-88%

est. 2Y upside i

Series C

Agile commission software to design, deploy & adapt commission plans.

Rank

#3678

Sector

Enterprise Software

Est. Liquidity

~4Y

Data Quality

Data: Low

The equity upside is heavily negative (~-88% expected), driven by a stale and inflated valuation of $1.25B from 2022.

Last updated: July 3, 2026

Bull (10%)+23%

Holds current 35x multiple via successful IPO; projected revenue $55.7M implies exit value $1.95B, common equity $1.79B after preference, yielding 22.9% upside net of 20% dilution.

Base (55%)-100%

Multiple compresses to 7x (in line with comps); exit value $390M, common equity $225M after preference, but after 20% dilution upside falls to -100%.

Bear (35%)-100%

Multiple compresses to 4x; exit value $223M barely above preference, common equity $58M, after dilution upside caps at -100%.

Est. time to liquidity~4.0 years

Preference Stack Risk

moderate

Funding Intensity

470%

Total preferred liquidation preference of $164.6M represents 13.2% of current valuation.

Dilution Risk

high

With no new funding since 2022 and $35M in ARR, a future round likely dilutes common by 20% or more.

Secondary Liquidity

none

No secondary trading activity is indicated.

Questions to Ask at the Interview

Strategic questions based on CaptivateIQ's data — designed to show you've done your homework.

  • 1

    “How does CaptivateIQ plan to differentiate against Salesforce Spiff's distribution advantage?”

  • 2

    “What is the net dollar retention and customer acquisition cost?”

  • 3

    “Given the current valuation environment, what is the company's plan to provide liquidity to employees?”

Community

Valuation Sentiment

Our model estimates -88% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.