Assertion Not checkable as stated
85% of InspectionXpert's business is generated through inbound marketing
“I would say something like 85% of our business comes from inbound.”
Assertion Not checkable as stated
Cope left his day job when InspectionXpert reached $70,000 annual revenue
“In 2008, I quit my day job naively thinking that, you know, our revenue when I quit was a little over 70,000 dollars for the year.”
Assertion Not checkable as stated
InspectionXpert reached a $3.1 million annual recurring revenue run rate
“So we're 3.1 million revenue annual recurring revenue run rate right now.”
Prediction Not checkable as stated
InspectionXpert is projected to reach $5 million ARR next year
“But it looks like we're gonna, we're expecting to do five, five million next year.”
Assertion Not checkable as stated
InspectionXpert saw 50-75% annual growth before a 2014 SaaS transition slump
“So, yeah, for the first seven years, we were seeing 50 to 75% growth year over year. In 2014, we made the switch from a perpetual license software model to you know, to the full SAS play and annual recurring revenue, and we hit a trough.”
Assertion Supported
InspectionXpert grew to $3.1 million ARR with zero outside capital
“A hundred percent bootstrapped.”
Assertion Not checkable as stated
InspectionXpert maintained a 20% MQL-to-close rate over its first nine years
“Yeah, so we, we've got it's gone up tremendously, but our long, you know, over the, from 2008 to say last year, for the first nine years we got about a 20% close rate you know, once people, once from, for the MQL to, you know, to close.”
Assertion Not checkable as stated
InspectionXpert reduced its annual revenue churn to under 8%
“Our renewal rate was 90%. Our turn was 10%. That's gone down. Now we're under eight percent on our turn.”
Assertion Not checkable as stated
A tiered pricing model upgraded 40% of customers to a $2,500 plan
“We went from a complicated pricing model to a good, better, best, ah, pricing model. And, ah, w we've upgraded, ah, you know, somewhere close to 40% to that middle you know, the mid tier, the 2500 dollar model.”
Disclosure
InspectionXpert sold to Ideagen for a 3x ARR multiple
“We did, ah, we did three X. Yeah, and that was mainly because of that, ah, ah, 20 to four, 14 to 2017, the rough patch.”
What-if
Cope says delaying the acquisition by a year would have increased valuation
“If I had waited a year, we could have sold for more.”
Disclosure
InspectionXpert charges $1,500 annually for 2D and $4,500 for 3D
“So our software that builds that checklist starts at 1500 dollars per user per year for two D PDF. If they want to move up to a three D model with and import their CMM results From the coordinate measuring machines, which is a fancy machine that measures preci…”
Assertion Not checkable as stated
InspectionXpert serves more than 2,000 manufacturing customers
“We've got over 2000 customers.”
