# Exits — how an investor gets money back, and when (research notes, 2026-10-25)

> For the "exit" section of the investor pack. Every figure has a source and a date.
> ⚠ = not verified from a primary source (press report, aggregator, estimate) or my own
> assumption. "My arithmetic" = computed here from sourced inputs.
> Pack figures used (updated 2026-10-26): step 1 $100k at $2.5M pre, step 2 $300k at $3.5M, step 3 $200k at $3.6M; investors 3.8% → 11.4% → 16.1%; 1× non-participating preference;
> realistic yearly revenue (ARR) **$2.2M at month 18** and **$4.0M at month 36** (slow case
> $0.6M / $1.0M); next round m15–18, ~$1.5–2M, ~20% dilution; plan.html uses 4× revenue.

---

## 1. Summary

- **Companies like Stapilo do get bought — mostly small, quietly, at 2.5–5× revenue.** The
  famous prices (Mailchimp $12B ≈ 15× revenue, Klaviyo IPO ≈ 15×, Kajabi $2B ≈ 20×) were
  large, fast-growing companies in 2021–2023. Today's medians are far lower: private SaaS deals
  ~4.0× trailing revenue (SEG, 2Q26 ⚠ via secondary write-ups), ~3.1× for smaller deals
  (Aventis, Q1 2026), ~3.3× for companies under $5M ARR (Aventis ⚠ via aggregator).
- **The sobering comparable:** Thinkific (public course platform, ARR $61.7M, growth 2%) is
  valued by the stock market at well under 1× revenue after cash (Aug 2026). Buyers pay for
  growth and retention, not for "being a course platform".
- **Who buys in this space:** platforms filling a gap (Hotmart → Teachable, Squarespace →
  Acuity, Linktree → Koji, Kit → SparkLoop, Patreon → Memberful), suites buying AI teams
  (HubSpot → XFunnel $30M, Wix → Base44 $80M, Canva → Ortto + Simtheory, Klaviyo → Agency,
  MoEngage → Aampe), PE and operator-buyers (Permira → Squarespace, Bending Spoons → Vimeo,
  Eventbrite, StreamYard; Clearlake/Siris → Constant Contact + SharpSpring; Tiny → Serato,
  Letterboxd; Awesome Motive → Thrive Themes).
- **Typical timeline:** a small exit (<$100M) comes ~3 years after founding for YC companies,
  median ~4 years overall (Heyman, 2025 ⚠ YC-only data). For a regional company starting its
  first outside round now, **year 4–6 from this round** is the honest window for a sale; a
  partial cash-out at the next round (m15–18) is possible but not promised.
- **What the $60k example investor could get** ($10k + $30k + $20k across the three steps, arithmetic in §6): sold in year 4–6 at
  3–5× revenue → **~$155k–386k (2.6–6.4×)**; the ambitious case → **~$590k (~10×)**; held and paying dividends →
  **~$8k a year** once profitable, plus the shares; half sold at the next round → **~$70k at m15–18** and half kept.
  Slow case: roughly the money back via the 1× preference *if* the company can be sold at all. Failure: $0.

---

## 2. Acquisitions and valuations, 2018–2026

Implied multiple = price ÷ the target's revenue at the time. Blank = not disclosed.

