Tim Schumacher

That would be a search fund or something where people have to go out to get funding.

But we always have the money ready in the bank.

The initial two acquisitions were 100 percent my own cash.

Um, uh, and then we actually started to tap into financing sources, but it was always super important for us to have the financing lined up before the deal, because you don't want to have a deal jeopardize or the financing jeopardize a deal.

Um, it just makes you look like a fool.

So SaaS basically has two sources or three sources of financing now.

First one was debt.

We actually struck some favorable deals with debt providers who've basically given us a carte blanche, so a line of credit to tap into acquisitions as long as they're in a certain area.

So SaaS and some certain metrics.

then we basically just need to issue a capital call.

So they don't need to be approved.

That's number one.

Number two is operating cash flow.

SaaS Group is very profitable.

We strive to run profitable businesses.

We love the bootstrap at DNA, being super frugal, being profitable, but still growing a little bit.

That's kind of what most companies are like at SaaS Group.

So there's cash inflow that piles up.

We use that for other acquisition.

And then last but not least, we did do an equity round earlier this year.