+30%

est. 2Y upside i

FinTechSeries B

AI for corporate R&D tax credits

Rank

#2522

Sector

Fintech

Est. Liquidity

~5Y

Data Quality

Data: Low

SPRX (now Onshore) is a high-risk equity bet: the company has raised $46M in total funding against a $46M post-money valuation, meaning liquidation preferences consume 100% of current equity value before common shareholders see a single dollar.

Last updated: May 5, 2026

Bull (15%)+175%

ADP Ventures partnership accelerates enterprise distribution and revenue scales to $18–20M by 2028 (~2.1x CAGR on the fresh $31M Series B capital). A strategic acquirer — large accounting software platform or HR/payroll conglomerate — pays $150–160M (~8–9x revenue), clearing the $46M preference stack and delivering meaningful common upside.

Base (52%)+55%

Steady growth to $10–12M in revenue by 2028 driven by AI automation tailwinds and regulatory complexity demand; the company is valued at $70–80M (~6–7x revenue) in a next-round or secondary pricing event. After the $46M preference stack, common shareholders capture a compressed but positive return with further dilution from at least one additional funding round.

Bear (33%)-75%

IRS compliance scrutiny or the 'SPRX EXPOSED' reputational risk materializes, chilling enterprise sales and triggering customer churn; revenue stalls near $5–6M and the company is forced into a down round at $25–35M or a distressed sale. With $46M in liquidation preferences consuming the entire exit proceeds, common shareholders receive little to nothing.

Est. time to liquidity~5.0 years

Preference Stack Risk

severe

Funding Intensity

100%

Total liquidation preferences of $46M equal 100% of the $46M current valuation, leaving common shareholders with $0 intrinsic value today — any exit at or below $46M is a complete wipeout for employee common stock.

Dilution Risk

high

A Series B company at $4.3M in revenue will almost certainly require at least one additional funding round before reaching profitability or a liquidity event, diluting current common shareholders by an estimated 15–25%.

Secondary Liquidity

none

At $4.3M in revenue and 61 employees, the company is far too small and early-stage to support any meaningful secondary market activity for employee shares within a 2-year window.

Questions to Ask at the Interview

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

  • 1

    “The ADP Ventures investment is compelling — what percentage of new pipeline is sourced through the ADP channel vs. direct outbound, and what is the close rate on ADP-referred deals?”

  • 2

    “Given you automate R&D credit preparation with AI, how do you satisfy the IRS requirement for contemporaneous employee interviews and contemporaneous documentation — is there a formal human-in-the-loop checkpoint, and how are you addressing the compliance concerns raised publicly?”

  • 3

    “With $46M in cumulative liquidation preferences against a $46M post-money valuation, what exit value and mechanism (IPO vs. strategic acquisition) does the board consider the target, and what would my common stock be worth in a $100M versus a $150M outcome?”

Community

Valuation Sentiment

Our model estimates +30% 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.