PureBrain | Public Company Software Landscape

Category 1

Market Data Terminals

The most expensive line item. Every pubco, every bank, every analyst team pays for at least one.

Software	Annual Cost / Seat	What They Do	PB Status
Bloomberg Terminal	$32K/yr	Real-time data, news, analytics, fixed income, B-PIPE data feed	AETHER CAN BUILD
Refinitiv / LSEG Workspace	$22K–$25K/yr	Real-time data, tick history, algo trading feeds	Yes
FactSet	$12K–$25K/yr	Fundamentals, screening, Excel integration	Yes
S&P Capital IQ	$22K–$32K/yr	Company data, M&A transactions, deep screening	Yes

Key insight: Bloomberg, Refinitiv, and S&P together control ~60% of the financial data market. Bloomberg alone holds ~33% share with $10B+ revenue. A firm with 15 analysts paying $32K/seat = $480K/year just for terminals.

Category 2

Investor Relations Platforms

Every public company needs IR infrastructure — shareholder intelligence, CRM, events, and disclosure.

Software	Annual Cost	What They Do	PB Status
Irwin (FactSet)	$15K–$50K/yr	Investor targeting, CRM, peer analytics, engagement tracking	IN DEVELOPMENT (Parallax/Keel)
Q4 Inc (TSX: QFOR)	Custom SaaS	IR websites, virtual events, CRM, surveillance, ESG tools	Yes
Nasdaq IR Insight	Custom	Shareholder analytics, surveillance, market monitoring	Yes
InvestorHub	Custom	Direct-to-investor marketing, IR websites	Yes
Cision	$5K–$20K/yr	Press release distribution, IR communications	Yes

Key insight: Q4 serves 2,650+ public companies globally including half the S&P 500. The IR software market is $2.5B (2024) growing to $5.2B by 2033. A credible IR program requires 4 layers: shareholder intelligence, CRM/outreach, disclosure/events, and real-time market data.

Category 3

Research & Intelligence Platforms

AI-powered research, document search, and competitive intelligence.

Software	Annual Cost	What They Do	PB Status
AlphaSense	$10K–$100K+/yr	AI search, transcripts, filings, expert calls	BUILT FOR MAKR (7 skills)
Sentieo (now AlphaSense)	Bundled	Financial doc search, Excel plugin, screening	Yes
Factiva (Dow Jones)	~$5K/yr	News and publication aggregation	Yes
Third Bridge	Custom	Expert network, interview transcripts	Partial

Key insight: AlphaSense acquired Sentieo in 2022 and is the dominant AI research platform. We already built 7 AlphaSense-equivalent skills for MAKR: company deep dive, due diligence, SWOT analysis, comparison grids, earnings summaries, market landscapes, and company monitoring.

Category 4

Compliance & Filing

SEDAR+ filing, SEC reporting, XBRL tagging, and disclosure management.

Software	Annual Cost	What They Do	PB Status
Workiva	$15K–$50K+/yr	SEDAR+, SEC filing, XBRL, disclosure management	Yes
DFIN ActiveDisclosure	$10K–$40K/yr	Filing, XBRL tagging, compliance workflows	Yes
Toppan Merrill	Custom	SEDAR+ filing services, regulatory compliance	Yes

Key insight: Workiva is the market leader — serves 6,300+ organizations and ~80% of the Fortune 1000. All Canadian pubcos must file through SEDAR+ across 13 provincial/territorial securities regulators.

Category 5

Board Management & Governance

Every public company board needs a secure portal for meetings, documents, voting, and compliance. This is a mandatory spend.

Software	Annual Cost	What They Do	PB Status
Diligent Boards	$15K–$70K+/yr	Board portal, meeting management, document sharing, voting, entity management, ESG	Yes
Nasdaq Boardvantage	Custom	Board communication, governance workflows, document handling	Yes
OnBoard	$8K–$20K/yr	Board portal, meeting builder, analytics, D&O questionnaires	Yes
BoardEffect (Diligent)	$5K–$15K/yr	Board portal for mid-market, nonprofits, healthcare	Yes

Key insight: Diligent dominates — used by 50% of the Fortune 1000 and 25,000+ organizations globally. The board portal market was $2.8B in 2023 and is growing rapidly. Enterprises routinely see 20%+ price increases on renewal. A secure AI-powered board portal is a natural PureBrain module.

Capital Markets

Canadian Independent Firms & Boutique Banks

These firms use the same Bloomberg/Refinitiv/FactSet stack plus deal management CRMs, research distribution, and compliance monitoring.

Canaccord GenuityLeading independent global IB, TSX-listed

Ventum Capital MarketsFull-service: research, banking, advisory, trading

Capital CanadaIndependent M&A advisory

Fort CapitalVancouver, Toronto, Calgary

Morrison Park AdvisorsMid-market M&A advisory

Osprey Capital PartnersMid-market IB since 1998

Cormark SecuritiesRecently launched DCM practice

NewPoint CapitalMid-market M&A, private financings

Their stack: Bloomberg/Refinitiv/FactSet ($22K–$32K/seat), deal management CRMs (Dealogic, Salesforce), research distribution platforms, compliance monitoring tools, and filing software (Workiva, DFIN). A 20-person research team easily spends $500K+/year on software alone.

Already Built

What PureBrain Has Today

Capabilities already built or in development across the PureBrain ecosystem.

