GazeMetrix Acquisition: how things changed in the last 10 months
This post originally appeared on LinkedIn Pulse.
It's time to celebrate and pop the champagne! As you probably know by now, we announced our acquisition by Sysomos. Amidst all the celebration, I can't help but think about our journey over the last three years—and it feels rather nostalgic. It’s a classic roller-coaster ride that every startup goes through.
While it’s not possible to summarize all of that in one blog-post, today, I’d like to mention some of the critical things that happened in the past year or so that were instrumental in us getting here.
Just 10 months ago, we were about to pivot and add an entirely new product — naively unaware of the power of the ammunition we already had in our arsenal.
The time when we pivoted... almost
Around December last year, GazeMetrix had begun to take off. We had some of the largest consumer brands of the world as customers. We were making a fair amount of money from the product. But a glaring problem remained – our sales cycles were excruciatingly long. A typical sale would be around $50k-$100k in size but would take anywhere between 8 mo-1 year to close. Given the deal size, it would appear normal, but there’s nothing worse for a startup than taking too long to win customers. We seriously started considering building another product that would have smaller ticket size but could have higher sales volumes relatively fast. It seemed like the only way to make it big.
Also, even as we were growing, the growth was highly unstructured—and since we were so involved in our day-to-day activities, we were unable to break-out of the cycle and try to put a structure around things.
Earlier this year, things changed. GazeMetrix was offered a spot among 11 late-stage startups to be accelerated in Microsoft Ventures' summer batch. Looking at the content of the program, we hoped that this would be a good opportunity to at least solve the structure problem—we were more than right!