SaaS Interviews with CEOs, Startups, Founders
1765 "How He Doubled ARR to $2m Via Acquisition "
24 May 2020
Chapter 1: What is the main topic discussed in this episode?
Gitman Tint, helping folks and customers with their content marketing.
Chapter 2: How did Matt Dion acquire a company and what was its revenue?
He acquired one of his, someone else in his space in Toronto that was doing about 1.5 million in revenue back in late 2018. He was doing a million in revenue at the time. Now the company doing about 2.5 million a year in revenue across 130 customers. Founded in 2012, 3.8 million raised. Looking to raise another 500 grand right now to fuel some of this growth.
Net revenue retention about 100,000, sorry, 100% and their CAC payback period caught in the 12 to 15 month range. Nathan Latka here, guys. And if you're enjoying the podcast, remember there's a premium version with even more. You get early access to episodes.
Chapter 3: What strategies did Mintent implement to double their ARR?
So you would have heard this almost four weeks ago. There's 1500 searchable transcripts by data points like revenue greater than a million or located in the United States or bootstrap SaaS companies only. If you want to help out right now, head to getlatka.com or check out the show notes for a link. Your support also helps us to continue to produce high quality shows in the future.
Hello, everyone.
Chapter 4: How does Mintent help marketers improve their content strategy?
My guest today is Matt Dion. He's the CEO of Mintent. It's a technology and he's a technology industry veteran with 24 years of experience ushering early stage companies to the tricky early adopter and early majority market phases. The company is focused on making the best marketers better. Matt, you ready to take us to the top?
Chapter 5: What percentage of Mintent's revenue comes from SaaS versus services?
You bet. Yes. Why are you in software? You need to be like, you know, kisses, you know, roadie or something. Just be on the road with them 24-7.
Well, you know what? I'm a drummer. I started drumming in high school. And I guess I had to make a calculation back then. Could I make more money being a drummer or going into technology?
Chapter 6: What challenges did Mintent face during the acquisition process?
And so, yeah, that's where it took me. But yeah, I'm a big KISS fan, though.
So give us more detail. What is Mintent helping marketers do?
Yeah, so there's two aspects of it. One is we provide a SaaS platform. to get marketers on the same page around the planning, the production, the distribution, and the measurement of all of their digital content. And then we also have a set of complementary services, digital marketing services, that complement that.
So we can actually help marketers figuring out their personas and creating their content and distributing their content and all of that.
And so just to clarify, if you look at the past 12 months and you break total revenue into two buckets, one is true SaaS and one is consulting professional services, the extra things you offer, what percent would you say is pure SaaS?
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Chapter 7: How did Mintent's churn rate change after the acquisition?
Pure SaaS without customers using any services from us is probably, it's about 75%. Oh, okay, okay. And then the other 25 is people using our software and our services together.
Yeah, that's great. Not a bad thing to have because obviously some extra touch drives deeper usage and hopefully higher retention, which can be all positive things. Yeah, absolutely. So how do you structure your team then? So how many of them are focused on services exclusively versus the tech side?
It's about the same. So we've got...
Chapter 8: What is Mintent's current customer acquisition cost (CAC)?
A little bit more on services just because it's more labor-intensive, right? So my team is 17 people, and there's six full-time and about three or four contractors that we use. And they're just purely in the software with the customers every day doing it for them. And then I've got a dev team of six, and then I've got sales, marketing, customer success is the rest.
How many quota-carrying reps do you have? Um, three, three. Okay. Three. Okay. So, so let's get some of the backstory here. Now for people that missed your first episode, it was back in episode seven, it was episode 714. We did that, Matt, you ready for this? We did that back in September of 2018.
I mean, that was a year and a half ago. Wow.
It was a while ago. Yeah. So you, you told me back then you had about a hundred customers. Where are you at today?
Um, we're slightly higher than that. Um, you know, the services side of things, um, it grows, it grows quite slowly, you know, because it's, it's, you know, you need people behind that. So we've increased that by a few. And then the software side, since we spoke, we probably added 20 or 30, uh, clients in the mix there.
So call me behind 30 customers total right now. Yeah.
I mean, the the since we spoke at you, like when we spoke, we were just I hadn't even completed the acquisition of that other company. And so sorry, which other company? Well, so I bought another company out of Toronto called G-Shift. I was right in the middle of acquiring that company when we last spoke. So that closed in October.
And really, a lot of that year was spent sort of bringing the two companies together, merging the platforms, the people, the systems, everything. And so we weren't necessarily focused on aggressive growth. We were focused on making everything work together well. So now, end of the day, the company doubled in size and got to cash flow positive. So it was a really good move, that acquisition.
And now we're focusing on the sales and marketing required to get growth.
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