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Podcast: The SaaS Podcast - AI, Growth & Product-Market Fit for SaaS Founders
Episode: SaaS Exit: From $0.28 Stock to an $8.3 Billion Sale
Description: Mike Hilton co-founded Concur in an apartment in 1993, selling a $69 Windows product. Twenty-one years later, they achieved a SaaS exit to SAP for $8.3 billion. But between those two points, their stock crashed from $60 to $0.28, their market cap dropped from $1 billion to $8 million, and everyone left them for dead.
The path to selling a SaaS business required betting everything on cloud. Concur gave on-premise customers a sunset window and migrated 100% to SaaS, going from $50M in license revenue to $1 billion in pure recurring revenue. A Wall Street Journal review by Walt Mossberg on launch day drove 2,000 copies in...