The Ledger
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Evotix faced an $11M lawsuit from its largest customer upon acquisition
“Well, we were being sued for eleven million dollars by our largest customer.”
Allison: Evotix Will Reach Cash Flow Breakeven by Mid-2023
“So we will be cash break even by the middle of next year, or middle of this year rather now.”
Elson: Evotix countersued its largest customer and secured a $300k settlement
“Well, we sued them. And then it went to a mediation and we faced them down across the table and they paid us 300,000 dollars, which kept the business afloat.”
Customer success teams miss large enterprise expansions without dedicated hunter reps
“So what we found was we previously had just had a customer success function. And what we found was that, that we were picking up the smaller upsells, but we weren't driving the big expansion deals. And so I've got the team now who are more hunters who are wher…”
Elson: 5,000 People Die Annually in Western Workplaces from Preventable Causes
“So how can it be acceptable that in European and North American workplaces, we're still killing 5000 people a year. And it's mostly from causes which are well understood and easily preventable.”
Allison: Evotix maintains 110% to 115% net retention
“So we're at a 110, 115% net retention. So we're expanding existing customers, but the core for us is new logo acquisition.”
Allison: Evotix will finish fiscal year at £15M ARR with 40% growth
“Yeah, so we will end our financial year on about fifteen million of sterling of ARR. One, five million? 15, one, five, fifteen million, yes. And so that'll be 40% growth for us.”
Allison: Evotix experiences 5% gross churn and 15%+ expansion
“So we're churning about five percent. And so expansion then is, is 15% plus.”
Allison: Evotix Monthly Net Burn Is Closer to $100K Than $1M
“Oh, oh, closer to a hundred grand than the million.”
Evotix reached a valuation over $100 million after $1 acquisition
“Now we're north of a hundred. Yeah. I mean, subject to, of course, to where we are in the markets at the moment.”
Elson: Evotix has between 400 and 500 paying customer companies
“We're kind of between four and 500.”
Network Rail deploys Evotix platform to all 100,000 of its employees
“So for example, network rail, big UK business, a 100,000 employees so that all of their employees will be using our platform.”
Matt Elson acquired turnaround SaaS startup Evotix for exactly one dollar
“And so I bought it for the proverbial dollar because it was very much a turnaround.”
Matt Elson retained nearly 50% equity in Evotix after Series B
“I'm still the largest shareholder, but slightly below majority.”
Elson: Evotix has decent runway and is rapidly approaching breakeven
“So A was 2018, B was 2020. We're still living off that capital. You know, we got decent runway. We're sort of, we're still burning a little, but we're moving pretty rapidly towards breakeven.”
Elson: Evotix averages roughly $25,000 in ARR per customer
“Pretty average ARR, 25,000 dollars or so.”
Allison: Manufacturing represents approximately 20% of Evotix's revenue
“Manufacturing is the biggest, but that'll be about 20%, so we've got pretty good referenceability across a number of sectors.”