Knorex is a Singapore-founded B2B SaaS company that sells programmatic advertising management software to marketing agencies and brand advertisers, primarily in the U.S. Its flagship product, XPO, is an enterprise platform that lets marketers plan, launch, and optimize digital ad campaigns across search, social (Meta, Google), connected TV, display, mobile, and digital billboards from a single interface. The core problem XPO solves is channel fragmentation — marketers normally juggle multiple siloed platforms, and XPO consolidates these into one UI, using an AI/ML engine to automate budget allocation, targeting, and optimization in real time. Knorex generates revenue through platform subscription fees (~41% of FY24 revenue) and platform services fees (~58%), the latter being a percentage of ad spend flowing through the platform, so revenue scales as customers increase their advertising activity. The remaining ~2% comes from managed services and consulting. Gross margins are modest at roughly 42%, as cost of revenue is largely media, data, and third-party technology costs. Knorex's customer base consists primarily of small and mid-sized agencies, and the U.S. accounts for roughly 96% of revenue. A critical concentration risk: one customer represented 73% of FY24 revenue, and that customer significantly cut spending in early 2025, causing revenue to decline roughly 50% in the first half of 2025. Engineering and R&D are based in Vietnam and India, while sales and leadership are in Singapore and the U.S.