Sramana Mitra: Have you done other verticalized product acquisitions or solutions?
Adam Bloomston: We have. We purchased an electronic invoicing company called Billion, probably in 2011. It is an electronic invoicing program on a web-based platform. If you are in any kind of service business or any kind of business, you send them an invoice online.
You can send them the invoice in a body of email in which we embed a link saying ‘Click Here to Pay’. When you click it, a page pops up where you need to enter your credit card number. So once we got to integrate our payments technology into a SaaS web-based platform, it has once again given our representatives a great product to sell that is more advanced and provides so much more value addition to the merchants that merchants are less likely to leave.
That contributed to our growth consistently. More importantly, we got into strong relationships with clients using those technologies.
Sramana Mitra: So between the camp product and this online invoicing product, how did the revenues ramp in the period when it started to kick in gear? In 2008 you were saying you were at one million a year in revenue. How long did it take you to go to the five million milestone?
Adam Bloomston: We probably had revenue of $5 million in 2011.
Sramana Mitra: In that window, from 2007 to 2011, you did two acquisitions.
Adam Bloomston: Yes, we did two acquisitions.
Sramana Mitra: After 2000 you are now at $5 million in revenue, what was the next strategic set of moves? Was there more organic growth or more acquisitions?
Adam Bloomston: Organic growth. Just selling the product we had acquired, we built on our sales force and continued to grow.
Sramana Mitra: From 2010 to 2014, you have not made more acquisitions, right?
Adam Bloomston: No, we have not.
Sramana Mitra: How many people do you have now?
Adam Bloomston: Around 200.
Sramana Mitra: And your revenue level is?
Adam Bloomston: We have done $11 million this year.