02:41:04 · Luca Ferrari
[02:41:04] S5: Yeah. We have seen private companies that are run really well in terms of the FPNA and we've seen public companies certainly have to reach a pretty high bar. So, yeah, I guess we're we're more certain that on the one hand, you're more certain that the public company will be better geared to to provide you with the say that the due diligence materials you need and whatnot. On the other hand, there's generally, and and understandably so, and rightfully so, more more risk aversion in a public company. Because if there is a leak that can truly, you know, create a pretty difficult situation for for everybody involved with private companies, it's leaks are also less likely because the incentives to leak something are lower. Mhmm. There are all sorts of perverse incentives with a public company for obvious reasons because the stock is so liquid. So sometimes deals are leaked that if the company was private, wouldn't be leaked. Mhmm. So I would say, yes, the data tends to be a little bit more ready, cleaner. But on the other hand, the the company tends to be more careful in bringing people under the tent. And so at the end of the day, it's not always necessarily faster or easier. You know? I I think, frankly, I don't see that's a major point of difference, to be honest. I think that's also important when you look for for an acquisition.
02:42:26 · Jordi Hays, Luca Ferrari
[02:42:26] S1: Yeah. Do you have any type of internal forecast around when some of the current the new generation of, like or or just the the new crop of AI native startups will start becoming for sale. Because, like, right now, if you're growing quickly and you have a great product, you can probably raise a bunch of capital. But I could imagine in in two ish years, there's companies that maybe don't fully break out that have great products but aren't necessarily gonna be, you know, public companies one day themselves. [02:43:02] S5: No. We haven't discussed that. We and our because the we try to focus our time and effort on things we control. So our our focus right now is to just meet as many great entrepreneurs and investors and private equities and management teams and and bankers as possible to make sure we are involved promptly every time there is an intention to sell a business. We have historically been a great acquirer very fast. IS IS bid every single time we actually competed. And essentially, no requirements on management teams to stay if they don't wanna stay. So we just need to make sure we are called upon if something is happening, but we don't necessarily need to know or have an opinion whether in three years time or two years time a particular company becomes available. There are so many variables that we wouldn't be planning for [02:43:52] S1: Yeah. [02:43:52] S5: For being ready for that anyway. So who cares in a way? [02:43:55] S1: Yeah. Makes sense.
02:43:55 · Jordi Hays, John Coogan, Luca Ferrari
[02:43:55] S1: Yeah. Makes sense. [02:43:56] S0: Last question from my side. How are you thinking about synergies across the portfolio? You're not doing roll ups, but there are some similarities between, the video products developed by Brightcove, Vimeo. Like, are you thinking about how these businesses fit together over the long term, or do you see them all as, like, individual project products and companies that you want to kind of grow in their own way? [02:44:22] S5: Yeah. Great question. So the short answer is the latter. The reason is that the I think that those synergies are actually much more limited than people would imagine. [02:44:35] S0: And
02:44:36 · Luca Ferrari
[02:44:36] S5: and also, and perhaps more importantly, we believe that our business units tend to perform a lot better if they are allowed to operate with extreme levels of autonomy and flexibility. Mhmm. We want our small teams to feel like they're almost like a startup, like, basically, we trust them to make decisions and move quickly. And if you if you start asking many business units to coordinate on branding and cross selling and yada yada yada, then all of a sudden you're creating a ton of glue that and and that kills sense of ownership, agility, excitement. So it's a trade off. You wanna have teams that feel very entrepreneurial and empowered or maybe extract an additional 5% of revenue through, say, cross selling or some sort of bundling. We we found the former in the long run. He has much better returns, so we go for it. In a way, I think you can think about Benning's Fools a little bit like the technological version of the P and G, Procter and Gamble, where Yeah. There is a ton of shared infrastructure and capability. In their case, I I suppose, I don't know them well, logistics and distribution and marketing and product development. But the when you look at the brands they sell, they most people wouldn't even know Yeah. That they are by the same broader corporation. And and in a way, we would like that in this point to be similar. We don't really care necessarily that a say, an Evernote customer knows that that Evernote is behind it. And we're finding out a way, but we don't try to push that message on them as long as they think Evernote is perfect for them and they stay subscribed and they love it. And and in fact, we think that if we try to homogenize our brands, we will be destroying a lot of the value that we acquire in the first place with these storied brands and and loyal customer bases.
02:46:21 · John Coogan, Jordi Hays, Healey Cypher, Luca Ferrari
[02:46:21] S0: That makes a ton of sense. [02:46:22] S1: Makes a lot of sense. [02:46:23] S0: Thank you so much for taking some time so soon after having a a child to join our show. We really appreciate talking to you. I learned a lot. So thank you so much for taking the time. [02:46:33] S1: A ton, Luca. Come on anytime. [02:46:35] S0: Yeah. We'd love to talk to [02:46:36] S3: you more. [02:46:36] S1: To following the journey. [02:46:37] S0: Have a good one. Cheers. [02:46:39] S5: My pleasure. [02:46:39] S0: Take care. Before we bring in our next guest, let me tell you about Adio customer relationship magic. Adio is the AI native CRM that's build scales and grows your company to the next level. Fun fact, Jordy, Brightcove acquired by Bending Spoons was founded by Jeremy Alaire who runs circle now. Yeah. In 2004. Very fun. Well, our next guest is Healy from boom pop. Healy, how you doing? Welcome to the TVP at ultra.com. Hey. How's it going? Good to see you. What's up, man? [02:47:09] S3: Been a while. How are doing, man? Good to see you. [02:47:11] S0: Good to see you. Introduce yourself for those who don't already know. [02:47:15] S3: Yeah. Yeah. My name's Healy Cypher. I'm the CEO, cofounder of BoomPop. Yeah. And we are actually that's so funny. Hold one second here. I'm a close this. [02:47:24] S0: Yeah. No worries. Okay. I got you.
02:47:24 · John Coogan, Healey Cypher, Jordi Hays, Stacy Rasgon, John Tennant
[02:47:24] S0: Yeah. No worries. Okay. I got you. [02:47:27] S3: Yeah. We're an AI powered group travel company. I've been running and selling companies my whole career. I'm from Nebraska, which is a small state in the center of the country you probably haven't been to, and the plot twist is like over it. In Saudi Arabia. [02:47:39] S0: Wait. Wait. You grew up in Saudi Arabia? I didn't remember that. That's crazy. Oh, yeah. Yeah. Yeah. [02:47:44] S3: It's fun. Riyadh for sixteen years. [02:47:45] S0: Sixteen years. [02:47:46] S1: Wow. Yeah. Yeah. [02:47:48] S0: Very cool. Anyway, let's go back to the business. [02:47:49] S1: What is somebody if if if what what is the must do thing in Saudi Arabia for you to [02:47:55] S0: Beast World wasn't there when you were there. Well, how did you survive? Beast Land. Beast [02:48:02] S3: The the new hotness in Saudi, there's this place called, [02:48:05] S6: I think it's [02:48:05] S3: called Alaaba. It's like Petra in Jordan, but in Northern Saudi. [02:48:09] S0: Okay. And they actually [02:48:10] S3: I think they're building an Amman there right now. So there's, like, there's some stuff going down. [02:48:14] S0: Yeah. Pretty cool. It's scary. We have a little Amman property. Fine. So give us the latest. Give us the news. Give us the fundraising news. [02:48:22] S3: Yeah. Yeah. Thanks, man. So we raised a $25,000,000 round, pulled in some [02:48:27] S0: oh. Yes. [02:48:29] S1: Thank you. Go. There [02:48:31] S4: that. Appreciate