The Ledger
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Bullhorn sets sales quotas at 3x to 5x on-target earnings
“So in the SMB, it's about Three to three and a half. And then in the enterprise, it's a full five.”
Pappas enormously regrets selling early secondary shares during the Vista deal
“No, with the Vista deal, I did quite a bit and regretted that actually. Like enormously because, you know, you saw what happened to the revenue, right? Like had I just held on”
Art Pappas: Bullhorn has 10,000 paying customers primarily in US and EMEA
“10,000 paying customers. Majority are in the United States and EMEA.”
Bullhorn blew its entire $4 million Series A on its original idea
“Then we raised like nine months in, we raised four million dollars series a, which was promptly blown on the original marketplace idea.”
Bullhorn survived a 2002 down round with a 50% valuation haircut
“And we did a very small, like 700 K round. At a 50% haircut to the prior round.”
Bullhorn reached $13.5 million trailing revenue before its 2008 recapitalization
“We were 13 and a half trailing.”
Most of Bullhorn's $26M round in 2008 went to secondary share purchases
“A lot of it, most of it was secondary.”
Vista acquired Bullhorn in 2012 in a low nine-figure transaction
“It did leak that it was a nine figure deal. So yeah. And it wasn't high nine figures, obviously.”
Bullhorn grew revenue from $40 million to $130 million under Vista
“We started revenues at 40, and we ended at one 30.”
Bullhorn maintains low-90s gross revenue retention and around 100% net retention
“We're in the low nineties gross and around a hundred percent net.”
Bullhorn spends $1.10 to $1.50 to acquire one dollar of ARR
“We'll spend about 22, five to 25. Depends on the segment. So bigger customers, more expensive. So you'll spend up to 25, you know, a dollar 50. To acquire a dollar of recurring revenue. Smaller customers, you'll spend about a dollar 10.”
Bullhorn launched in 1999 as a creative talent marketplace before pivoting
“So we started Bullhorn in 1999 and we were originally We were a online service, kind of like if you've ever used or seen Upwork or Fiverr, we were an online marketplace and specifically we were focused on creative talent and it was really too early for that bu…”