| Year | Buyer | Target (what it does) | Price | Target revenue at the time | Implied multiple | Source |
|---|---|---|---|---|---|---|
| 2018 | Square | Weebly (website builder, 625k paid subs) | ~$365M cash + stock | not disclosed | — | [Square 8-K, 2018-04-26](https://www.sec.gov/Archives/edgar/data/0001512673/000119312518135060/d582033dex991.htm) |
| 2018 | Patreon | Memberful (white-label memberships; 7 people, ~500 clients) | undisclosed | — | — | [TechCrunch, 2018-08-08](https://techcrunch.com/2018/08/08/patronage-empire/) |
| 2018 | Vista Equity | Mindbody (booking for studios/coaches) | $1.9B | not found in this search | — | [privsource / Playlist–EGYM coverage](https://athletechnews.com/classpass-mindbody-playlist-egym-merger-7-5-billion-deal/) |
| 2019 | Squarespace | Acuity Scheduling (booking; 45 staff) | undisclosed | — | — | [TechCrunch, 2019-04-23](https://techcrunch.com/2019/04/23/squarespace-acquires-acuity-scheduling); [Fenwick](https://www.fenwick.com/insights/experience/fenwick-represents-squarespace-in-acquisition-of-acuity-scheduling) |
| 2020 | Hotmart | Teachable (course platform) | ⚠ ~$250M (sources, not disclosed) | ⚠ ~$60M ARR (secondary) | ⚠ ~4× | [TechCrunch, 2020-03-16](https://techcrunch.com/2020/03/16/edtech-notches-a-win-as-teachable-is-acquired-by-hotmart/amp/) |
| 2021 | HubSpot | The Hustle (newsletter media, 1.5M subs) | ⚠ ~$27M (Axios source) | — | — | [Axios, 2021-02-03](https://www.axios.com/2021/02/03/hubspot-acquisition-the-hustle) |
| 2021 | Squarespace | Tock (reservations, events) | >$400M cash + stock | — | — | [Squarespace press release, 2021-03-31](https://www.squarespace.com/press-releases/2021/3/31/squarespace-acquires-tock-the-online-reservations-takeout-and-events-platform-to-advance-hospitality-offering) |
| 2021 | Clearlake + Siris | Constant Contact (email for small businesses) — carved out of Endurance | $400M investment (JV); terms otherwise undisclosed | — | — | [Wikipedia](https://en.wikipedia.org/wiki/Constant_Contact); [Newfold](https://newfold.com/newsroom/clearlake-completes-acquisition-of-endurance-international-group) |
| 2021 | Constant Contact (Clearlake/Siris) | SharpSpring (marketing automation) | ~$240M incl. debt | FY2020 revenue ~$29M ⚠ (Preqin) | ~8× trailing (my arithmetic); ~7× FY22 (Needham) | [SEC press release, 2021-06-22](https://www.sec.gov/Archives/edgar/data/1506439/000165495421008854/shsp_ex991.htm); [TipRanks](https://www.tipranks.com/news/sharpspring-to-be-acquired-by-constant-contact-for-240m) |
| 2021 | Intuit | Mailchimp (email marketing) | $12.0B ($5.7B cash + $6.3B stock) | ~$800M (2020) | ~15× (2020); ~12× if 2021 ≈ $1B | [Intuit 10-K FY2022](https://www.sec.gov/Archives/edgar/data/896878/000089687822000028/intu-20220731.htm); [Analysys Mason](https://analysysmason.com/research/content/articles/intuit-mailchimp-purchase) |
| 2021 | Sendinblue (Brevo) | Metrilo, Chatra, PushOwl (analytics, chat, push) | ~$47M for all three | — | — | [tech.eu, 2021-09](https://tech.eu/brief/sendinblue-acquires-chatra-metrilo-and-pushowl-for-47-million/) |
| 2021 | Kit (ConvertKit) | FanBridge (musician fan email) | undisclosed | — | — | [ConvertKit](https://convertkit.com/convertkit-acquires-fanbridge) |
| 2021 | (funding, not a sale) Tiger Global et al. → Kajabi | $550M round at $2B valuation | ~$100M ARR ⚠ | ~20× (2021 peak) | [Sacra](https://sacra.com/c/kajabi) |
| 2022 | Kajabi | Vibely (community app → Kajabi Communities) — Kajabi's first acquisition | undisclosed | — | — | [OC Business Journal](https://www.ocbj.com/technology/kajabis-1st-acquisition-boosts-digital-entrepreneurs/) |
| 2022 | ActiveCampaign | Postmark + DMARC Digests (from Wildbit; transactional email) | undisclosed | — | — | [ActiveCampaign press release, 2022-05](https://www.activecampaign.com/news/press-releases/activecampaign-acquires-postmark) |
| 2022 | Calendly | Prelude (interview scheduling) | undisclosed | — | — | [DP Tribune](https://business.dptribune.com/dptribune/news/read/42718886/calendly_acquires_hiring_scheduling_startup) |
| 2023 | Kit (ConvertKit) | SparkLoop (newsletter growth / paid recommendations) | undisclosed | — | — | [Kit, 2023-06-09](https://convertkit.com/news/convertkit-acquires-sparkloop); [BoiseDev](https://boisedev.com/news/2023/06/16/converkit-sparkloop/) |
| 2023 | Awesome Motive | Thrive Themes (WordPress marketing suite, 200k users) | undisclosed | — | — | [WP Tavern, 2023-01-23](https://wptavern.com/awesome-motive-acquires-thrive-themes) |
| 2023 | Linktree | Bento, then Koji (link-in-bio + creator mini-apps; Koji shut down) | undisclosed | — | — | [Tubefilter, 2023-12-14](https://www.tubefilter.com/2023/12/14/linktree-link-in-bio-acquires-koji/) |
