed companies we judged a true comparable, which individually run from 0.68× to 50.33×. Their share prices are from 15 August 2026, not today.
What qualifies this number
- IFBD has 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 |
|---|---|---|---|---|---|
| NICE | NICE Ltd | $6.0B | 50.3x | 189.4x | NICE is the scaled leader in AI-powered customer-experience/contact-center software (CXone), the incumbent Yellow.ai's agentic CX platform attacks. |
| IFBD | Infobird Co Ltd | $8M | — | — | Operational comp: Software (NEC); micro-cap ($8m); shares bpo, saas, clients, customer, software, service with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| FIVN | Five9, Inc. | $2.4B | 2.3x | 17.9x | Five9 sells cloud contact-center software with an AI-agent overlay - the most direct listed comp for AI-driven customer-service automation revenue. |
| SOUN | SoundHound AI, Inc. | $3.3B | 15.4x | — | SoundHound AI is the listed pure-play voice/agentic-AI platform at a comparable revenue scale, benchmarking what the market pays for unprofitable conversational-AI growth.more ▾less ▴ |
| LPSN | LivePerson, Inc. | $36M | 1.5x | 262.7x | LivePerson is a direct conversational-AI/chatbot competitor for enterprise customer engagement - and a cautionary comp on decelerating conversational-AI revenue.more ▾less ▴ |
| AI | C3.ai, Inc. | $1.5B | 4.3x | — | Operational comp: Software (NEC); small-cap ($1.3bn); shares agentic, enterprise, models, saas, pre, software with the target's own description; forward EV/Sales 4.3x.more ▾less ▴ |
| VRNT | Verint Systems Inc. | $1.2B | 2.2x | 17.6x | Verint's CX automation/'agent bot' platform serves the same enterprise contact-center buyers with an AI-outcomes pitch. |
| TWLO | Twilio Inc. | $37.1B | 6.6x | 73.5x | Twilio provides the customer-engagement/communications infrastructure layer Yellow.ai's channels ride on; scaled comp for usage-based CX software. |
| CNXC | Concentrix Corporation | $1.5B | 0.7x | 5.3x | Concentrix is the listed giant of the human BPO/CX-outsourcing market Yellow.ai plans to roll up and AI-transform; values the acquisition side of the story.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 Yellow.ai going public?
Yellow.ai has a signed merger with the SPAC Bluerock (BLRK), announced Aug 3, 2026. The combined company expects to trade as YAI. Deal status: Definitive (DA signed).
What is Yellow.ai's SPAC deal valuation?
The announced headline equity value is $300M, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $554M, 85% above the headline.
Was Yellow.ai bought at an expensive or a cheap valuation?
The deal values Yellow.ai at $365.3M, or 10.5× the FY2026A (Feb 2025 - Jan 2026; unaudited, PCAOB audit pending) actual revenue it actually reported. That is 3.2× what the market pays for its closest listed peers (median 3.26×) — an expensive price. It is priced above 75% of them.
Does Yellow.ai have revenue?
The filings report a revenue figure of $34.8M (FY2026A (Feb 2025 - Jan 2026; unaudited, PCAOB audit pending)).
Educational content, not investment advice.
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