Claap's acquisition earn-out requires reaching up to $10M in ARR
Charles Tenot · Lemlist Revenue Hits $40M: CEO Charles Breaks Down $25M Claap Acquisition Deal · Nov 18, 2025 · at 14:48
Lemlist CEO Charles Tenot details the milestone-based earn-out structure agreed upon in the acquisition of conversational AI company Claap.
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“But yeah, basically just, you reach a milestone of AR, you get some money, and the more, and it can go up to ten million AR.”
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Lemlist generates approximately $10M in annual profit
“Beside this we're profit making at Lemnis. We do around ten million Profit every year.”
Claap reached $2M ARR at 10% monthly growth and cash breakeven
“They pivoted to Conversation Intelligence a year and a half ago. And they grew this product to two million AR and kind of very fast growing, like recently about 10% month over month. And so they had raised the seed, but now they were like almost breakeven. The…”
Charles Tenot says Claap's product equates to a $20M ARR company
“It's a product that is much better than the two million AR product. It's a, it's certainly at the level of a twenty million AR product.”
Lemlist acquired Claap for $15M upfront, scaling to $25M with earn-outs
“It's so the price is between 30, 15 and twenty-five million but there are some components that are like earn-out part, so it depends on future growth but basically we paid around fifteen million right now, and with add-on price if they reach a revenue target.”
Lemlist funded Claap acquisition via convertible bonds without setting a valuation
“We don't set a valuation. We don't need to set a valuation. We don't know, to be honest. Like, you don't need to set a valuation because you convert the bond at the time that there is an operation, you know, the two million worths with a discount. It's 20%.”