InspectionXpert saw 50-75% annual growth before a 2014 SaaS transition slump
Jeff Cope · 1577 Why He Sold His $3.1m ARR Company For 3x ARR 2 Months Ago · Nov 18, 2019 · at 7:00
Jeff Cope, founder of InspectionXpert, discusses the revenue impact of transitioning the business model from perpetual licenses to SaaS.
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“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.”
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More from Jeff Cope
85% of InspectionXpert's business is generated through inbound marketing
“I would say something like 85% of our business comes from inbound.”
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.”
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.”
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.”
InspectionXpert grew to $3.1 million ARR with zero outside capital
“A hundred percent bootstrapped.”
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.”