In/organic Podcast

A month forecasted that Accenture was about to make a material acquisition in the creator space. This week it happened. Accenture Song is acquiring Whaler Agency — the most awarded creator agency in the Western hemisphere in a carve-out plus three-year partnership that's far more interesting than the headline.But is it really "the largest creator economy transaction ever"? Christian runs the math. The claim doesn't survive contact with a calculator unless there's a lot more going on than a simple agency purchase.Christian and Ayelet break down the structure, what Accenture actually bought (hint: it's the $600M in media spend and the measurement layer, not just the creators), and why this probably isn't the end of Accenture's media buying spree.⏱️ TIMESTAMPS0:39 — Welcome to Market and Deals Friday, June 121:20 — The victory lap: our Episode 61 Accenture prediction came true2:06 — Why the deal took longer than expected (deals just take time)2:20 — Why we didn't name Whaler at the time — protecting a people-heavy business3:05 — When and how to tell your team you're selling: a real consideration for owners3:46 — What happened: Whaler Agency joins Accenture Song, terms undisclosed4:28 — The $44B creator economy and why Whaler sits in the middle of it4:50 — The real prize: $600M in media spend + the measurement and data layer5:33 — Reading it against the holdcos: consultants are coming for creator businesses6:16 — The math problem: can this really be "the largest creator economy deal ever"?6:50 — Why a $500M price on ~$12M EBITDA (40x) doesn't add up for the agency alone8:00 — The carve-out + call option + licensing theory that makes the number work8:30 — Is Whaler Agency just step one? Why Christian doesn't think so9:46 — Accenture Song's creator build: 9 acquisitions in 2024 alone10:16 — Why $600M in media spend is the growth-acceleration play vs. single-digit agency growth12:28 — Moelis advised Whaler; Accenture Song's corp dev ran it in-house13:46 — Why this is a planned (not closed) deal — and what shareholder disclosure will reveal14:35 — Quick hit: Walker Sands acquires Rev Partners (Mountain Gate turns on the engine)15:35 — Why Mountain Gate is already doing M&A less than a year into Walker Sands16:00 — Quick hit: Channable acquires Metreon — server-side conversion tracking16:41 — Quick hit: Sitecore acquires Scrunch — AI search optimization beyond traditional SEO18:16 — The connective tissue: four deals, zero disclosed prices, all capability buys18:31 — Why AI won't kill feed management anytime soon (the 20-30% false positive rabbit hole)20:11 — The bet: Accenture's next move is about media, not agencies20:38 — Structure over headline EV — the drum worth beating for every smaller shop21:06 — Wrap and a Knicks championship wish

Kevin Simonson has now sold two agencies. The first — Metric Digital to Wpromote in 2020. The second — adMixt to Interluxe Group, announced this week. And he came on In/Organic Live the same week the deal closed to talk about what's actually different the second time around.Christian and Ayelet sat down with Kevin — outgoing CEO of adMixt, now President of Performance Marketing at Interluxe Group — for an unusually candid conversation about deal structure, integration, and why the headline multiple tells you almost nothing about whether a deal was good.What we cover: Why Kevin took the adMixt CEO seat (a turnaround that wasn't actually broken), how a single text from a friend on a Mountain Gate board started the whole process, why there was no formal auction and the buyer recommended his own banker, why a strategic that didn't already offer his service line was the more interesting buyer, the "do no harm" integration approach — no title mapping, no email changes until 2027, how deal structures have shifted from 2020 to 2026 (equity loans, rollover treatment, the 2022 law change), and why Kevin now just asks friends "was it good or bad?" instead of asking about the multiple.⏱️ TIMESTAMPS0:12 — Welcome and guest intro: Kevin Simonson, outgoing CEO of adMixt0:45 — Kevin's background: iProspect intern to Metric Digital to Wpromote to adMixt1:39 — What adMixt does: "we get people to buy things on the internet"2:07 — Why adMixt is different — they built their own media buying software3:03 — Who is Interluxe Group? Experiential, media, and PR for luxury brands4:02 — The Mountain Gate connection and how a single text started the deal4:50 — Reverse due diligence: why trusted relationships de-risked the process5:52 — No formal process: how the strategic buyer side reached out and stayed updated quarterly6:46 — Why the buyer recommended Palazzo as Kevin's banker7:26 — Why Interluxe was the right buyer: a brand-new service line vs. overlap at Wpromote9:29 — The "do no harm" integration: no title mapping, no email changes, slow roll to 202710:10 — Deal structure: how it's changed from 2020 to 2026 (and the 2022 law change)11:14 — Ayelet on the legal mechanics: asset vs. stock vs. membership interest purchase12:56 — Why the multiple lies: "just ask if it was good or bad"13:43 — Why structure matters more than the headline EV14:07 — Mountain Gate's acquisition tear and the standing invite to Shamrock15:11 — Kevin's credit to founder Zach and the foundation that made adMixt worth buying16:15 — Why this was an excellent turnaround, well landed

our deals this week. One disclosed price. The same trade running through all of them — buyers acquiring capability quietly rather than building it.Christian and Ayelet break down what each deal actually signals about where the software and agency markets are heading — plus stick around for the live after-show with Kevin Simonson, CEO of adMixt, on the Interluxe Group acquisition.One deep dive. Three quick hits. One live after-show.What we cover: Why Sprinklr restarted M&A after nearly five years and what choosing ViralMoment first says about the market, the "tale of two cities" in AI exits — top 1% startups clearing the preference stack vs. capability tuck-ins sold as assets, why Asana's $75M StackAI deal is the other side of that coin, and how two ad tech and agency deals (Peer39/Adloox and Interluxe/adMixt) reflect the same buy-not-build logic.⏱️ TIMESTAMPS0:00 — Welcome to Market and Deals Friday0:30 — Quick market context: the data is backing up the thesis2:50 — Why corporate M&A is surging while PE volume drops4:11 — Deal #1: Sprinklr acquires ViralMoment — video-native social intelligence5:00 — The gap it fills: social moved to video, listening tools are still text-based5:50 — ViralMoment background: founded by Chelsea Hall, Carnegie Mellon, seed-stage6:27 — Sprinklr's earnings context and why this was a buy-not-build asset deal7:30 — The tale of two cities: top 1% AI startups vs. capability tuck-ins8:30 — Sprinklr is hiring an M&A role right now (and Christian's soapbox on the title)9:22 — Deal #2: Asana acquires StackAI for ~$75M — clearing the preference stack10:00 — Why this is the "right tech, right team, right investor" version of the same trade10:30 — The MIT startup angle and the agent execution layer Asana was buying11:01 — Deal #3: Peer39 acquires Adloox from Scope3 — walled garden verification11:50 — Why this matters against DoubleVerify and IAS11:55 — Deal #4: Interluxe Group acquires adMixt — performance firepower for luxury12:56 — The thread tying all four deals together: buy is beating build13:27 — Tease: big announcement next week + after-show with Kevin Simonson of adMixtLinks:Goldman report: https://www.goldmansachs.com/insights/articles/ma-volume-expected-to-surge-this-year-despite-economic-uncertaintyEY Parthenon report: https://www.ey.com/en_us/newsroom/2026/06/ey-parthenon-forecasts-resilient-8-percent-growth-in-us-dealmaking-in-2026-despite-geopolitical-and-economic-headwindsConnect with Christian and AyeletAyelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/Christian's LinkedIn: https://www.linkedin.com/in/hassold/Web: https://www.inorganicpodcast.co Hosted on Acast. See acast.com/privacy for more information.