| 2023 | HubSpot | Clearbit (B2B data) | ⚠ ~$225M reported, not confirmed | — | — | [HubSpot IR, 2023-12-04](https://ir.hubspot.com/news/hubspot-completes-acquisition-of-b2b-intelligence-leader-clearbit) |
| 2023 | Tiny | Letterboxd, 60% stake | ~$50M (valued $50–60M) | — | — | [Gizmodo](https://gizmodo.com/letterboxd-majority-acquired-by-tiny-for-50-million-1850887306) |
| 2023 | (IPO) Klaviyo | email/SMS marketing, NYSE | $9.2B fully diluted | $585M TTM (to 2023-06-30) | ~15.7× TTM (my arithmetic); 14.3× annualised H1 (TechCrunch) | [NBC/CNBC, 2023-09-20](https://www.nbcnewyork.com/news/business/money-report/klaviyo-jumps-23-in-nyse-debut-after-software-vendor-priced-ipo-at-30/4696438/); [CMC Markets](https://cmcmarkets.com/en-gb/news-and-analysis/klaviyo-is-set-to-debut-at-an-ipo-price-of-30) |
| 2024 | Bending Spoons | StreamYard / Hopin (live streaming) | undisclosed, "much less" than Hopin's $250M (2021) | — | — | [Sifted](https://sifted.eu/articles/bending-spoons-italy-startup-ipo); [Skift](https://meetings.skift.com/hopin-acquired-by-bending-spoons/) |
| 2024 | Permira (PE take-private) | Squarespace (websites, commerce, Acuity) | $7.2B, all cash (closed 2024-10-17) | ~$1.19B run-rate (Q × 4, my arithmetic ⚠) | ~6× ⚠ | [SiliconANGLE](https://siliconangle.com/2024/10/17/permira-completes-7-2b-acquisition-squarespace/); [TechCrunch](https://techcrunch.com/2024/10/17/permira-completes-squarespace-acquisition-after-upping-bid-to-7-2b) |
| 2025 | Tiny | Serato (DJ software), 66% stake | $66M cash + shares | $42.4M annualised revenue, 62% recurring | ⚠ ~2.4× if $100M total; sources conflict ($175M also reported) | [Pulse 2.0](https://pulse2.com/tiny-buying-controlling-stake-in-serato-for-66-million); [Techcouver](https://techcouver.com/2025/03/31/tiny-acquires-majority-stake-in-dj-giant-serato/) |
| 2025 | Wix | Base44 (AI app builder; 6 staff, 250k users, profitable) | ~$80M + earn-outs to 2029 | "inconsequential" to 2025 revenue | n/a (a bet on AI) | [Globes](https://en.globes.co.il/en/article-wix-acquires-israeli-vibe-coding-co-base44-1001513267) |
| 2025 | Klaviyo | Gatsby (social DMs → email/SMS subscribers) | undisclosed | — | — | [PitchBook / Indeed feed ⚠](https://pitchbook.com/profiles/company/85669-30) |
| 2025 | Bending Spoons | Vimeo (video hosting) | ~$1.38B cash ($7.85/share) | not found in this search | — | [privsource](https://www.privsource.com/acquisitions/deal/bending-spoons-acquires-vimeo-for-1-38-billion-B6Svee); [TechCrunch, 2025-10-31](https://techcrunch.com/2025/10/31/what-is-bending-spoons-everything-to-know-about-aols-acquirer/) |
| 2025 | HubSpot | XFunnel (AI search / answer-engine optimisation) | ⚠ $30M (MarketScreener) | — | — | [MarketScreener, 2025-10-30](https://www.marketscreener.com/news/hubspot-inc-entered-into-an-agreement-to-acquire-xfunnel-inc-for-30-million-ce7d5cdddf81f625) |
| 2025 | Bending Spoons | Eventbrite (ticketing), take-private | ~$500M cash ($4.50/share, 82% premium) | not found in this search | — | [Business Wire, 2025-12-02](https://www.businesswire.com/news/home/20251202408560/en/Eventbrite-Enters-into-Definitive-Agreement-to-Be-Acquired-by-Bending-Spoons-for-Roughly-$500-Million-to-Accelerate-Eventbrites-Next-Phase-of-Growth) |
| 2025–26 | Coursera | Udemy (all-stock merger) | ~$2.5B implied equity | combined >$1.5B pro forma | ~1.7× combined (my arithmetic ⚠) | [HR Dive](https://www.hrdive.com/news/coursera-to-acquire-udemy-to-create-25b-mooc-giant/808317/) |
| 2026 | Playlist (Mindbody, ClassPass) | EGYM merger | $7.5B combined; $785M new equity | — | — | [Athletech News](https://athletechnews.com/classpass-mindbody-playlist-egym-merger-7-5-billion-deal/) |
| 2026 | Webflow | Vidoso.ai (on-brand AI marketing content; 4 engineers, $3.7M raised) | undisclosed | — | — | [agentmarketcap ⚠, 2026-04-08](https://agentmarketcap.ai/blog/2026/04/08/webflow-acquires-vidoso-ai-agentic-marketing-content-generation) |
| 2026 | Canva | Ortto (marketing automation, 11k customers) + Simtheory (AI agents) | undisclosed (Ortto raised $46M) | — | — | [Constellation Research, 2026-04-08](https://www.constellationr.com/insights/news/canva-acquires-simtheory-ortto) |
| 2026 | MoEngage | Aampe (an AI agent per customer for messaging) | ⚠ "tens of millions", all cash | — | — | [TechCrunch, 2026-06-23](https://techcrunch.com/2026/06/23/indias-moengage-bets-marketings-future-on-millions-of-ai-agents/) |
| 2026 | Klaviyo | Agency (AI customer support; raised $32M) | undisclosed | — | — | [usagepricing ⚠, 2026-08-11](https://usagepricing.com/blueprint/activity/2026-08-11-klaviyo-agency-acquisition) |

