-11%

est. 2Y upside i

DevOps & InfraSeries B

Unified API platform for building product integrations at scale

Rank

#2745

Sector

Developer Tools

Est. Liquidity

~3Y

Data Quality

Data: Medium

Despite strong growth and large TAM, the expected equity upside over 2 years is low (-11%) due to a stale valuation at a high multiple and likely dilution from a down round.

Last updated: July 19, 2026

Bull (30%)+79%

If Merge achieves category leadership in AI integration and an IPO window opens, multiple expands to 18x, yielding ~99% raw upside; net of 20% dilution ~79%.

Base (45%)-31%

Multiple compresses to 8x in line with public comps, giving raw upside of -11%; net of 20% dilution -31%.

Bear (25%)-83%

Multiple falls to 4x; exit value $144M, preference leaves $69M for common, yielding -78.8% before dilution; net of 20% dilution -83%.

Est. time to liquidity~3.0 years
Adjusted for competitive dynamics: -20% (raw: -11%, adjustment: -9%)

Preference Stack Risk

high

Funding Intensity

23%

Total preferred liquidation preference of $75M equals 23% of the entry valuation, creating a significant overhang for common shareholders.

Dilution Risk

high

Given the stale 2022 round and ongoing cash burn, a new round within 24 months is probable, potentially diluting common stock by 15-25%.

Secondary Liquidity

none

No secondary trading observed; liquidity only via IPO or acquisition.

Other — 24 roles

View all 24 open roles at Merge →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “How does Merge plan to defend against iPaaS incumbents like Workato?”

  • 2

    “What is the net dollar retention and churn rate?”

  • 3

    “What is the current option pool size and strike price?”

Community

Valuation Sentiment

Our model estimates -11% 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.