Most scaled independents looked at Grapevine.ai during the sale process and didn't get it. They couldn't process the economic model. They didn't know how to assess the technology. Justin Hayashi leaned in and won.Recorded at Possible 2026 in the Unplugged Collective pavilion, Christian Hassold and Ayelet Shipley sat down with Justin Hayashi, CEO of NewEngen, one of the most tech-forward independents in the market to break down how he thinks about acquisitions, what makes NewEngen genuinely different from its peers, and what he's looking for next.NewEngen started in 2016 as a tech company trying to dethrone Marin Software, among others. It evolved into the agency their clients always said they were and built a platform around content, creator marketing, and measurement that most of their competitors can't replicate.What we cover: The origin story; from Zulily's IPO to trying to build a bidding algorithm to accidentally building an agency, how three acquisitions in the content and creator space shaped NewEngen's differentiated positioning, the Grapevine.ai deal thesis and why beating an aggressive forecast during diligence was the final proof of conviction, how NewEngen handles integration with a "do no harm" philosophy while keeping brands like Donut Studios intentionally separate, and the buy box for what comes next: social, content, measurement, and commerce.⏱️ TIMESTAMPS00:12: Cold open: does the YC target on agency backs keep you up at night?1:08: Welcome and guest intro: Justin Hayashi, CEO of NewEngen, at Possible 20261:19: The backstory: from Zulily IPO and billion-dollar sale to Qurate, to founding NewEngen2:25: The original thesis: dethrone Marin Software and Kenshoo — and why it didn't work3:58: The pivot: from SaaS company (that clients kept calling an agency) to what NewEngen is today4:28: Tech-enabled DNA: what survived the pivot and what defines NewEngen now5:54: What scaled independents are getting wrong — and where NewEngen differentiates6:45: Three acquisitions in the content and creator space: why content was always the bet7:23: The Grapevine.ai deal: why most scaled independents walked away and NewEngen stepped up8:04: Why Caroline's conviction and operator mindset won the first filter9:00: 900 vetted, high-performing creators vs. seven million claims — the quality argument10:29: Two lenses: founder CEO conviction vs. PE underwriting — how Justin navigated both11:06: The aggressive forecast, the bottoms-up conviction, and what actually happened11:30: Zuckerberg's earnings calls as diligence data: short-form video growth 20% → 30% YoY12:43: What made Grapevine.ai hard for strategic buyers: long-tail revenue and small contracts13:37: How Caroline's client migration story played out in real time during diligence15:19: Donut Digital acquisition: "do no harm" integration and why they kept the brand16:45: LT Partners vs. Acorn Influence vs. Donut Studios: three different integration approaches17:57: The hardest integration lesson: get alignment on goalposts before you close18:59: Buy box: social/content, measurement, commerce, B2C only, $3-12M revenue sweet spot21:02: Closing take: NewEngen is the software-led agency ready to take on Silicon Valley

iHeart to start a B2B podcast network — read the signal7:50 — Podcast agencies are still priced like services businesses, not talent factories8:50 — The valuation gap: no shared yardstick for IP and franchise value before it's commercialized9:20 — MARC: building the FICO score for franchise value — Ayelet's startup to watch9:52 — The data problem: YouTube gives real analytics, Apple and Spotify give nothing10:51 — The tech layer underneath the smaller podcast agencies — why it matters for buyers11:45 — AI tuck-in: Coupa acquires Tonkean — Israeli agentic intake and orchestration platform12:18 — Israel continues to dominate enterprise AI tuck-ins13:35 — Solstice raises $21M Series A — AI-native pharma marketing agency, content from months to 10 days14:20 — InstaAgent: out of Alchemist + YC P26, agent swarm coordination for paid social15:15 — Connecting the dots: Solstice and InstaAgent are the venture-stage version of the Silicon Valley targeting agencies thesis16:15 — Advice for corp dev teams at Power Digital, PMG, Stanza: track early stage now17:04 — What's next: episode 67 with Justin Hayashi of New Engine, and M&A Source conference panel

Podean just closed their fourth acquisition in nine months. Travis Johnson is hinting at a fifth. Mountain Gate's strategic roadmap had six puzzle pieces. Four are filled. Two more to go.This is what a PE-backed independent agency rollup looks like when it's working.Travis Johnson — CEO and co-founder of Podean, the largest independent global marketplace-focused agency — is back on In/Organic to walk through the full acquisition path: what each deal was designed to solve, how they've learned to lead with culture before due diligence, why they stopped taking cold calls and built a one-pager instead, and what's still missing from the platform.At roughly 400 people and growing toward 500, managing $600-700M in retail media spend and driving approximately $5-6B in client sales — Podean may be the most acquisitive independent agency in the US right now. And they're not done.What we cover: The rationale behind each of the four acquisitions — Commerce Canal, AdAdvance, AdMerge, and CartBloom — why Walmart is growing faster than Amazon and CartBloom fills that gap, the hard lesson of spending six months on a deal that fell apart on culture, how Mountain Gate runs the identification process while Podean runs the relationship, the one-pager filter that stops time-wasting calls before they start, and what the next acquisition is probably going to be.⏱️ TIMESTAMPS0:26 — Welcome back and a quick apology to the 2,180 YouTube subscribers1:23 — Travis Johnson reintroduction: Podean, Mountain Gate backing, four deals in nine months2:44 — Quick refresh: the four acquisitions — Commerce Canal, AdAdvance, AdMerge, CartBloom3:37 — Podean's strategic thesis: end-to-end, global, social commerce, retail management4:15 — Breaking down each acquisition: what did it add?4:43 — Commerce Canal: retail operations depth, logistics, apparel vertical, New York office5:55 — AdAdvance: media-only depth, Amazon relationships, Streamline tech platform7:30 — AdMerge: two-thirds ex-Amazon team, global footprint now 21 countries, EmergeView and Emerge Engine9:30 — CartBloom: ex-Amazon, ex-Walmart founders, specialist Walmart depth in the fastest-growing retail media platform10:32 — Deal process breakdown: three proprietary, one banker-run (AdMerge)11:20 — What's still missing: social commerce globally and AI-native tech12:14 — TikTok Shop growing globally — Ireland, Europe, US numbers keep rising12:43 — Tech consolidation: from 6 tech people to 30, building AI-native unified platform14:08 — 400+ headcount, $600-700M retail media spend, $5-6B in client sales15:35 — "Just drop Codex on the file system and tell it to fix everything"16:13 — Advice for smaller agencies: don't get distracted, run a solid business first17:00 — The hard lesson: six months on a deal that fell apart on culture fit18:02 — Lead with culture first, numbers second — the pivot that changed their process18:25 — What taking PE money actually means: "You're about to sprint faster than you've ever sprinted"19:30 — Integration is hard: HR platforms, titles, tools, ways of working all different20:04 — Mountain Gate's role: strategic roadmap session, identification, deal sourcing20:38 — Six puzzle pieces. Four filled. Two more to go.22:13 — The one-pager filter: how to triage inbound without wasting time24:00 — Number five is coming. Give the exclusive to In/Organic, not AdAge.

Everyone wanted the commerce front end. Nobody wanted the data.Joe Gadreau watched agency after agency walk away from the hardest — and most important — part of the commerce stack while he was at Salsify. So he went and built it himself.Recorded live at Salsify's Digital Shelf Summit in Atlanta, Christian sat down with Joe Gadreau, founder and CEO of Lettuce Commerce, for a conversation about what it means to be an AI-native services company in 2024, why the "bill you forever" managed services model is dying, and how the convergence of software and services is reshaping what the next generation of consulting firms actually looks like.What we cover: Why Joe left one of the first 20 seats at Salsify to start his own thing, the car and fuel analogy that explains why product content is the most overlooked piece of the commerce stack, how Lettuce Commerce is going after legacy SI firms head-on, Sequoia's thesis on the next trillion dollar company masquerading as a services firm, and what a bootstrapped founder thinks about capital, scale, and the right moment to consider outside investment.⏱️ TIMESTAMPS0:26 — Welcome and guest intro: Joe Gadreau, founder and CEO of Lettuce Commerce0:44 — Joe's background: athlete tracking technology to employee #20 at Salsify1:40 — Why Salsify was the right place to build a professional foundation2:34 — The moment you know it's time to start your own thing3:13 — The thesis: everyone builds the commerce front end, nobody fuels it with data4:25 — "Let us help" — where the name Lettuce Commerce actually came from5:16 — What Lettuce Commerce does: systems integrator meets strategic consultancy6:30 — Helping clients pick the right technology, not just implement what they chose7:43 — How Joe thinks about competing with Accenture Song and Amplify8:00 — AI-native from day one: founded January 2024, the same era as ChatGPT9:00 — Eating the lunch of legacy services firms built on perpetual managed services revenue9:41 — The difference between hand-holding and genuine change management11:22 — Repeat customers who want help with the next stage vs. dependency models11:52 — The software-services convergence: what does it actually mean for a services business?12:17 — Sequoia's bold statement: the next trillion dollar company will be a software company masquerading as a services firm13:03 — Is Lettuce the orchestrator or part of a bigger journey?13:26 — Bootstrapped and proud — and approaching the point where capital could accelerate ambition14:34 — Controlling your own destiny while staying open to the right combination14:57 — Christian's read: a product-led partnership is in Lettuce's not-too-distant future