**Not sold (for context — the direct competitors are mostly still independent):**

| Company | Status (date) | Source |
|---|---|---|
| Thinkific (TSX: THNC) | Public; ARR $61.7M (+2%), Q2 2026 revenue $18.6M, adj. EBITDA +$0.3M; bought back up to ~$35M of shares in 2024 | [Newswire, 2026-08-05](https://newswire.ca/news-releases/thinkific-announces-second-quarter-2026-financial-results-802101214.html) |
| Kajabi | Private; $2B valuation (2021); 2024 revenue est. ~$75M ⚠ | [Sacra](https://sacra.com/c/kajabi); [Latka](https://getlatka.com/companies/kajabi) |
| Kit (ConvertKit) | Private, bootstrapped; founder says he turned down a ⚠ $200M Spotify offer | [Russell Brunson Show](https://podscripts.co/podcasts/the-russell-brunson-show/shut-it-down-or-double-down-nathan-barrys-road-to-45m-with-kit-convertkit) |
| Circle.so | Private; ⚠ ~$21M ARR (May 2024), ~$200–250M valuation (2021) | [Sacra](https://sacra.com/c/circle-so) |
| Mighty Networks | Private; ~$66M raised, last $50M Series B (2021) ⚠ | [Clay](https://www.clay.com/dossier/mighty-networks-funding) |
| Systeme.io | Private, founder-owned, no outside money; ⚠ ~$20M revenue 2024 (Latka) | [Latka](https://getlatka.com/companies/systemeio) |
| ClickFunnels | Private; ⚠ ~$170M revenue / $2.8B valuation (Latka, undated, conflicts with CB Insights) | [Latka](https://getlatka.com/companies/clickfunnels/vs/landingi) |
| Kartra (Genesis Digital) | Private, founder-owned; no sale found | [Genesis Digital](https://yespress.io/genesis-digital-llc.md) |
| HighLevel, Skool, Stan, Podia, Gumroad, Typeform | No sale found in this search (2026-10-25); no reliable revenue figures found | — |

