SaaS Interviews with CEOs, Startups, Founders Bending Spoons just bought his company for $100,000,000+ with Issuu CEO Joe Hyrkin
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Oct 24, 2024 Joe Hyrkin, former CEO of Issuu and a pioneer in digital publishing, discusses his journey from launching the platform in 2006 to achieving $50 million in revenue. He shares insights on Bending Spoons' strategic acquisition for over $100 million and the motivations behind the decision. Joe explains the complexities of navigating market conditions, the challenges of predatory lending, and the nuances of startup financing. With firsthand experiences, he sheds light on the M&A process and offers valuable advice for entrepreneurs considering exit strategies.
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Nine-Figure Exit
- Issuu sold for over $100 million, despite only having $32 million in revenue and minimal profits.
- This high multiple stemmed from inbound interest and strategic market timing.
Market Timing for Sale
- Understand your company's position in the market and its opportunity cycle.
- Consider market conditions and your company's size when deciding to sell.
Joining Issuu
- Joe Hyrkin joined Issuu in 2013, transitioning it from a Danish to a US company.
- He received a larger equity share than typical incoming CEOs due to this transition.