Most AI acquisitions add a layer. This one removed a layer — for everyone else.Anthropic acquired Stainless, the developer tools company that built SDKs for OpenAI, Google, Cloudflare, Perplexity, and dozens of other AI and fintech platforms. Then they wound down all hosted Stainless products. The shared supplier is no longer neutral. The tollbooth just changed hands.Christian and Ayelet break down what happened, why it matters for every agency and AI startup in the market, and what the KPMG Q1 2026 M&A data actually says about where deal activity is heading.One deal. One market update. Fifteen minutes. (Plus some Riverside FM chaos.)TIMESTAMPS0:00 — Welcome back, noisy week, Publicis/LiveRamp hangover0:45 — KPMG Q1 2026 M&A report: deal values up 88.3% to $446B, deal count down2:30 — Strategic vs. PE deal activity: 864 strategic, 495 PE in Q1 20263:23 — Advertising sector: 145 deals in Q1 2026, flat to slightly up4:00 — Why Christian is predicting a Q2 uptick in strategic activity4:42 — The deals happening behind closed doors that don't show in the data5:01 — Deal: Anthropic acquires Stainless — $300M+ for the SDK plumbing of the AI industry5:45 — What Stainless actually does: API specs into ready-to-use SDKs across languages6:10 — The competitive denial angle: Stainless built SDKs for OpenAI, Google, Cloudflare, Perplexity6:30 — What "winding down hosted products" actually means for Stainless customers7:44 — Deal terms: $300M+ reported, ~2x the December 2024 Series A valuation of $150M8:00 — Anthropic's acquisition pattern: Wunderkind, Intercepted, Coefficient Bio, now Stainless9:00 — The through line: small specialized teams making Claude better — except Stainless is different9:16 — If you're a shared supplier to competing platforms, you are an acquisition target10:03 — Why this matters for every agency and commerce business building on AI10:30 — The MCP angle: Model Context Protocol and why connectivity is the next battleground12:29 — Why Anthropic investing in Stainless is probably also an aggressive MCP build13:46 — The AI exit multiple conversation: how the timeline is compressing14:25 — Grapevine AI / New Engine: outsized early exit with real AI capability15:05 — "Capture the flag" — why traditional grow-then-sell timelines no longer apply15:21 — Wrap, Memorial Day wishes, and please someone recommend an alternative to RiversideLink to the KPMG report: https://kpmg.com/us/en/articles/mergers-acquisitions-trends-tech-media-telecom.html

Publicis dropped a bomb on Sunday. By Monday, LinkedIn was on fire. Christian, co-host of the In/organic Podcast pulled together two of the sharpest voices in commerce and media to break down what this deal actually means — beyond the press release.Joining In/Organic for this special episode: Ari Paparo, 20-year ad tech veteran, host of the Marketecture podcast, and author of Yield: How Google Bought, Built and Bullied Its Way to Advertising Dominance — and Peter (PVSB) Bond, co-host of the CPG Guys podcast (closing in on episode 600) and Head of Industry and Client Engagement at Flywheel, the commerce acceleration division of Omnicom.This is the one episode this week you can't skip.What we cover: Is this really an agentic AI story or is that just the packaging? Why LiveRamp's client count is already down from 940 to 800 — and what happens next. Why Omnicom, WPP, and every other holdco is immediately accelerating their own identity builds. The three distinct assets inside LiveRamp and which one actually matters. Why Amazon Marketing Cloud is the elephant in the clean room conversation. What independent agencies and lower middle market ad tech players should actually do in response. And who the M&A targets are for anyone not named Publicis.Timestamps0:00 — Breaking news: Publicis announces plan to acquire LiveRamp1:58 — Deal terms: $2.5B total EV, $2.16B net of cash, 2.8x revenue2:45 — Guest intros: Ari Paparo (Marketecture) and Peter Bond (CPG Guys / Flywheel)4:00 — The backstory: IPG acquired Acxiom in 2018 but deliberately excluded LiveRamp5:30 — Is this an agentic AI story? Ari's honest take7:30 — The agent execution problem: why data rails matter as much as intelligence8:43 — The MCP angle: data as enabler vs. data as action9:32 — Data supremacy and the holdco war — Peter's perspective11:00 — LiveRamp client attrition: 940 → 800 and Horizon already looking to exit11:35 — Auren Hoffman's forlorn X post and what's buried in it12:28 — What does WPP, Omnicom, and every other holdco do now?13:18 — Publicis's track record: Epsilon, Citrus Ad, Sapient — and whether Profiteur was worth it14:55 — Breaking down LiveRamp's three assets: Ramp ID, clean room (Habu), and onboarding16:30 — WPP acquired Infosum. Omnicom has Acxiom/Real ID. Who's missing what?17:38 — Amazon Marketing Cloud owns 75% of retail media ad dollars — what does that leave LiveRamp?19:33 — Benoit from Liquid Death: "Not having a clean room strategy in 2026 is malfeasance"20:35 — What this means for independent agencies and lower middle market ad tech players22:21 — LiveRamp as a natural monopoly — and why competitors now have a real window23:35 — The Flywheel parallel: neutrality ends the moment you're inside a holdco25:48 — M&A targets for the corps dev teams at PMG, Horizon, and the super-independents27:16 — The Trade Desk's UID2: worth billions as a standalone, invisible inside the DSP27:36 — The financial model of holdcos is fundamentally transforming — Peter's closing argument29:12 — Ari's final shout-out: Optimal as the leading independent clean room target

The Accenture agency acquisition is still in progress. Five AI tuck-ins closed this week across fintech, crypto, process mining, hardware, and spend management. And three deals that tell you everything about where the lower middle market is heading right now.Christian and Ayelet are back for Deal Review Friday — and this one is packed.Three deals. Five AI tuck-ins. One major tease still in progress. Running a little over 15 minutes. Worth it.⏱️ TIMESTAMPS0:00 — Welcome, May 15th 2026, and what's on the agenda0:45 — Accenture update: deal still in progress, silence is golden1:42 — AI tuck-in #1: Carta acquires Avantia — AI-native legal services + UK international play3:47 — AI tuck-in #2: MoonPay acquires Dawn Labs — autonomous AI trading agents5:38 — AI tuck-in #3: Celonis acquires Ikigai Labs — MIT spin-out, AI professor joins as chief scientist7:30 — AI tuck-in #4: Nominal acquires Fid Labs — AI agents connecting to dev environments and physical hardware8:20 — AI tuck-in #5: Coupa acquires Rossum — document ingestion layer completes source-to-pay stack8:39 — Deal #1: Brands at Work acquires Chorus — two London independents bet on integrated model9:45 — Why experiential has shifted from discretionary to core marketing strategy11:53 — Two independents, no banker, no PE: why this deal is worth celebrating13:05 — Deal #2: Smartly finalizes acquisition of INCRMNTAL — LOI to close in 7 weeks13:30 — What INCRMNTAL actually does and why Smartly needed it15:26 — Smartly manages $7B in media spend — and now has the measurement layer to match16:00 — Props to the INCRMNTAL founders and Smartly's Head of Corp Dev17:16 — Deal #3: OpAd Media acquires Broad Agency — two women-owned independents join forces18:30 — How Carrie Kerpen brought the two teams together at dinner19:30 — Ayelet was at the table when it happened20:30 — Same theme as Brands at Work / Chorus: independents on their own terms21:01 — Girl dinner confirmed. Christian not invited.21:57 — Wrap + episode 60 reminder

