Adyen - Anotha One; Adding Usage-Based Billing Capability via M&A

研报英文原文证据摘录

Adyen - Anotha One; Adding Usage-Based Billing Capability via M&A

ll. It collects usage 5 Page Document

data, applies pricing rules, and calculates charges for businesses, based on factors like

consumption, subscriptions, credits, or combinations of those structures. The platform is

Reasons for this report used by software and AI companies that charge customers based on API calls or token

usage, with current customers including Perplexity (Private) and Replit (Private). Orb sits

✓ M&A Announcement between a company's product systems and its invoicing/payments systems, providing a

centralized record of usage and charges. The company is based in San Francisco, was

founded in 2021, and we believe has $15-30mn of ARR.

Strategic Fit. Adyen's acquisition of Orb adds usage-based billing and monetization

capabilities that extend beyond traditional payment processing. AI and SaaS companies are

increasingly adopting usage-based billing to better align revenue with the costs associated

with AI inference and compute usage. This transition has made the billing process much

more complex, and by integrating Orb, Adyen is addressing an increasingly common

problem for Platform/Software customers. Historically, Adyen has used partners for billing

capabilities (though not usage-based) and had been considering developing the technology

in-house. However, management felt like they needed to be faster to market to respond to

demand from both existing and prospective customers. Based on customer reviews / early

channel checks, it looks to us like Orb has a high-quality offering and it will be interesting

to track Adyen and Orb's combined go-to-market offerings and platform integrations over

the coming years.

Financial Impact and Capital Allocation.