Bootstrapped to $210m Buyout: The Story Behind The Double SaaS Acquisition of Seller Investigators

This episode of The New Frontier dives deep into the story of the founding, rapid growth and double acquisition of Seller Investigators with co-founders Robert and Lee.

The pair shares how frustrating personal experience with Amazon's accounting led them to build a specialized audit and refund recovery platform. Starting as a side project with two interns on Google Sheest, they scaled their bootstrapped business into an industry-leading solution with $3m ARR before catching the eye of e-commerce giant Carbon6, who acquired them in 2022.

Robert and Lee unpack the strategic decisions behind Seller Investigators’ success, from prioritizing partnerships and system scalability to resisting the urge to raise capital. They emphasize the value of operational excellence, ethical leadership, and maintaining a strong company culture.

The duo also shares behind-the-scenes insights into their acquisition journey - what made Carbon 6 the right fit, how they navigated negotiations, and why culture and alignment ultimately mattered more than the highest offer. Robert and Lee then reflect on adapting to new roles, shifting go-to-market strategies, and lessons learned from scaling revenues 15x inside Carbon6 to +$45m ARR.

Finally, the conversation turns toward Carbon6's eventual acquisition by SPS Commerce for $210 million and the challenges of integrating entrepreneurial teams into an enterprise environment. They close the episode by sharing candid perspectives on platform risk, AI disruption, and why grit, adaptability, and strong go-to-market execution will always be central to startup success.

If you are going to Amazon Accelerate in September, join us for a drink in Seattle: https://www.eventbrite.com/e/seattle-seller-shell-ebration-tickets-1527728730759 sponsored by Azoma & partners.