We've been saying one of the big strategics was going to move on a scaled independent agency. It's happening.Christian and Ayelet are back for Deal Review Friday with breaking news on an imminent Accenture acquisition, two lower middle market deals that tell you exactly what the current M&A environment looks like, and what all of this means for the scaled independents that were planning to go to market in 2027 or 2028.The dam is breaking. Here's what you need to know.⏱️ TIMESTAMPS0:00 — Cinco de Mayo, Salsify's Digital Shelf Summit, and puppies1:53 —

What does it really take to sell your business — and are you actually ready?In this episode of the InOrganic Podcast, we sit down with Brenda Jacobsen, Managing Director at STS Capital Partners, a sell-side M&A advisory firm focused on helping founders and operators find the right strategic buyer — not just the highest bidder. What makes Brenda unique? She's not a banker by training. She's a former operator who built and sold three companies herself, including a regional network of medical clinics and a corporate mindfulness media company. She's been on your side of the table.Brenda walks us through the full arc of what it means to navigate a business exit — from the first internal conversation with your co-founders, to closing day, and everything in between.In this episode, we cover:

Something big is coming!...Water cooler conversations at the Possible conference are pointing to a major deal announcement in the next two weeks — a strategic buyer nobody has seen coming, going after independent agencies with significant media underspend. Christian and Ayelet are on the story. Stay close.But first: two deals, two market insights from the Ad Age House session at Possible, and one very clean example of how a bootstrapped independent agency is running corp dev with zero institutional capital behind it.Two deals. One major tease. Under 16 minutes.⏱️ TIMESTAMPS0:00 — Post-Possible recovery, thank yous, and let's get into it0:37 — Market insight #1: Rollups in fragmented categories are the PE thesis right now2:00 — Why PE backs away when two players already control 40% of a category2:30 — Market insight #2: AI is breaking reps and warranties in M&A deals4:00 — The 12-18 month outlook: legacy media consolidation, take privates, dry powder still parked5:20 — Deal #1: Brkthru acquires Gigawatt — bootstrapped agency runs corp dev in-house7:00 — Why Breakthrough's January acquisition announcement was genius top-of-funnel8:00 — The vertical thesis: hospitality and tourism, low-risk test case deal9:00 — You don't need institutional capital to run an M&A strategy9:48 — Deal #2: Instacart acquires InstaLeap — grocery tech, international expansion11:00 — What Instacart actually bought (it's not just international coverage)12:00 — Storefront Pro vs. InstaLeap: two different operating models for two different markets13:00 — The 100 retailer relationships across 30 countries are the real asset13:30 — Instacart's full M&A cadence: 2021 through 202614:17 — Props to the corp dev team, PMI advisor, and GP Bullhound sell-side15:47 —

Scot Wingo has built, scaled, taken public, and sold companies through multiple waves of ecommerce and software disruption. Now he's building again, this time around agentic commerce.In this episode of In/organic, Christian Hassold sits down with Scot Wingo at Shoptalk to talk about ReFiBuy, AI agents, ecommerce infrastructure, SaaS moats, founder survival, and what early-stage companies should do as AI reshapes software and go-to-market.Scot is best known as the founder and former CEO of ChannelAdvisor, which went public in 2013 and was later acquired by private equity. He is also an active investor and mentor in the North Carolina startup ecosystem, with exposure to hundreds of early-stage companies.The conversation covers:- Why Scot started ReFiBuy after reading about agentic AI- How AI agents could create the next generation of ecommerce marketplaces- Why “research, find, buy” may become a new commerce workflow- What ChannelAdvisor taught Scot about marketplaces, infrastructure, and exits- Why going public is exciting, but running a public company may not be for every founder- How founders should think about defensibility and moats in the AI era- Why proprietary data, workflow depth, and customer feedback matter more than ever- What early-stage SaaS companies should do when capital is harder to raise- Why go-to-market is breaking for many traditional software companies- How founders should evaluate M&A, acquihires, mergers, and strategic exits- What Scot expects from agentic commerce over the next 12 months- This episode is for SaaS founders, ecommerce operators, investors, corporate development leaders, and anyone trying to understand how AI agents will change software, marketplaces, and M&A.Chapters00:00 Intro from Shoptalk00:45 Meet Scot Wingo02:00 From ChannelAdvisor to ReFiBuy04:00 Why public-company life was not the right fit06:00 Investing in the North Carolina startup ecosystem09:00 What ReFiBuy is building12:00 Agentic commerce and the next marketplace shift16:00 Why content and thought leadership still matter20:00 Learning from customers and following the thread24:00 Startup survival in a tougher funding market28:00 Why SaaS go-to-market is breaking32:00 Defensibility and moats in the AI era37:00 Proprietary data and workflow depth42:00 M&A options for early-stage startups47:00 Mergers, acquihires, and strategic exits52:00 AI valuations and changing SaaS multiples56:00 Scot's predictions for agentic commerce01:00:00 Final thoughtsSubscribe to In/organic for conversations on SaaS M&A, AI disruption, strategic acquisitions, agency M&A, and lower-middle-market dealmaking.Connect with Christian and AyeletAyelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/Christian's LinkedIn: https://www.linkedin.com/in/hassold/Web: https://www.inorganicpodcast.coConnect with Scot Wingohttps://www.linkedin.com/in/thescotwingo/Learn More about Refibuyhttps://www.linkedin.com/company/refibuy/ Hosted on Acast. See acast.com/privacy for more information.

Headlines say ad tech M&A is down. We read the actual report. The story is more nuanced — and the two deals we're covering this week prove the lower middle market is still moving fast.Christian and Ayelet are back for Deal Review Friday with a market data deep dive and two deals that just closed — a partner-first aqui-hire by Amex that's been in the works since 2024, and the final piece of a three-part sequenced build by Viant that's been two years in the making.Two deals. One market correction. Still under 20 minutes.⏱️ TIMESTAMPS0:00 — Happy Friday, conference circuit recap (Jaggly Leonis + Own It Women's Summit)1:00 — Market insight: Luma Partners says ad tech M&A is down. Are they right?2:30 — Breaking down the data: sub-$100M vs. $100M+ deal activity by category3:45 — Ad tech, martech, digital content — what's actually moving and what's not5:00 — The sub-$50M thesis: where Christian and Ayelet think the real action is6:10 — Deal #1: Amex acquires Hyper (HyperCard) — agentic AI expense management7:17 — The Hyper investor roster: Sam Altman, former MasterCard CEO, Netflix co-founder8:00 — How this fits Amex's expense management platform launch later this year9:00 — Center (2025) gave them the workflow. Hyper gives them the AI agent layer.9:45 — Amex's direct play on Concur, Ramp, and Brex10:10 — Was this an acqui-hire? Christian's take on the deal structure10:44 — Deal #2: Viant acquires TVision Insights for $40M12:00 — The trifecta: Iris TV (content) + Locker (identity) + TVision (attention)13:18 — The data exclusivity question — and why this deal is different from Iris TV13:58 — Props to Eric Stearns, Viant Head of Corp Dev — first deal in seat14:22 — Deal economics: 4x revenue, $22.5M cash, clean balance sheet15:36 — TVision raised at $80M valuation, sold for $40M — the cap table math16:00 — Wrap + episode drops: Ep. 56 (AI Agents) and Scott Wingo episode incoming

