Coppinger: Teamwork won't consider exits or IPOs before hitting $100M ARR
Peter Coppinger · 952 How Teamwork.com Got 20,000 Customers and $18m in ARR With No Funding · Mar 3, 2018 · at 18:46
Peter Coppinger, CEO of bootstrapped SaaS company Teamwork.com, explains why he would reject a hypothetical $120 million acquisition offer.
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“We have this kind of vision company that myself and Dan, my co-founder, we're not going to even stop and consider acquisitions, IPOs, anything, until we hit the hundred million dollar AR mark.”
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“Our first enterprise customer was actually Walt Disney. We'd been thinking about doing enterprise for a couple of years and we got a phone call out of the blue from Walt Disney saying we've been using your product in stealth for two years.”
Coppinger: Teamwork Switched Self-Service to Per-Seat to Stop Losing Prospects
“And what we've just done last month is we've changed all our self-service pricing tiers to the per seed model. And the reason we've done that is for a couple of reasons. It's First of all, we weren't capturing enough value from the mid market. The second thing…”
Coppinger: Teamwork's enterprise churn is near 0% after 18 months
“And then for the enterprise guys, we've actually in the history of enterprise in the year and a half of doing enterprise, we've only lost one enterprise customer. So our churn for enterprise is pretty close to zero percent.”
Coppinger: Teamwork.com is grandfathering legacy pricing for three years
“What we've done for our existing customers is we've chosen to grandfather them for three years, which is pretty unheard of in the industry, and then we're going to look after those guys as they transition from the old model over to the per seat model.”