**What the table says:**
1. Most deals in creator/coach software are **undisclosed and small** — tuck-ins of a team and
   a product (Memberful, Acuity, Koji, SparkLoop, Vibely). That is the realistic class for
   Stapilo, not Mailchimp.
2. Where prices are known for small/mid targets, multiples cluster at **~2–8× revenue**
   (Teachable ~4× ⚠, SharpSpring ~7–8×, Serato ~2.4× ⚠, Squarespace ~6× ⚠, Coursera–Udemy ~1.7× ⚠).
3. **2025–2026 AI deals price the team and the technology, not revenue** (Base44 $80M with
   almost no revenue; XFunnel $30M; Vidoso, Aampe, Agency). An AI agent that really runs a
   coach's business is the kind of asset these buyers paid for — but that is upside, not a
   plan.
4. **Operator-buyers and PE now dominate the larger end** (Bending Spoons, Permira, Clearlake,
   Tiny) and pay less for slow growers (Coursera–Udemy ~1.7× combined revenue ⚠; Bending Spoons' Eventbrite bid was only an 82% premium on a depressed share price).

---

## 3. Market multiples (2025–2026)

| Measure | Figure | Source (date) |
|---|---|---|
| Private SaaS M&A, median EV / trailing revenue | 4.0× (2Q26), 4.2× (1Q26); average 6.2× | SEG via [Windsor Drake](https://windsordrake.com/software-ma-update/) & [Peony](https://www.peony.ink/blog/saas-valuation-multiples) ⚠ secondary |
| Public SaaS (SEG index), median EV / TTM revenue | 3.2–3.6× (2026), vs 5.9× (2025), 6.7× (2024) | SEG via [Windsor Drake](https://windsordrake.com/saas-business-valuation-methods/), [Fungies](https://fungies.io/saas-valuation-statistics-2026/) ⚠ |
| Aventis, median EV / revenue, all deals | 3.1× (Q1 2026); 4.5× long-run 2015–2026 | via [Peony](https://www.peony.ink/blog/saas-valuation-multiples) ⚠ |
| Aventis by size: $0–5M ARR | ~3.3× | via [Fungies](https://fungies.io/saas-valuation-statistics-2026-4/) ⚠ |
| Aventis by size: $5–10M ARR | ~4.0–4.2× | same ⚠ |
| Aventis by size: $10–25M ARR | ~4.5× | same ⚠ |
| Acquire.com listings, < $1M ARR | 2.5–4× revenue, or 4–6× SDE; 600+ listing average ~2.6× TTM revenue / 10.7× profit | [Beancount guide, 2026-07-11](https://beancount.io/blog/2026/07/11/bootstrapped-saas-valuation-multiples-2026-acquire-com-indie-founders-guide) ⚠ |
| Acquire.com listings, $1–5M ARR (healthy retention, growth) | 4–6× ARR | same ⚠ |
| FE International, owner-operated businesses < ~$10M value | ~2–4× SDE (seller's discretionary earnings); EBITDA basis above | [FE International, 2025](https://feinternational.com/blog/how-much-business-worth-valuation-2025) |
| Small SaaS by SDE (brokers incl. FE, Quiet Light, Acquire) | 2–2.5× (high churn, flat) → 4–5× (low churn, 20–40% growth) | [Development Corporate](https://developmentcorporate.com/startups/sde-calculation-for-saas-the-complete-valuation-guide-for-sub-5m-companies/) ⚠ |
| PE buyers, $5–15M ARR | ~10–15× EBITDA | same ⚠ |
| What moves the multiple | +10 pts net revenue retention ≈ +2–3× EV/ARR; +10 pts Rule of 40 ≈ +1.0–2.2× | Aventis via [Fungies](https://fungies.io/saas-valuation-statistics-2026/) ⚠ |

Empire Flippers: no 2025–2026 SaaS multiple table found in this search (⚠ gap).

**Read for Stapilo:** at $2–5M ARR the honest range is **3–5× revenue**; 4× (the pack's
number) is the market median, not a stretch. Growth above ~30% and low churn are what lift it
toward 5–6×; the Thinkific case shows what happens without growth.

