Our first exit and a look at the future of Exitround
Since the launch of Exitround last spring we’ve been blown away by the incredible interest and engagement that we’ve received from both startups and potential acquirers. Everyday, connections are being made between startups and over 200 buyers, including some of the world’s largest companies representing 16 public companies, and nine Fortune 500. Today, we’re thrilled to announce that we’ve had our first Exitround ‘exit,’ only four months after turning the lights on and several more are currently in various stages of negotiation.
Over the past quarter we’ve continued to learn as much as possible from both our startups and potential buyers. Below, we’d like to discuss a couple of commitments we’re making to Exitround’s startups and buyers, in order to continue building out the world’s best marketplace for early stage tech M&A.
- Leverage technology: The amount of work and detail that goes into an acquisition is incredibly complex; each individual buyer and startup are looking for such specific attributes, characteristics and fit. While matching these two have traditionally been done through personal networks, we believe that with such a large and growing marketplace of buyers and startups, we’re deploying machine-learning algorithms to more efficiently connect buyer preferences and startup characteristics.
- Adding experts to the marketplace: Details of acquisitions are rarely talked about, and those who have gone through them rarely share their experiences, no matter if bad or good. Exitround has brought together a highly experienced Industry Council of people who have differing perspectives and interactions to the M&A process and can guide both buyers and sellers along the way.
- Pat Matthews, Senior Vice President Corporate Development, Rackspace
- Adeo Ressi, CEO & Founding Member, The Founder Institute
- Ted Rheingold, Founder of Dogster/Catster; Entrepreneur
- Mark Seneca, Partner, Orrick (represented Instagram in their acquisition by Facebook)
- MG Siegler, Writer and Investor
- Ryan Spoon, Senior Vice President Product Development, ESPN
- David Tisch, Managing Partner, Box Group
The individuals in this group are already helping us build out Exitround, create better experiences for buyers and also produce helpful blog, podcast and video content to help help educate entrepreneurs during this process. We’ll announce additional members to the Industry Council as they join.
- Connect with potential acquirers earlier: Like most other aspects of life, the best relationships develop over time. Having conversations in a pinch isn’t ideal; connecting with buyers earlier to start building these relationships is key to optimizing an outcome. Stay tuned, over the coming weeks and months we’ll be announcing a series of meetups and other digital experiences that will go a long way to start creating relationships for both buyers and startups.
We’d love to hear from you! Follow us at @exitround or contact us via email at jacob at exitround dot com or greg at exitround dot come should you want to learn more, have questions or suggestions.