Acquiring Minds The Joy & Pain of Buying a Tech Business
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Sep 1, 2025 Felipe Corcuera, Co-CEO of Beaker, shares his journey of acquiring a robotic process automation company just before AI took off with ChatGPT. He discusses the challenges of navigating imperfect information in the lower middle market and the importance of strategic partnerships. Felipe dives into unique valuation insights, emphasizing personal connections with sellers and the shift towards recurring revenue models. He outlines the highs and lows of being in the AI industry and shares his philosophy on aggressive reinvestment for long-term growth.
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From Goldman To Relay To Searching
- Felipe left Goldman Sachs and joined Relay Investments before deciding to search himself with a partner.
- He used that experience to learn the search process and evaluate deals from the inside.
Imperfect Information Is Normal
- Lower middle market deals require comfort with imperfect, messy information during due diligence.
- Investors must rely on sparse reporting and sometimes other co-investors' diligence work.
Split The Funnel By Strengths
- Build a partnered search to complement skills rather than duplicate funnels.
- Assign Antonio to top-of-funnel sourcing and Felipe to bottom-of-funnel diligence and closing.