Strategic M&A is up 40% year-over-year on LOI volume. And this week's deals prove the closings are following.Christian and Ayelet are back for Deal Review Friday with three deals that just crossed the wire — including Mountain Gate's fifth add-on in under five weeks, a retail intelligence merger that was clearly part of the thesis from day one, and one of the more creative dual-strategic acquisitions we've seen in a while.Three deals. One market signal. Fifteen minutes. (Okay, twenty.)⏱️ TIMESTAMPS0:00 — LinkedIn buffering, as usual0:48 — Market signal: strategic LOIs up 40% YoY per Spearhead Corp Dev1:30 — PE deal volume Q1: $216B, up from $190B — but strategics are the real story2:46 — Deal #1: Harvest Group (Mountain Gate) acquires Cartograph — 35 days after platform close5:35 — Cartograph's superpower: scaling challenger brands on Amazon6:44 — Full disclosure: Mountain Gate is not sponsoring this podcast7:13 — Who advised? Chris Moe peels back the layers8:30 — Deal #2: Engine + Nuqleous merge to form end-to-end retail intelligence platform12:18 — CPG point solution fragmentation and why this merger was inevitable13:26 — Nick Dossier: repeat offender, same playbook, larger scale14:00 — Crisp lit up this category — and Engine is now the OG competitor16:24 — Engine's full acquisition history: Evertech, Leftbridge, now Nuqleous17:18 — Deal #3: Cary sells for $80M on $900K ARR — AngelList + Lettuce split the asset19:00 — Founder's second exit (first was Teachable at $250M)20:04 — Wrap: yes, we went over 15 minutes again

Deal Review Fridays are here.No guests, no fluff. Just Christian and Ayelet live with market intel and the deals that closed this week — before everyone else is talking about them.This week: private debt markets are tightening (and it's freezing $100M+ deals), Podean just keeps buying, Mountain Gate is deploying out of Fund 3 at an alarming pace, and MIQ quietly built a mobile M&A stack nobody noticed.Three deals, one market signal, under 15 minutes.What we cover: the private debt compression from 4.5x to 3.0-3.5x EBITDA and what it actually means for deal flow, Podean's third add-on in under six months (UK-based AdMerge), Mountain Gate's fourth platform investment out of Fund 3 (Upswell Marketing), and MIQ's mobile capability gap-fill with Rocket Lab out of Latin America.TIMESTAMPS0:00 — Introducing Deal Review Fridays: why we're going live1:30 — Market signal: private debt compression and its downstream M&A impact4:11 — Ayelet on the ground: deals still closing sub-$50M EV4:54 — Deal #1: Podean adds AdMerge (UK) — third add-on, ~$30-35M revenue run rate7:37 — Deal #2: Mountain Gate platforms Upswell Marketing — Fund 3, fourth investment9:34 — Mountain Gate's portfolio thesis: multiple distinct platforms in parallel vertical lanes10:41 — Deal #3: MIQ acquires Rocket Lab — mobile gap fill + LATAM programmatic stack13:35 — Wrap: what Deal Review Fridays are (and what they're not)

AI agents are moving from experiments to full-time “AI employees.” In this episode of In/organic, Christian Hassold sits down with Ameya Deshmukh from EverWorker at Shoptalk to discuss how business leaders are using AI workers to automate entire jobs, replace point solutions, and change the future of agencies, consulting, and go-to-market teams.EverWorker is building an AI workforce platform that helps companies launch AI employees in as little as 45 days. Ameya explains why DIY agents often break down inside real organizations, why maintenance and adoption matter more than the first prototype, and how AI-first agencies may gain market share while slower agencies get left behind.The conversation covers:- Why building one AI agent is easy, but scaling 30-40 use cases is hard- How EverWorker turns AI workers into modular business infrastructure- Why vertical AI agent platforms, agencies, and consulting firms are at risk- How EverWorker beat a traditional consulting firm in an AI strategy process- Why early-stage startups and agencies are adopting AI workers now- What AI-first agencies need to do to stay competitiveChapter Markers00:00 Intro from Shoptalk00:39 Meet Ameya from EverWorker01:00 What EverWorker does01:29 Why DIY AI agents are not enough02:55 The problem with maintaining agents04:26 Making AI workers easier to manage05:31 EverWorker's funding and company stage06:09 Will EverWorker acquire or be acquired?06:58 Whose lunch will AI workers eat?08:25 Could Accenture buy EverWorker?08:39 How small businesses can start using AI workers09:06 Why agencies need to become AI-first10:09 Final thoughtsIf you're a founder, agency owner, SaaS operator, investor, or M&A professional trying to understand how AI agents will change business services, this episode is a practical look at where the market is going.Connect with Christian and AyeletAyelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/Christian's LinkedIn: https://www.linkedin.com/in/hassold/Web: https://www.inorganicpodcast.cohttps://www.youtube.com/@InorganicPodcastConnect with Ameya Deshmukhhttps://www.linkedin.com/in/ameyadeshmukh10/Learn more about EverWorkerhttps://everworker.aiSubscribe to In/organic for conversations on SaaS M&A, agency M&A, AI disruption, strategic acquisitions, and lower-middle-market dealmaking. Hosted on Acast. See acast.com/privacy for more information.

Scott Gifis has been around the block. President & COO at Frame.io through its $1.3B exit to Adobe. LP at GTM Fund and Stage 2 Capital. Now CEO of Wyllo (formerly NoFraud), a CX-first risk intelligence platform backed by PSG — and he just closed his first tuck-in acquisition. We caught up with Scott at ShopTalk in Las Vegas to go deep on how he thinks about inorganic growth as an operator, not a banker — and what it actually takes to get a tuck-in deal done right.What we cover:- Why Scott tried to retire after Frame.io and lasted two days- How he reframed "fraud prevention" as a customer intelligence problem- Kissing 150 frogs before finding Yofi — and why the partnership came first- The exact filters he uses for M&A: product acceleration, GTM fit, buyer alignment, pricing architecture- Why philosophical alignment matters more than the term sheet- The rebrand from NoFraud → Wyllo and what the name actually means- His buy box for the next acquisition (hint: $5M+ revenue, data-first)- Who writes the $1-2B check for Wyllo in a few years (MasterCard? Visa? A help desk platform?)⏱️ TIMESTAMPS1:11 — Welcome & guest intro: Scott Gifis, CEO of Wyllo (formerly NoFraud) 1:53 — From aspiring pro hockey player to 7 early-stage startups 4:53 — Frame.io → Adobe: the $1.3B exit story 5:49 — Why Scott chose commerce after the exit (and why it's the hardest space to win) 8:10 — The contrarian playbook: always call the investors who passed on the last deal 9:20 — Reframing the category: fraud prevention isn't payments, it's trust intelligence 13:51 — What is Wyllo? The CX-first risk intelligence platform explained 16:15 — The checkout product disaster — and what it actually taught him 17:39 — Why the e-commerce tooling market is fundamentally broken 19:10 — The Shopify model: what they got right and where the Wild West begins 21:14 — M&A is like marriage: you can't just swipe right 21:58 — The original thesis: buy all the software (and why it fell apart) 23:47 — Driving alignment without an M&A background: Scott's three filters 25:10 — The GTM fit trap everyone misses: buying center and pricing architecture 26:32 — "Marriages don't die because people fight. They die because they don't." 28:26 — Partner first: why the Yofi relationship started as a go-to-market partnership31:58 — How Wyllo won despite being the smallest bidder at the table 33:52 — Deal structure breakdown: cash, rollover equity, and the earn-out challenge 36:44 — Why Scott waited three years to rebrand (the brand must earn the promise) 38:28 — Why they chose "Wyllo": roots, flexibility, protection, and the changemaker thesis 39:18 — Buy box for the next acquisition: what Scott is actually looking for 40:30 — The $5M revenue threshold and what it signals about product-market fit 41:11 — "The complexity of GTM has become several levels harder than five years ago" 41:18 — The one capability Scott would go acquire right now if he could 42:32 — Who writes the $1-2B check for Wyllo? The strategic acquirer shortlist45:50 — Wrap-up and close

Who's Going to Pay $1B+ for a Scaled Independent Agency? | In/Organic Ep. 53The question every banker, founder, and PE partner is asking right now — and we used Clay to actually answer it.Christian used Clay to run a full analysis of the Forrester Commerce Services Wave Q1 2026 and map out which players have both the strategic rationale AND the balance sheet to acquire a scaled independent. The answer might surprise you (

