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No Sponsor? No Problem! Learnings from 2 non PE backed aggregators
AscendX and Unaric both raised in 2023. What were the terms?
Alex Prokofjev
March 04, 2024
Do you have an original aggregation idea, but don’t feel like raising capital at 2.5X liquidity preference from Private Equity?
Then this article’s for you!
Once again, we have combed through UK public filings for a side by side comparison of two freshly minted British software aggregators: Unaric and AscendX.
Why these two?
As far as non PE backed software rollups go, these are good comparables. Both are “platform plays” - aggregators of Salesforce Independent Software Vendors, or ISVs (AscendX also targets the Microsoft Dynamics ecosystem). Each has already made two acquisitions.
Read on to find out:
The investment case for Salesforce app aggregation
Backgrounds of / equity distribution among founding team
Fundraising strategies
Terms agreed with investors
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