Capability	Status	Built By
Bloomberg B-Pipe (custom market data pipeline)	Ready to build	Aether
PureBrain IR — IR Suite (investor targeting, CRM)	In Development	Parallax / Keel
AlphaSense-equivalent research (7 skills)	BUILT	Tether
Company deep dive	BUILT	Tether
Due diligence engine	BUILT	Tether
SWOT analysis	BUILT	Tether
Comparison grids	BUILT	Tether
Earnings summaries	BUILT	Tether
Market landscape mapping	BUILT	Tether
Company monitoring	BUILT	Tether
AI Company Scorer (live demo)	BUILT	Tether
MAKR Deal Flow Scorer	BUILT	Tether

The Opportunity

PureBrain vs. The Incumbent Stack

Per-Company Annual Spend (Traditional)
Market Data (2 seats)	$32K–$64K
IR Platform	$15K–$50K
Research Tools	$10K–$50K
Compliance / Filing	$15K–$50K
Board Management	$15K–$70K

Total per company	$95K–$300K+/yr

PureBrain — Full Stack, One Price
Everything included. Market data, IR, research, compliance, custom builds. No modules, no upsells — the full platform.
PureBrain Full Stack	$1,097/mo
Includes:
✓ Bloomberg in a Box (Aether)	replaces $32K–$64K/yr
◦ PureBrain IR — IR Suite (in development)	replaces $15K–$50K/yr
✓ Research Engine (Tether)	replaces $10K–$100K/yr
✓ Compliance & Filing Tools	replaces $15K–$50K/yr
✓ Board Management Portal	replaces $15K–$70K/yr
✓ Custom Module Builder	build anything you need

Annual PB revenue per client	$13.2K/yr
Client pays AI provider separately (e.g. Claude ~$200/mo) — not PB revenue

Market Sizing (TSX/TSXV)
Total Issuers	3,600+
ARR at 1% (36 companies)	$474K
ARR at 5% (180 companies)	$2.37M

Addressable Market

Who Can Actually Be a PureBrain Customer?

Not all 3,600+ issuers are realistic buyers. Here's the real breakdown by market cap tier.

Canada: TSX + TSXV (3,564 issuers)

Tier	Market Cap	Est. Count	PB Fit
Shells & Dormant	<$10M	800–900	No — can't afford any software
Junior Explorers	$10M–$50M	500–600	Maybe — basic compliance/filing
Sweet Spot	$50M–$500M	600–800	YES — need tools, can't afford Bloomberg
Core Target	$500M–$5B	400–500	YES — have budget, replacing incumbents
Enterprise	$5B+	150–200	Possible — likely have Bloomberg already

Realistic Canadian TAM: ~1,000–1,300 companies in the $50M–$5B range. These are companies big enough to need real compliance, IR, and market intelligence tools — but not so big they already have $200K/year Bloomberg terminals and full IR departments. The TSXV median market cap is just C$5M, meaning the majority of venture-listed companies are too small to be customers today.

United States: NYSE + NASDAQ (5,500+ issuers)

Tier	Market Cap	Est. Count	PB Fit
Micro-Cap	$50M–$300M	1,500+	YES — underserved, can't afford enterprise tools
Small-Cap	$300M–$2B	~1,500	YES — prime target, growing compliance needs
Mid-Cap	$2B–$10B	~1,080	YES — have budget, seeking efficiency
Large-Cap	$10B+	~891	Harder — established vendor relationships

Realistic US TAM: ~3,000–4,000 companies across micro-cap to mid-cap. The US market is 3x the size of Canada and even more underserved in the micro/small-cap tier where companies need institutional-grade tools but are priced out of Bloomberg ($32K/seat), Refinitiv, and enterprise IR platforms.

Combined North American TAM
Canada (TSX/TSXV)	3,564 issuers	~1,000–1,300 customers
United States (NYSE/NASDAQ)	5,500+ issuers	~3,000–4,000 customers

Total Addressable	9,000+ issuers	~4,000–5,300

ARR Projections — $13.2K/yr per Client
1% penetration (~45 companies)	$593K
2% penetration (~95 companies)	$1.25M
5% penetration (~235 companies)	$3.1M
10% penetration (~470 companies)	$6.2M
25% penetration (~1,175 companies)	$15.5M

The pitch: PureBrain's addressable market is 4,000–5,300 public companies across North America that need institutional-grade tools but are priced out of Bloomberg, Refinitiv, and enterprise IR platforms. At $1,097/mo they get everything — Bloomberg in a Box, PureBrain IR, research engine, compliance tools, and the ability to build custom modules. The full stack that costs incumbents $95K–$300K/yr, for $13.2K. At 10% penetration that's $6.2M ARR on pure SaaS revenue.

Next to Build

Remaining Gaps in the PureBrain Stack

Software categories where PureBrain doesn't yet have a solution — but could.

Shareholder Surveillance

Who's buying/selling, activist detection, ownership change alerts. Currently dominated by Q4 and Nasdaq IR Insight.

Virtual Events Platform

Earnings calls, investor days, AGMs. Q4 powers 4,400+ events/year for half the S&P 500.

SEDAR+ Filing Automation

Direct integration with Canada's electronic filing system. Currently Workiva and Toppan Merrill dominate.

ESG Reporting Tools

Increasingly mandatory for TSX issuers. ESG disclosure, scoring, and compliance reporting.

Proxy & Voting Management

Shareholder meeting infrastructure, proxy solicitation, vote tabulation.

Research Distribution

Analyst report publishing, tracking readership, compliance review workflows.

What Software Do Public Companies Use?And What Can PureBrain Replace?