The Ledger
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Wilson: Shopify cannot handle complex high-SKU enterprise architectures
“If you're selling auto parts, And when you're all said and done with child SKUs, you have 750,000 child SKUs and you need to connect it to an ERP system and you need it to ship to your multiple warehouses. You're not getting there with Shopify.”
Wilson: Taylor Swift runs official merchandising store on Miva
“Our most famous customer, even though she's not our largest customer is Taylor Swift. So so Taylor uses us for her merchandising store.”
Wilson: Miva's enterprise customers stay for over a decade
“Our average enterprise customer lasts more than a decade.”
Miva ARPU reaches $300 monthly, $2,000 for enterprise
“Our average customer pays us about 300 dollars per month and our average enterprise customers paying us around two grand a month.”
Wilson: Acquired Miva for $1.5M all-in in 2007
“So we bought it for all in about a million and a half bucks. That included the turnaround capital. And actually that's what we raised and bought. I mean, so we paid them less, but that's what it took to do.”
Wilson: Miva was doing $500K net revenue at 2007 buyout
“After cost of goods, it was about half a million bucks a year at the time, even though it had a huge number of customers.”
Miva raised $18M in PE funding in April 2017
“We took our first round of professional money in April of this year. We raised eighteen million dollars from a private equity firm.”
Miva has 6,000 active customers and 400 enterprise clients
“So we have about 6000 active customers across the board, but our focus really is our enterprise customers. And so we have 400 of those”
Wilson: Miva enterprise churn is sub-2% while SMB churn is ~18%
“Our annual churn for enterprise customers is sub two percent and our SMB churn is in the, 18% a year range.”