We are very excited to see that today Condaptive announced its acquisition by Millennial Media. Hemang and his team did an outstanding job and had a tremendous result for such a young company. As Bullpen is but a few months old, it is exciting to be part of an exit so quickly!
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The full story is reported here at TechCrunch.
I wanted to tell the story of how I met the CEO as it’s an object lesson for people who want to start a company. Two summer’s ago I got a box for a Mets @ Phillies game during the 2009 season. (I am a Phillies Phan having grown up there). I invited some friends, family, and a few work associates. For example Josh Kopelman from First Round was there. I also invited a few of Aggregate Knowledge’s local partner companies – I was CEO at the time. One was GSI Commerce.
Last minute the people I invited from GSI were not able to attend, so Hemang asked if he could have the tickets. I had never met Hemang before and when he showed up, I naturally said, “who are you?” He told me the story and then started asking me some questions. It was pretty clear that he was thinking about starting a company.
It took him close to a year to get his plan together but when he left GSI he called me and asked me to be involved. I joined the advisory board and was able to be involved from the start.
It’s a good lesson on both sides:
- If you are an entrepreneur, find whatever excuse you can to meet the people that can help you.
- If you are an investor, when you meet special people, don’t forget to stay in touch with them.
Congrats again to the Condaptive team!
[...] pitching investors in Northern Virginia. It appears that they did not attain the funding they (or did they) and instead opted to find a buyer. Millennial Media makes a good suitor for a mobile targeting [...]
Nice post Paul, totally believe in scrappiness being key to an entrepreneurs success! I’m going to be in the Bay Area next week, any chance you’d like to meet up for a coffee?
[...] About this time last year I wrote about a great company I was advising called Condaptive. They were acquired by Millennial Media on May 6 of 2011 for mostly stock compensation. I wrote a little bit about it here: http://bullpencap.com/2011/05/25/condaptive-first-exit-of-the-bullpen-era/ [...]