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19 results for “exits acquisitions”
there's the direct listing, and then there's the reverse merger or the SPAC. Up until I floated IPO a in 2018, I think it was, The first way was really the only way. I was involved in two direct listings, Slack and Coinbase. And in both of those, wha
17:59 / 19:04
from transcript17:59 – 19:04
Larger companies tend to require a bit more capital to fuel our growth. And so it's not uncommon to see companies burning hundreds of millions of dollars before deciding to go public. And now maintaining this burn efficiently is critical, especially
8:14 / 9:16
from transcript8:14 – 9:16
But if you are latent with RSUs, they can expire worthless if you don't convert everything to common through a liquidity event like an IPO, or you do what Databricks did and you raise billions and billions of dollars in order to pay a tax bill, plus,
5:44 / 7:05
from transcript5:44 – 7:05
But, you know, the IPO was actually a blockbuster, right? Like everybody has seen and looked at, like when opened at 33, it went up to like almost 120, 125 and is now trading down about 90 or so. We always tell our entrepreneurs that you sell on the
2:58 / 4:07
from transcript2:58 – 4:07
to sort of pre understand their demand. I mean, if you think about if a company didn't have that, for example, if the company sort of choked off private secondary trading in the firm, and they basically rely on a two week marketing period from when t
19:26 / 20:32
from transcript19:26 – 20:32
and it can be waived earlier. Sometimes you see these performance triggers where if the stock trades above a certain amount, you can waive the lockup early, which is nice. So after that happens, the next thing is the other thing that sometimes happen
50:43 / 52:05
from transcript50:43 – 52:05
And you have activist investors who will sit there and sort of punish those businesses. For that reason alone, companies would like to stay private for a much longer period of time in order for them to perfect their business model and maximize their
4:29 / 5:31
from transcript4:29 – 5:31
He he he's a great He's a great people. I love Jeff. But, essentially, it's a super late stage, borderline pre IPO slash post IPO. Generally speaking, honestly, they've done phenomenally well, but it's a completely separate vehicle run by a separate
11:59 / 13:03
from transcript11:59 – 13:03
NRR from SMBs. I mean, you can't find a better company, but I think it was priced to perfection around or priced to optimization. Should it have IPO to 25? A company leaves a bunch of money on the table or takes some dilution. Not cool. But the marke
39:44 / 40:48
from transcript39:44 – 40:48
Which is loaning businesses money. You know, it's super interesting because you make such a good point. What we're seeing in private equity is these continuation funds. Now continuation funds are coming, Chamath, to venture. So I've been getting piss
16:58 / 18:17
from transcript16:58 – 18:17
It also does help with the problem of duration. When you think about the duration problem for pre seed or seed investors where it's fifteen year hold periods often now, if you're coming in three, five, seven years in or at 200,000,000 error, a lot of
11:59 / 13:02
from transcript11:59 – 13:02
And so I'm just kinda curious, as a CEO with really infinite access to private capital, seeing an IPO like ServiceTitan, does that change your long term thinking about future exit timings? I think the IPO market is becoming more of a reality for us a
34:19 / 35:31
from transcript34:19 – 35:31
I'm probably closer to Jason, back half of '24. I don't think the activity in the late stage market is necessarily a driver. You pointed out correctly earlier that there's tons of software companies with a 100 or $200,000,000 of revenue. Some subset
29:52 / 31:43
from transcript29:52 – 31:43
Next, we have the average rule of 40, which is defined as the error of growth year over year plus last twelve months free cash flow margin at IPO quarter. And this is also a pretty important metric for SaaS companies. Companies need to be able to bal
8:59 / 10:09
from transcript8:59 – 10:09
I think they're available, but there's a small number of companies for whom they're easily available at a discount. And there's a much larger number of companies that you know, where you have your winners and you look at it and you go, I don't know i
1:05:27 / 1:07:01
from transcript1:05:27 – 1:07:01
era. You mentioned missing the IPO timing, and you mentioned the very small windows of liquidity in Venture, which you need to take advantage of. Horsley Bridge have got some amazing data on really why Venture's a shit asset class unless you take adv
32:02 / 33:18
from transcript32:02 – 33:18
So there's some possibility the IPO window opens SpaceX, huge IPO. There's also possibility that these companies don't go public. How do you think about scenario planning if in fact there is no surge of late stage privates that file and go public? Se
22:29 / 23:45
from transcript22:29 – 23:45
...way more acquisitions than IPOs, which is true even in a normal market. So it's been especially true in the last, like, two and a half, three years. But a very meaningful portion of the individual liquidity events relative to the corporate events. So
21:48 / 23:02
from transcript21:48 – 23:02
And they're all starting to talk about the Internet. But then the Internet went through kind of a swoon, and it became out of favor. By that time, I had moved from Morgan Stanley to Deutsche Bank. And one of the very first companies that kinda came o
12:44 / 13:48
from transcript12:44 – 13:48
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