The Ledger
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Miller: Awareness Technologies' new owners defaulted on debt payments in 2022
“They haven't made a bank payment or an interest payment since March, and they might not for quite a while.”
Miller: Post-exit, Awareness Technologies' revenue will halve to $10M in 2022
“The business will do ten million in revenue this year.”
Miller: Investors injected another $3M into Awareness Technologies
“The VC has put in another three million bucks to fund, so it's not only not making six, they're actually losing money”
SVB Refused to Lend Without VC Backing Despite Strong Cash Flow
“SVB wouldn't touch us because we didn't have, like, a traditional VC in the deal. They would rather fund a company that's losing money with a brand name VC than, you know, they don't do cash flow lending.”
Miller: Unmonitored departing employees often steal client lists and pricing data
“When I go to find my next job, chances are I will pull off a client list and all the information about what they have, how much they pay, when they're up for renewal and that would be devastating to a company if their employees, when they left to go to a compe…”
Awareness Tech Founders Used Sale Proceeds to Start Quest Nutrition
“The founders, I may have told you this, went on to take that money and start a billion dollar company called Quest Nutrition.”
VC-Backed Competitor Collapsed to $3M Loss Before Brad Miller Acquired It
“Two VCs bought it for forty-five million, and they And the business went from doing fifteen million making six to doing seven million losing three when we bought it.”
Brad Miller's Total Exit and Dividends Reached Nearly $50 Million
“The combination of the dividends and the price was just shy of 50, of just shy of fifty million.”
Switching Awareness Tech to Subscriptions Turned $1M Loss Into $1M Profit
“And but the business when I bought it was doing, you know, sort of five Five million losing a million. And even though it was structured as a SAS cloud delivery model, they were only charging a one time fee, though providing service and cloud forever. And so t…”
Brad Miller and Partner Acquired Awareness Tech for $5.5M
“No, they were we were 50, 50 equity partners. We each put up 2.75 million. We, you know, we put up five and a half million.”
Awareness Technologies Distributed $12.5M in Dividends Under Brad Miller
“We had also taken out 12 and a half million of dividends along the way.”
Awareness Technologies Hit $20M Revenue and $6M EBITDA in 2020
“The business grew from seven million, well, I guess five to seven, and then and then and then to 20, you know, last year we did twenty million making six.”
Awareness Technologies acquired a UK business for over $3M
“When we bought the company in the UK we bought it for a little over three million, and we already had a million of debt at the time.”
Miller acquired Awareness Technologies at $10M valuation on $4M-$5M revenue
“Well at the time we probably you know, valued it at about ten million. It was doing about four or five million in revenue.”
Awareness Technologies spends one dollar in CAC per dollar of ARR
“You know, we spend a dollar to get a dollar.”
Awareness Technologies operates at a net profit margin of over 30%
“We were profitable. We were very profitable. We're, you know, we're dropping 30 plus percent to the bottom line.”
Renewals now account for 50% of Awareness Technologies' revenue
“We saw an opportunity to change that model, which we did, and very, you know, very quickly, and now renewals makes up, you know, at, you know, 50% of the revenue”
Awareness Technologies generates approximately 75% of its revenue from consumers
“Probably 75, 25, consumer.”
Awareness Technologies achieves 80% annual retention in its B2B segment
“And there, you know, the churn is, you know, our retention is, you know, like 80%.”