---

## 4. Exit routes and timelines for a small SaaS company

| Route | How the investor gets cash | Typical timing | How common at this size | Notes |
|---|---|---|---|---|
| **Strategic sale** (a platform buys Stapilo) | Cash or buyer's shares for all shares, at the sale price; 1× preference protects a low sale | Small exits ~3 yrs after founding (YC); median ~4 yrs; $100M+ exits ~6 yrs ([Heyman, 2025](https://jaredheyman.medium.com/on-yc-startup-exits-2025-update-c6017e8e526e) ⚠ YC-only) | The main route in this space (§2) | Often with an earn-out (Base44) or retention packages; tag-along in the terms makes sure small holders sell on the same terms |
| **PE / operator buyer** (Bending Spoons, Tiny, roll-ups) | Cash, sometimes for a majority only (Tiny buys 60–66% and leaves the founders the rest) | Once profitable, typically $2M+ ARR | Common for profitable, slower growers | Values on profit (SDE/EBITDA) more than growth; a majority sale may leave minority holders in place — the drag/tag clauses matter |
| **Secondary sale at a later round** | A new investor buys some existing shares, usually at a discount | At the next priced round (pack: m15–18) | Uncommon at small rounds; growing overall: 396 tender offers on Carta in 2025 (+62%), 39% of them seed–Series B | [Carta, 2025](https://carta.com/data/linkedin-startup-tender-offers-employee-liquidity-2025/); [Carta H1 2026](https://carta.com/data/tender-offer-update-h1-2026/). Needs pre-emption/transfer clauses that allow it; new investors prefer money into the company |
| **Buyback** (company or founder buys shares back) | Cash at an agreed price | When cash builds up | Real precedent: Thinkific's ~$35M issuer bid (2024) | Needs a profitable company; price formula should be set in the partners' agreement |
| **Dividends** (profits paid out) | Yearly cash in proportion to shares | After break-even and once growth spending slows | Normal for bootstrapped, profitable companies (Systeme.io, Kit, Kartra are founder-owned and pay themselves this way ⚠ inferred) | Georgia taxes profit only when distributed (15% corporate on distribution, 5% personal on dividends ⚠ [Trading Economics](https://www.tradingeconomics.com/georgia/withholding-tax-rate) — confirm with an accountant) |
| **IPO** | Shares become sellable on a market | 8–10+ yrs; needs ~$100M+ revenue | Not realistic for this plan; do not mention as a route | Klaviyo, Thinkific are the examples — and Thinkific's shows an IPO is not a happy ending |
| **Failure** | Nothing, or a little from selling the software/customers | Any time | The most common outcome for early companies | Must be stated plainly |

Context on time: Carta's 2025 medians put company age at 1.2 yrs at seed, 2.8 at Series A,
4.9 at Series B ([Carta](https://carta.com/data/linkedin-startup-decade-timeline-funding-milestones/));
Carta's own headline is "it will take a decade even if your startup succeeds". Stapilo's
software already exists (the product is built), so its clock starts later than a typical seed
company's — but the outside-money clock starts now.

---

## 5. Who could plausibly buy a company like Stapilo, and why

| Group | Examples | Why they would buy | What they would pay for |
|---|---|---|---|
| **Creator / course platforms adding AI and "all-in-one"** | Kajabi, Teachable/Hotmart, Thinkific, Kit, Podia, Circle, Mighty Networks, Skool, Systeme.io, Kartra | Their customers ask for the AI agent and for the jobs they lack (SMS/WhatsApp, booking, ads, webinars); buying is faster than building; Kajabi bought Vibely for community, Kit bought SparkLoop | The AI agent and the code base; customers in new markets |
| **Website builders and marketing suites** | Wix (Base44), Squarespace/Permira (Acuity), HubSpot (XFunnel, Clearbit), Klaviyo (Gatsby, Agency), ActiveCampaign (Postmark), Brevo, Canva (Ortto, Simtheory), Webflow (Vidoso), MoEngage (Aampe) | Every one of them bought an AI or a missing channel in 2025–2026; Stapilo is a working AI agent that operates a whole small business, not a demo | Team + agent technology; the "AI does the work" product |
| **Payments / fintech and local "super-apps"** | Hotmart (Brazil, bought Teachable for the US), Square/Block (bought Weebly for recurring revenue), Stripe-adjacent players, regional banks and payment companies in the Caucasus/CEE | Software subscriptions bring sticky merchants and payment volume; Hotmart and Square both bought abroad for reach | Merchant base and payment flow (Stapilo already handles local, non-Stripe payments) |
| **PE / operator roll-ups** | Bending Spoons, Tiny, Constellation-type vertical software buyers, Clearlake/Siris (Constant Contact + SharpSpring), Awesome Motive | Buy profitable software and run it lean; Constant Contact bought SharpSpring at ~7–8× | Profit and retention; usually once ARR is $2M+ and profitable |
| **Regional players** | Hotmart (Latin America, already expanding), regional telecoms/media groups, CEE/Turkey/Middle East SaaS consolidators ⚠ (no specific deal found) | A localised all-in-one with Georgian/Russian/other-language support and local payments is hard to build from the US | Local market position, language and payments |

