Скачать или смотреть How We Acquired our PLG Competitor to Break $30m in Revenue

Our next live event: lu.ma/meetsaas

View slide deck: https://docs.google.com/presentation/...

How Cognism Acquired Kaspr:

(11:16) Identification: Cognism noticed Kaspr appearing in their deals around September 2021, especially after Kaspr hired a UK sales resource.

(11:36) Initiation: James Isilay reached out via LinkedIn in October 2021, first connecting with the CTO, who then facilitated an introduction to the CEO.

(11:47) Vision & Relationship Building: James flew to Paris in November 2021 to sell the vision of combining Kaspr's PLG strength (for acquiring smaller users/fixing Cognism's low-end retention) with Cognism's direct sales force (for upselling).

(01:04) Internal M&A Capability: Cognism utilized internal board expertise (specifically Phil Gollick) to manage the process and avoid expensive banker fees.

(15:17) Negotiation: James personally led negotiations, aligning valuation expectations between Kaspr's founders and Cognism's VC-backed board, bridging the gap between high market multiples and board requirements.

(12:16) LOI & Due Diligence: A Letter of Intent (LOI) was created and signed in November 2021. Financial, technical, legal, and HR due diligence started in January 2022.

(13:24) Closing: The acquisition was completed in March 2022.

Key Deal Terms:

(15:10) Valuation: Set at a 9x market multiple (likely ARR-based).

(15:00) Structure: Primarily a cash deal due to unfavorable French tax implications on equity for the sellers.

(15:10) Cash Component: 65% of the total consideration was paid in cash, with a portion upfront.

(15:10) Earn-out Component: 35% of the total consideration was structured as a performance-based earn-out paid over time.

(16:28) No Equity: The deal did not include an equity swap for the sellers.