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Again, part of even launching their MVP or building it is going and signing a partnership with a large bank. They need deep bank relationships to even launch their product. A canonical example here is, in a company like Modern Treasury, they're moving money. One example I really like is looking at smaller, generally, FinTech startups. What do you mean by that? Do you have an example?Ĭhristina: Yeah. Back with us today to help analyze her own company, we have CEO and co-founder, Christina Cacioppo.Ĭhristina, I know from our previous conversations that using Vanta to get SOC 2–certified can actually help startups grow faster than they otherwise would have been able to. Vanta brings a fascinating approach, truly, to the whole compliance process, SOC 2, HIPAA, GDPR, and more.

Listeners, before we dive in, we want to thank the presenting sponsor for all of Season 10, Vanta, the leader in automated security and compliance. I think he's the number one bestie guestie on our friends over at the All-In pod.īen: I think that's probably right. He is widely known as one of the most knowledgeable people in the world on the business of online travel after his involvement in Expedia, Orbitz, Uber, and many others.ĭavid: You forgot maybe the most important part. He led the SPAC that grabbed the public in Southeast Asia. He's led large investments and sat on the board of companies you know, like MongoDB, Roblox, Zillow, and Plaid.

PAUL REEDER PAR CAPITAL SERIES

On the investing side, he led the Series C in Snowflake and still owns a massive stake of the company. He's got a very different mentality than your classic hedge fund guy. We actually recorded this episode in person even with video, stands, microphones, everything at the Altimeter office on Sand Hill Road.įor those of you who don't know, Brad has had an unbelievable career starting five companies. Actually, to tell you the truth, he is joined by us.

Today, we wanted to analyze one of the firms that pioneered this dual approach of operating a hedge fund and a venture capital firm simultaneously, Altimeter Capital.ĭavid: There has been so much change in venture in the last few years, more change (I think) in the last few years than in the decade that I was doing venture than watching it before.īen: Listeners, to tell the story right, we are joined today by Brad Gerstner, the founder of the firm. We're simultaneously seeing classically early stage venture capital firms like Sequoia completely reinvent their structure to hold on to their winners longer, even as they become public companies. We are watching hedge funds like Tiger Global and Coatue come all the way down to seed investing. But we have not gone deep on one of the biggest stories in venture right now, crossover investing.

I'm Ben Gilbert and I'm the co-founder and managing director of Seattle-based Pioneer Square Labs and our venture fund, PSL Ventures.ĭavid: I'm David Rosenthal and I'm an angel investor based in San Francisco.īen: And we are your hosts. Thank you as well to Wilson Sonsini - You can learn more about WSGR at: īen: Welcome to Season 10, Episode 4 of Acquired, the podcast about great technology companies and the stories and playbooks behind them.Thanks to Silicon Valley Bank for being our banner sponsor for Acquired Season 6.We have five honorable mentions that didn’t make our Top Ten list.It is obviously subject to change going forward from both future and past acquisition performance, as well as fluctuating stock prices. This ranking represents a point in time in history, March 2, 2020.If we made an assumption not disclosed by the parent company, we linked to the source of the reported assumption. All underlying assumptions are based on public financial disclosures unless stated otherwise.We recognize this analysis is flawed (cashflow/profit multiples are better, at least for mature companies), but given the opacity of most companies’ business unit reporting, this was the only way to apply a consistent and straightforward approach to each deal. If you have any examples you think we missed ping us on Slack or email at: We used revenue multiples to estimate the current value of the acquired company, multiplying its current estimated revenue by the market cap-to-revenue multiple of the parent company’s stock. We considered all historical acquisitions - not just technology companies - but may have overlooked some in areas that we know less well.Naspers’ investment in Tencent and Softbank/Yahoo’s investment in Alibaba are disqualified for this reason. In order to count for our list, acquisitions must be at least a majority stake in the target company (otherwise it’s just an investment).

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