Sramana Mitra: In terms of your own customer acquisition, is it all direct selling? Do you have a field sales force? Bill Moschella: Yes, we have field sales and partner channel as well. We have an awesome partner channel team who are from Cloudera, Microsoft, and Oracle. They are now on-board and doing an amazing job.
Joe LeCompte: We have always been self-funded. It’s been a strategic decision because we feel that we didn’t need any funding. Also, we feel that if we did potentially accelerate growth, it would take our eye off the ball. It would take our focus from providing value to our customers to a different cycle. We were now
Dave Elkington: Everybody who was willing to give us term sheets were great firms but what mattered to me was the cultural fit. Ultimately, we did $35 million from US Venture Partners. It was because I had Steve Krausz and Dafina, who were one of the newer partners. They were the right people. I loved their
Sramana Mitra: Let’s say you do that segmentation and figure out where the gap is. Do you also handle stuff like Google PPC campaigns for them? Bill Moschella: Yes. They can either use their own agency, do it internally, or use our media-as-a-service where they pay a subscription cost to the media and then we
Sramana Mitra: In 2006, you had this product out. Relatively soon, you have three paying customers. What happens next? What was the next major strategic move? Joe LeCompte: The primary move was the IT focus. ITIL was really hot in 2008 to 2010. IT was looking for a way to better interact with their end
Sramana Mitra: We’re talking 2010 now? Dave Elkington: That experience was in 2011. Sramana Mitra: Where were you revenue-wise at this point? Dave Elkington: We were probably doing $6.5 million. A lot of companies in the SaaS space talk about bookings. When you’re bootstrapped, that gap is the only important thing that exists and most
Sramana Mitra: When you went to raise from this Manhattan firm with healthcare industry folks out there, what stage were you in? Did you already have a product? Did you have customers? Bill Moschella: We actually did. By the time the raise goes down at the end of 2011, we had a decent customer base.
Sramana Mitra: How did you come up with this? You were working with enterprise customers and requested this functionality? What was the process of coming up with this particular product? Robert Castles: That’s a great question. We have been doing much of what our product is today in a more ad hoc manner. We were