orb acquisition adds Next-gen Billings engine

研报英文原文证据摘录

orb acquisition adds Next-gen Billings engine

1,340)-(1,332) (1,341) (1,322)world is switching from pure time-pricing (subscriptions) to a usage-based (tokens) pricing Opexy/yy/y chgchg (c/c) +21% +20-22% +c100bp +21-23% +20.6% +20.8% +11% +20% +18% +20-19% +20-19%

EBITDA 1,246 1,472-1,511 (16) 1,456-1,495 1,500 1,508 (1%)model. EBITDA margin 52.7% "in-line FY25" c(100)bp c52% 52.8% 53.3% (50)bp

. y/y chg +26% +21-18% +21-18% +20% +21%

Source: Company data, Jefferies estimates, Visible Alpha

Model/Guidance impact: Adyen indicated that Talon.One will be closing on 1 July, which is cons, 2026 guide assumes 140bp FX headwinds (JEFe).

earlier than previously expected, and both acquisition combined are expected to add 100p to

growth (c€24m) on top of the existing 20-22% net rev (cc) guidance, while the expected 100bp

margin headwind will be split in (50bp/50bp) split in H1/H2 due to transaction costs and opex

investments. Thus, we calculate a c€24m revenue contribution, mostly from Talon.One in UC,

while orb will contribute to Digital, and c€16m headwind to EBITDA.

orb at a glance: orb, San Francisco-based, is a next-generation usage-based billing and

monetisation infrastructure platform, founded in 2021 by ex-Asana engineers Alvaro Morales

(CEO) and Kshitij Grover (CTO). The core innovation is a data-native architecture that ingests

raw usage events and applies pricing logic at query time, enabling companies to iterate

pricing models (usage, hybrid, credits, enterprise contracts) without re-engineering billing

pipelines. Since launch, Orb has seen strong traction across AI, infrastructure, and serves

global enterprise API-driven clients including Vercel, Glean, Replit, and Supabase, scaling

rapidly alongside the shift toward consumption-based pricing, and raised c$44m.