SummaryIn this episode, Azim Nagree, head of M&A at Herringbone Digital, shares insights on building a successful origination engine, the importance of early and honest communication in M&A, and how agencies can prepare for sale by focusing on retention, growth, and profitability.TakeawaysOpen and honest conversations early in the process streamline deals.Retention rate of 80% is a key indicator of business health.Growth of 15-20% and EBITDA of 20-25% are desirable benchmarks.AI should improve core business metrics to add value.Founders should focus on building a strong foundation before sale.Chapters00:00 Introduction and Milestone Celebration01:10 Azim Nagree's Background and Herringbone's Focus05:42 Herringbone's Acquisition Strategy and Ideal Targets07:49 Relationship with Private Equity and Deal Support09:21 Lessons from Deal Experience and Early Communication13:43 Deal Origination Process and Tech Stack15:00 Defining the Prospect Universe and Narrowing the Buy Box16:33 Balancing Organic and Broker Deal Sourcing18:43 Assessing Seller Readiness and Valuation Expectations20:01 Using the 'Magic Number' to Evaluate Sellers23:57 The Triangle of Value: Retention, Growth, Profitability25:21 Evaluating EBITDA and Adjusted EBITDA28:57 Retention and Growth Benchmarks for Agencies29:59 The Leaky Bucket Problem in Agencies30:05 Identifying Signs of Retention Issues30:36 Impact of AI on Agency Valuation and Performance34:09 Common Mistakes Before Selling an Agency35:36 Advice for Founders Considering Exit36:47 Managing Communications with Potential Buyers39:51 Closing Remarks and Key TakeawaysConnect with Christian and AyeletAyelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/Christian's LinkedIn: https://www.linkedin.com/in/hassold/Web: https://www.inorganicpodcast.coIn/organic on YouTube: https://www.youtube.com/@InorganicPodcast/featuredConnect with Azim Nagree on LinkedInHerringbone Digital - https://herringbonedigital.com Azim Nagree on LinkedIn https://www.linkedin.com/in/azimnagree/ Hosted on Acast. See acast.com/privacy for more information.

In this episode, Yannick Lorenz uncovers his remarkable transition from building Shadow Digital to leading Vesa Digital's aggressive M&A and growth strategy. He talks openly about the ups and downs of agency life, the importance of building a sellable business, and stepping into a strategic role in acquisitions—all fueled by lessons learned the hard way.Key Topics:How Yannick built Shadow Digital from a freelance side hustle into a successful agencyThe pivotal moment when he realized the value of making his business sellableThe lessons learned from hitting rock bottom during a major agency crisis in 2020The unique approach Vesa Digital takes to agency roll-ups and the concept of the VAN (Vesa Agency Network) strategyCreative deal structures and the importance of leaving chips on the table during acquisitionsHow Yannick is leveraging his CEO experience to now lead Vesa's inorganic & M&A effortsThe impact of self-sourcing deals and avoiding traditional private equity pathwaysNavigating culture fit, valuation, and deal negotiations with foundersPractical advice for founders about financial literacy, recurring revenue focus, and deal-making mindsetTimestamps:(0:13) The rapid evolution of Claude AI and setting up local coding interfaces(1:27) The magic of task stacking versus answer approximation in Claude(3:05) Introducing Yannick Lorenz and his entry into agency growth and exit(4:26) Yannick's background: from Germany to founder in California(6:10) Building Shadow Digital: from side hustle to agency(8:38) The turning point: landing a $20,000 deal and scaling(11:26) Navigating the 2020 crisis and the push toward specialization(12:24) Scaling rapidly with Webflow before the crash(13:47) A major realization: building a business to sell and the importance of cash flow(15:15) How Yannick connected with Vesa during a cold outreach mistake(17:19) The evaluation process: fit, culture, and professionalism(20:05) From lifestyle agency to a growth-focused exit plan(22:14) Strategies for leaving cash in the business before an exit(23:23) Reflecting on the emotional rollercoaster of entrepreneurship(25:21) Learning the inorganic & M&A game from top experts(27:48) Vesa's current inorganic growth strategy and future plans(29:55) Creative deal structures in agency acquisitions ($500K–$1M range)(34:15) Lessons on being an empathetic versus aggressive acquirer(36:25) Why financial literacy and recurring revenue are vital for deals(38:35) How interested founders can connect with Yannick for opportunitiesConnect with Christian and AyeletAyelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/Christian's LinkedIn: https://www.linkedin.com/in/hassold/Web: https://www.inorganicpodcast.coIn/organic on YouTube: https://www.youtube.com/@InorganicPodcast/featuredConnect with Yannick Lorenz on LinkedInhttps://www.linkedin.com/in/shadowyaya/ Hosted on Acast. See acast.com/privacy for more information.

In this episode, we explore the rising influence of AI in marketing agencies, the implications of tech-forward agency models, and recent high-profile acquisitions like Grapevine AI. Discover how private equity and Silicon Valley are reshaping agency valuations, deal structures, and the future of the industry.Key TopicsThe emergence of AI-native agencies as highlighted by Y Combinator's 2026 request listHow agencies are evolving to resemble software companies with higher margins and scalabilityThe challenges traditional agencies face integrating innovative, tech-led modelsTrends in agency valuations, deal structures, and the influence of private equityAn in-depth analysis of the recent Grapevine AI acquisition and its significanceThe shifting landscape of deal valuation, cash on close, and deal structure for tech-forward agenciesThe barriers to adopting AI and modern practices within conservative client organizationsThe strategic rationale behind merging creator economies with AI-enabled marketing solutionsTimestamps00:00 - Building custom Claude bots and the evolution of OpenClaw02:12 - Silicon Valley's focus on AI-native agencies03:00 - How agencies will become more like software companies03:50 - The landscape of traditional vs. modern, tech-forward agencies07:02 - Private equity's view on services versus software investments09:40 - Recent acquisitions: New Engine's Grapevine AI and other strategic moves11:32 - What makes Grapevine AI unique in creator-led content14:10 - The impact of deal structure and valuation rigor in AI agency acquisitions17:23 - How founders are pushing for tech-led valuations and lower risk models18:16 - The challenges of adapting legacy agency models to AI-driven futures20:11 - Industry response and what's next for agency deal activityResources & LinksGrapevine AINew EngineY Combinator - 2026 Startups List (scroll to #3)LinkedIn - Caroline LaVereConnect with Christian and AyeletAyelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/Christian's LinkedIn: https://www.linkedin.com/in/hassold/Web: https://www.inorganicpodcast.coIn/organic on YouTube: https://www.youtube.com/@InorganicPodcast/featured Hosted on Acast. See acast.com/privacy for more information.

In this episode of the Inorganic Podcast, hosts Christian Hassold and Ayelet Shipley are joined by Travis Johnson, co-founder and Global CEO of Podean, to talk about the incredible story behind the one of the rising star Amazon and marketplace retail media agencies, which is now backed by Mountiangate. The conversation explores the origin of Podean, their successful search for private equity backers, their acquisition of Commerce Canal and their broader point of view on the opportunities in the retail media and marketplaces business. Travis shares insights on how Podean differentiates itself by offering integrated solutions that address not just media performance but also the broader operational needs of brands in the marketplace. He emphasizes the importance of understanding consumer behavior and the necessity for brands to adapt to the changing dynamics of e-commerce.TakeawaysPodean was founded to bridge gaps in the retail media landscape.Retail media is becoming increasingly important for brands.Global consistency is a priority for large brands.Podean's growth strategy includes a focus on social commerce.The partnership with Mountain Gate Capital aims to enhance Podean's capabilities.Navigating the M&A process requires careful preparation and cultural alignment.AI is seen as a transformative tool, but its implementation must be thoughtful.Future growth for Podean includes strategic acquisitions to enhance service offerings.Chapters02:28 Travis Johnson's Background & Podean04:55 Retail Media Today & Holdco Limits08:00 Building a Global Marketplace Business10:41 Social Commerce & Live Shopping11:19 Winning Clients from Holdcos12:47 Early M&A Talks & Learning Private Equity16:00 Choosing the Platform Model & Mountaingate19:08 Control, Governance & Valuation Realities23:57 Strategic Buyers vs. Private Equity28:26 Commerce Canal: The Right Acquisition31:13 Closing Two Deals & Integration39:24 Using AI Without the Hype45:37 Growth Strategy & What's NextConnect with Christian and AyeletAyelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/Christian's LinkedIn: https://www.linkedin.com/in/hassold/Web: https://www.inorganicpodcast.coIn/organic on YouTube: https://www.youtube.com/@InorganicPodcast/featuredConnect with Travis Johnsonhttps://www.linkedin.com/in/travis-johnson77/ Follow Podean on LinkedInhttps://www.linkedin.com/company/podean/ Hosted on Acast. See acast.com/privacy for more information.

