Assertion Not checkable as stated
Big Four accounting firms are too expensive for early-stage startups
“And so we actually took them to my former big four and they couldn't service us. We were just too small. Some of our companies were pre-revenue and, you know, the, You know, the labor intensity and the bill rates were just too high for the startups to actually…”
Assertion Supported
Ardius competitors raised capital at valuations up to $500 million
“I mean, we have our, like I said, competitors out there raising it like, you know, half a billion dollar valuations, right? Or in the hundreds of millions.”
Insight
Constant regulatory changes make the tax code ideal for software automation
“And so I think tax is one of those areas that, that we feel are most conducive for software, right? Because the tax code, internal revenue code changes all the time. And it actually makes a lot of sense to, you know, to change and program that at the top level…”
Assertion Not checkable as stated
Ardius received Series A offers at $50M to $100M+ valuations
“We got offers anywhere at a fifty million, a hundred million. I mean, even one that was above that as well.”
Disclosure
Mucker Capital invested $200,000 in Ardius through its accelerator program
“They have an accelerator program, so that check size was roughly about 200,000.”
Assertion Not checkable as stated
Ardius charged 10% to 30% of recovered tax savings as success fees
“Right now we're averaging anywhere from 10 to about 30.”
Assertion Not checkable as stated
Ardius surpassed $10 million in cumulative client tax savings in 2019
“Yeah. For tax savings. Yeah. I mean, we had companies that came to us that were in the three, four million dollar range.”
Assertion Not checkable as stated
Ardius secured up to $4 million in tax credits for one client
“They were in manufacturing had never thought they would qualify for the life of them. And we were actually able to go back you know, four or five years, right. Because it is a refundable credit. So we went back four or five years and it, Culminated to about, y…”
Assertion Not checkable as stated
Ardius was profitable from day one
“We were always profitable from day one.”
Assertion Not checkable as stated
Ardius neared a $1M annual run rate before its Gusto acquisition
“We were close. Yeah.”
Disclosure
Ardius targeted a $10M Series A before exiting to Gusto
“Our target was somewhere close to probably about 10 was what we were thinking about raising ten million.”
Assertion Not checkable as stated
Ardius had no outside equity on its cap table at acquisition
“I mean, again, there was nobody that was literally on our cap table at the time, right? We had a convertible note at best.”
Assertion Partly supported
Ardius had roughly 15 employees prior to its Gusto acquisition
“We were at roughly 15.”
