PreIPO Corporation (“PreIPO”), a Florida-based secondary market and exchange for private securities, has completed the diligence phase and executed the definitive agreements to acquire Singapore-based diligence-as-a-service platform TABS Suite (“TABS”), expanding the capabilities of PreIPO’s transactional platform by augmenting it with diligence on both late and early-stage deals. In addition, the TABS modules will enable the PreIPO platform to uniquely aggregate and integrate various insights into the companies listed on its platform into a seamless web and mobile digital ecosystem, cutting down the time-to-decision during the evaluation & diligence process for both investors purchasing and issuers listing their stock on PreIPO.
The two firms have partnered for more than 18 months, with the initial partnership kicking off with a SaaS licensing agreement. COO Michael Carney explains that with the acquisition of TABS, “PreIPO Corp is now in a position to disrupt the traditional model of diligence in private markets completely, and we are extremely excited to unveil this platform to our current and future users.” The deal was structured as a combination of cash and stock, with the key leadership of TABS joining the C-Suite at PreIPO as the Chief Technology Officer & Head of Product, and is expected to be fulfilled in the coming months as PreIPO closes immense partnerships.
Since its inception, the TABS Suite, through its qualitative and quantitative modules outputting a ‘TABS Score™,’ has effectively established itself amongst individual investors and firms as a standardized risk metric that companies must bring to the table as part of standard due diligence – with a sharp uptick in the rate of adoption over the past 12 months. Moreover, because of its newly acquired ability to provide powerful price discovery analytics and information, PreIPO separates itself from the others dabbling in the same market.
Atim Kabra, TABS Managing Director, explains that the “exit comes at the right time in TABS’ product life cycle with regards to the ability of the experienced PreIPO management team and their vision to scale the unified technology suite to new heights.”
Since its inception, TABS has experienced unprecedented growth in the rapidly evolving FinTech market, not only in the early-stage diligence sectors. As a result, PreIPO expects the TABS Suite functionalities such as the fund of funds due diligence for LPs and GPs, the AI-powered code review module, the PE Quant Analysis, and the INTELLI price discovery tool to be perfect compliments to the PreIPO-as-a-Service™ platform being unveiled in Q2 of this year. Before the acquisition, TABS has initiated conversations with several major banks, local US government lending arms, private equity, and venture debt investment firms, all of which are now being presented with a unified and strengthened offering (PreIPO) led by a world-class team of industry veterans.
About PreIPO Corporation
PreIPO is a financial technology company specializing in private market securities transactions for investors, sellers, issuers, and financial institutions. A pioneer in distributed financial systems, PreIPO is in the process of deploying the PreIPO Platform at PreIPO.com and is led by CEO David Grzan. Financial institutions interested in obtaining a white-labeled version of the PreIPO Platform should contact email@example.com or visit www.preipo.com.
About TABS Suite
TABS Suite is the first DaaS (Diligence-as-a-Service) platform that provides a comprehensive, holistic, and in-depth qualitative evaluation of various stage ventures. Founded by Unnat Bak as an Entrepreneur-in-Residence with Frontline Strategy Funds, TABS enables founders to interact with the TABS machine-learning platform, which takes a ‘full-body x-ray” and scores the company by giving value to intangibles encompassing non-balance sheet assets accompanied by a detailed diagnostic report, an action plan with specific steps, comparative analytics, and tailored recommendations. The TABS Suite has been widely adopted as a way for anyone to look under the hood of a growing venture, be it an individual angel, a micro-VC, a family office, or an established incubator, in a fraction of both time and cost.
Michael Carney / COO