Adyen Adyen goes after AI business. Acquisition of real-time usage data billing company Orb announced.

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Adyen Adyen goes after AI business. Acquisition of real-time usage data billing company Orb announced.

J P M O R G A N Europe Equity Research

11 June 2026

Adyen Overweight

ADYEN.AS, ADYEN NA

Adyen goes after AI business. Acquisition of real-time Price (11 Jun 26):€787.70

usage data billing company Orb announced. Price Target (Dec-27):€1,350.00

Adyen announced the acquisition of Orb, which provides a platform that tracks real- European Tech Hardware &

time usage data and translates complex pricing contracts into billing for enterprises. Payments

It provides infrastructure that is capable of processing millions of usage events in real Sandeep Deshpande AC

time that can be processed into a ‘bill’ that can then be integrated with Adyen’s (44-20) 7134-5276

payments. Billing solutions like that of Orb help AI companies, for instance, capture sandeep.s.deshpande@jpmorgan.com

real-time event streams (e.g. tokens consumed, API requests made or compute time Craig A McDowell

used). Monetization is key for this new generation of AI companies and having a (44-20) 7742-4576

solution that marries the complex usage event-based billing with payments will craig.mcdowell@jpmorgan.com

enable Adyen to grow its footprint at these AI companies. Adyen competitor Stripe Anthony Girard

(44-20) 3493-6469

acquired Metronome, which offers a similar usage-based billing and metering anthony.girard@jpmorgan.com

solution, in January this year, and Adyen’s acquisition indicates to us that Adyen is not J.P. Morgan Securities plc

going to let Stripe dominate this market and will offer an integrated billing and

payments solution to customers in the AI space, for instance, which require this sort Specialist Sales contact details:

of solution to monetize their offering.