Honest caveats: no buyer is lined up, and none should be named as interested. Most
precedents are US/EU companies buying US/EU targets; a Georgia-registered company with mostly
non-US customers may need a holding company abroad before a large buyer will sign (already
noted in BRIEF as a later option).

---

## 6. The arithmetic: what the $60k example investor could get

**Ownership.** $10k of step 1 at $2.5M pre ($2.6M post) = **0.385%**. Step 2 ($300k at $3.5M pre, $3.8M post)
dilutes it to 0.354% and adds $30k / $3.8M = 0.789% → **1.144%**. Step 3 ($200k at $3.6M pre, $3.8M post) dilutes
that to 1.083% and adds $20k / $3.8M = 0.526% → **1.61%** after the round (investors together 16.1%).

**Next round.** The pack assumes a round at m15–18 that takes ~20%: 1.61% × 0.8 = **1.29%**.

| Case | Revenue at sale | Multiple | Company price | Stake | Value | Return on $60k | Yearly over ~5 yrs |
|---|---|---|---|---|---|---|---|
| Ordinary | $4.0M (pack realistic m36) | 3× | $12.0M | 1.29% | **$155k** | 2.6× | ~21% |
| Expected | $4.0M | 4× | $16.0M | 1.29% | **$206k** | 3.4× | ~28% |
| High | $6.0M (⚠ ~20%/yr growth for 2 more years) | 5× | $30.0M | 1.29% | **$386k** | 6.4× | ~45% |
| Ambitious | $11.5M (pack ambitious m36) | 4× | $46.0M | 1.29% | **$593k** | 9.9× | ~58% |
| Slow | $1.0M (pack slow m36) | 3× | $3.0M | 1.61% (no next round) = $48k → **the 1× preference pays the $60k back** if the sale covers all investors' $600k | | 1.0× | 0% |

**Dividends.** In the independent path there is usually no VC round, so the stake stays **1.61%**. At $4.0M of
revenue, a 25% profit margin ($1.0M) and half paid out ($0.5M): **~$8k a year** (~13% a year cash on $60k), from
around year 3–4. Estimates, not plan figures; taxes to be confirmed with an accountant.

**Partial sale at the next round.** At month 18 the expected value is about $8.8M (4× $2.2M yearly revenue), so the
stake is about $142k on paper; selling half the shares to the next round's investors at that price gives **~$70k**,
more than the money back, keeping the other half.

## 7. Gaps and what to check before the pack goes out

- ⚠ Teachable price/revenue, Clearbit price, XFunnel price, Serato total valuation, Vimeo and
  Eventbrite and Mindbody revenue at sale (not found — needed to compute their multiples): press/aggregator figures, not filings.
- ⚠ SEG 2Q26 and Aventis figures are from secondary write-ups; get the original reports.
- Missing: FE International / Empire Flippers published 2025–26 SaaS multiple tables; Acuity,
  Weebly revenue at sale; any deal by HighLevel, Skool, Stan, Podia, Gumroad, Typeform,
  Calendly (2024–26), Constellation Software in this niche; a regional (Caucasus/CEE/Turkey)
  comparable deal.
- ⚠ Georgian distribution tax (15% + 5%) — confirm with an accountant before quoting.
- Scenario A "high" (6.0M revenue) and Scenario B (25% margin, 50% payout) are my assumptions,
  not pack figures; label them as such on the page.