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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 saw 50-75% annual growth before a 2014 SaaS transition slump
“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.”
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.”
InspectionXpert reduced its annual revenue churn to under 8%
“Our renewal rate was 90%. Our turn was 10%. That's gone down. Now we're under eight percent on our turn.”
A tiered pricing model upgraded 40% of customers to a $2,500 plan
“We went from a complicated pricing model to a good, better, best, ah, pricing model. And, ah, w we've upgraded, ah, you know, somewhere close to 40% to that middle you know, the mid tier, the 2500 dollar model.”
InspectionXpert sold to Ideagen for a 3x ARR multiple
“We did, ah, we did three X. Yeah, and that was mainly because of that, ah, ah, 20 to four, 14 to 2017, the rough patch.”
Cope says delaying the acquisition by a year would have increased valuation
“If I had waited a year, we could have sold for more.”
InspectionXpert charges $1,500 annually for 2D and $4,500 for 3D
“So our software that builds that checklist starts at 1500 dollars per user per year for two D PDF. If they want to move up to a three D model with and import their CMM results From the coordinate measuring machines, which is a fancy machine that measures preci…”