In this engaging episode, co-hosts Ayelet Shipley and Christian Hassold welcome Tom Shipley to share his journey of building and scaling businesses through acquisitions. He discusses the challenges and opportunities in mergers and acquisitions (M&A) present, emphasizing the importance of strategic thinking and relationship building. The conversation also explores partnership dynamics and the role of external partners in resolving conflicts. Tom highlights the power of acquisitions in overcoming business challenges and achieving growth, offering insights into the process of identifying and acquiring businesses.TakeawaysAcquisitions can solve almost every business challenge.Partnership dynamics often require external mediation.Strategic thinking is crucial in M&A.Building relationships is key to successful acquisitions.Acquisitions offer a faster path to business growth.Understanding seller motivation is essential in deals.Partnership conflicts can hinder business progress.Acquisitions can provide liquidity and strategic opportunities.Chapters00:46 Tom Shipley's Path Into M&A01:38 The First Acquisition That Changed Everything05:34 Using Acquisitions to Solve Cash and Capability Gaps08:28 Buy vs. Build: Rethinking Entrepreneurship09:37 Seller Motivation and Why Deals Exist Everywhere11:50 Organic Growth vs. Acquisition Math13:41 Partnership Misalignment as a Growth Blocker14:21 How M&A Can Resolve Partner Deadlock19:26 Mergers as a Reset for Growth and Liquidity28:40 The Valley of Despair for Mid-Market Founders29:45 Buying the Next Chapter vs. Starting Over31:50 Where to Find Acquisition Opportunities37:49 Adding a Zero: Expanding the Mental Model39:44 DealCon, Reources, and CommunityConnect with Christian and AyeletAyelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/Christian's LinkedIn: https://www.linkedin.com/in/hassold/Web: https://www.inorganicpodcast.coIn/organic on YouTube: https://www.youtube.com/@InorganicPodcast/featuredConnect with Tom Shipleyhttps://www.linkedin.com/in/t-shipley/ Hosted on Acast. See acast.com/privacy for more information.

In this episode of the Inorganic Podcast, co-host Christian Hassled interviews Robin Skidmore, a seasoned entrepreneur and the founder and CEO of Journey Further. They discuss Robin's journey from humble beginnings to founding successful agencies, including Epiphany Search and Journey Further. The conversation explores the evolution of Journey Further, its recent acquisition of Salderson Media, and the challenges of expanding into the U.S. market. Robin shares insights on agency culture, the current state of the UK agency market, and the importance of adapting to changes in consumer behavior and technology, particularly AI. The episode concludes with a discussion on Robin's investments in startups and the significance of maintaining a strong company culture as the agency grows.TakeawaysRobin Skidmore's entrepreneurial journey began with a car wash at age 12.Journey Further was launched in 2017 with a clear roadmap for growth.The agency focuses on performance media and aims to be creatively driven.Acquisition of Salderson Media was strategic for expanding capabilities.Expanding to the U.S. market presented unique challenges and cultural differences.Maintaining a strong company culture is crucial for agency success.The UK agency market is experiencing consolidation and increased competition.AI is transforming the marketing landscape, requiring agencies to adapt.Investing in startups allows for a deeper understanding of client challenges.Cultural dynamics influence agency operations and client relationships.Chapters00:00 Introduction to Robin Skidmore and Journey Further02:14 Robin's Entrepreneurial Journey and Epiphany Search04:52 The Evolution of Journey Further08:13 Acquisition of Salderson Media and Market Relevance10:32 Expanding to the U.S. Market: Challenges and Insights17:31 Cultural Differences in Agency Operations20:16 Lessons from Epiphany to Journey Further23:29 The State of the UK Agency Market26:21 Future Growth Strategies and Inorganic Expansion30:28 Cultural Dynamics in Agency Growth34:21 Investments Beyond Agencies: The Pub and Startups41:22 Maintaining Culture and Addressing AI ChallengesConnect with Christian and AyeletAyelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/Christian's LinkedIn: https://www.linkedin.com/in/hassold/Web: https://www.inorganicpodcast.coIn/organic on YouTube: https://www.youtube.com/@InorganicPodcast/featured Hosted on Acast. See acast.com/privacy for more information.

In this episode, co-hosts Ayelet Shipley and Christian Hassold delve into AI related acquisitions, particularly focusing on outsized valuation multiples and whether they are sustainable or extensible to the digital agency sector. They discuss the valuation multiples seen in recent AI focused acquisitions led by Meta, Nvidia, Cvent, and OpenAI, and opine on the race for talent in the AI era. The conversation highlights the evolving landscape of agency capabilities in the face of AI advancements and the potential for consolidation in the market. The hosts also explore the future of digital agencies and the opportunities that lie ahead for strategic acquirers in the AI domain.TakeawaysAI is driving significant M&A activity in the tech sector.Recent acquisitions show high valuation multiples for AI companies.The trend of acquiring talent over products is prevalent in AI M&A.Digital agencies must adapt to the changing landscape influenced by AI.There is a potential consolidation in the agency market due to AI advancements.Strategic acquirers are looking for speed to market through AI capabilities.The valuation of AI startups is often based on capital raised rather than revenue.The market for AI capabilities in agencies is still developing.Founders may need to be realistic about their exit multiples in the current environment.The future of digital agencies will be shaped by AI innovations.Chapters00:00 Introduction to AI Trends01:03 M&A Activity in AI05:16 Valuation Multiples in AI Acquisitions11:00 The Talent Acquisition Race15:18 AI's Impact on Agencies19:07 Future of Digital Agencies25:01 Opportunities in AI AcquisitionsConnect with Christian and AyeletAyelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/Christian's LinkedIn: https://www.linkedin.com/in/hassold/Web: https://www.inorganicpodcast.coIn/organic on YouTube: https://www.youtube.com/@InorganicPodcast/featured Hosted on Acast. See acast.com/privacy for more information.

In this episode of the Inorganic Podcast, co-host Ayelet Shipley interviews Carrie Kerpen, a pioneer in social media and co-founder of Likeable Media. They discuss Carrie's journey from starting a social media agency to successfully exiting the business. Carrie shares insights on the importance of profitability, setting exit goals, choosing the right M&A advisor, and negotiating earn-outs. She reflects on her experiences and the lessons learned, particularly for women entrepreneurs, and emphasizes the need for community and support in the business world.TakeawaysCarrie started Likeable Media in 2007, one of the first social media agencies.The initial focus was not on exiting but on building a profitable business.Setting a target exit value can help guide business decisions.Timing and personal readiness are crucial when deciding to sell a business.Choosing the right M&A advisor can significantly impact the sale process.Negotiating earn-outs requires careful consideration of control and reporting.Reflecting on the exit process can reveal areas for improvement.Building a community for women founders can provide essential support.Women entrepreneurs often face unique challenges in the exit process.M&A can be a powerful tool for business growth and problem-solving.Chapters0:00 Introducing Carrie Kerpen1:05 Founding Likeable Media 3:33 Early Growth & Cash Flow Challenges5:22 Becoming CEO and Focusing on Profitability6:37 Market Shifts & Productizing the Agency7:21 Building a Brand through All the Social Ladies9:07 Financial Stability & the $20M Exit Goal 10:43 Knowing When It's Time to Sell12:55 Choosing an M&A Advisor vs. a Banker15:36 Price vs. Timing After the Exit18:22 Negotiating & Protecting an Earnout22:02 Life After the Sale23:12 What Carrie Would Do Differently24:51 Acting Like a Platform and Rethinking Capital25:58 The Exit Gap and The Whisper Group27:45 Closing ThoughtsConnect with Christian and AyeletAyelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/Christian's LinkedIn: https://www.linkedin.com/in/hassold/Web: https://www.inorganicpodcast.coIn/organic on YouTube: https://www.youtube.com/@InorganicPodcast/featuredConnect with guest, Carrie Kerpenhttps://www.linkedin.com/in/carriekerpen/ Hosted on Acast. See acast.com/privacy for more information.

SummaryIn this episode of the Inorganic Podcast, co-hosts Christian Hassold and Ayelet Shipley chat with Chloe Cotoulas, Partner at Everos Group and an investment banker with a diverse background in advertising and finance. On this episode they discuss Chloe's unique career path, the evolution of holdcos in the advertising industry, and the impact of market trends on large-scale independent agencies. The conversation also explores the future outlook for deal activity in the coming quarters, emphasizing the importance of AI and experiential marketing in shaping the industry.TakeawaysChloe transitioned from a creative background to investment banking.The convergence of creativity and business is crucial in today's market.Holdcos are facing challenges due to changing market dynamics.AI is reshaping the advertising landscape and agency operations.Experiential marketing is becoming central to brand strategies.The enterprise value of agencies is often misrepresented in the market.Private equity is increasingly interested in the advertising ecosystem.Founders are reconsidering their exit strategies in light of market changes.The importance of financial performance in upcoming deal activity is paramount.Prompt engineering is emerging as a valuable skill in the creative industry.Chapters00:52 Chloe Cotoulas' Presidential Writing Experience05:07 Chloe's Career Path from Creative to Finance10:04 Holdco Shakeups, IPG–Omnicom, & WPP17:26 How Market Turmoil Impacts Independents19:03 New Buyers & Founder Mindset 22:38 Selling to Holdcos vs. Challenger Networks24:15 The Rising Trend of Experiential + Social30:19 Deal Flow Outlook for the Next Two Quarters32:45 AI Opportunity: Differentiation & Acceleration33:24 AI Risks, Defensibility, & Prompt Engineering36:51 Closing Thoughts Connect with Christian and AyeletAyelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/Christian's LinkedIn: https://www.linkedin.com/in/hassold/Web: https://www.inorganicpodcast.coIn/organic on YouTube: https://www.youtube.com/@InorganicPodcast/featuredConnect with guest, Chloe Cotoulashttps://www.linkedin.com/in/chloe-cotoulas-92082861/ Hosted on Acast. See acast.com/privacy for more information.

In this episode, co-hosts Ayelet Shipley and Christian Hassold discuss WPromote's acquisition of Giant Spoon. They delve into the intricacies of the acquisition process, emphasizing the importance of trust and the contributions of a strong deal team. The conversation also touches on market reactions to the acquisition and the importance of post-merger integration planning. The hosts conclude with reflections on lessons learned and future goals for the newly formed agency.TakeawaysThanksgiving cooking hacks can lead to perfect meals.The acquisition of Giant Spoon by WPromote is a significant industry move.Trust and communication are crucial in the deal process.Shared expectations workshops can enhance collaboration.Having a partner to navigate complex P&Ls is critical to navigating technical financial discussions in a deal processMarket reactions can provide insights into industry perceptions.The integration process should be planned from the start.Maintaining brand identity is important post-acquisition.Future goals and objectives are vital for continued growth.Chapters00:00 Thanksgiving Reflections and Cooking Hacks02:12 Major Acquisition Announcement: WPromote and Giant Spoon05:05 The Search for the Right Agency: A Corporate Development Journey10:08 Navigating the Deal Process: Trust and Communication17:31 Building Trust: Shared Expectations Workshop21:30 Challenges and Insights from the Deal Process25:05 Market Reactions and Industry Perspectives29:21 Final Thoughts and Future GoalsConnect with Christian and AyeletAyelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/Christian's LinkedIn: https://www.linkedin.com/in/hassold/Web: https://www.inorganicpodcast.coIn/organic on YouTube: https://www.youtube.com/@InorganicPodcast/featuredEpisode ReferencesAd Age Deal AnnouncementGE's Opening Day Commercial by Giant Spoon Hosted on Acast. See acast.com/privacy for more information.

SummaryIn this episode of the In/organic Podcast, co-host Christian Hassold shares insights from the KPMG Technology M&A Conference, discussing the current landscape of mergers and acquisitions, particularly in the tech sector. In this episode, Christian shares highlights from the conference, including the pervasive influence of AI on M&A decisions, the challenges and opportunities presented by the AI investing landscape, and the importance of creative deal structures in navigating the current market dynamics. The episode also covers the “operator's dilemma” faced by CEOs - that is, the rise in peer pressure to do M&A, and what are the best practices are from leading strategics. Finally, Hassold provides an overview of current B2B SaaS deal activity and market trends based on Pitchbook data.TakeawaysThe KPMG M&A Conference provided valuable insights into current market dynamics.AI is a major factor influencing M&A decisions and strategies.VCs are increasingly making investments in AI startups without getting governance rights, and not always checking the underlying economics of the businessThe operator's dilemma highlights the challenges that CEOs face in mergers and acquisitions (M&A).Corporate development roles are seeing a significant increase in demand.Top CEOs simplify their M&A strategies to focus on core problems.Deal activity in the tech sector is on the rise, indicating a healthy market.Earnouts are becoming a significant component of deal structures.Chapters00:00 Introduction and Context of the Episode02:50 Insights from the KPMG M&A and Tech Conference06:04 AI's Pervasive Influence on Tech and M&A08:54 The AI Investing Landscape11:40 Deal Structures Sparking Innovation16:42 The Operator's Dilemma in M&A21:48 Corporate Development and Deal Activity24:38 Priorities in M&A for Corporates vs. Private Equity29:19 Case Studies of Successful M&A Strategies32:59 Market Update on Deal Activity and EarnoutsConnect with Christian and AyeletAyelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/Christian's LinkedIn: https://www.linkedin.com/in/hassold/Web: https://www.inorganicpodcast.coIn/organic on YouTube: https://www.youtube.com/@InorganicPodcast/featuredEpisode ReferencesKPMG M&A Conference AgendaKPMG 2025 Deal Market Study (buyer priorities)Kirkland & Ellis M&A Bring Down Report 2025 (earnout data) Hosted on Acast. See acast.com/privacy for more information.

SummaryIn this episode of the Inorganic Podcast, co-hosts Ayelet Shipley and Christian Hassold welcome Brian Burt, founder & CEO of Canopy Management. In this episode, we discuss Brian's entrepreneurial journey, with an emphasis on his principles for building the business and expanding through highly accretive tuck-in M&A transactions. Brian also shares the importance of cultural fit in successful integrations. He then discusses the challenges and opportunities presented by AI in the retail media space, emphasizing the need for omnichannel marketing strategies. The conversation underscores the importance of momentum in business and the role of performance-based incentives in sustaining an entrepreneurial spirit within acquired teams.TakeawaysCanopy Management has grown without external investment, focusing on mergers and acquisitions for expansion.The need for operational efficiency and scalability drove the first acquisition.Cultural fit and shared values are crucial in successful acquisitions.Integrating new teams requires clear communication and defined outcomes.Performance-based incentives help maintain entrepreneurial spirit in acquired teams.AI presents both a threat and an opportunity for the agency space.Omnichannel marketing is essential for modern e-commerce success.Building a strong personal brand aids in building an acquisition funnelMomentum in business is key to successful integration and growth.?Chapters00:26 Brian Burt's Background 02:38 Growing through M&A 12:31 Culture Fit and Founder Alignment13:09 Integrating the First Acquisition16:36 Defining and Executing Acquihires20:45 Evolving the Playbook23:46 Incentives Pods, and Integration Strategy27:44 Scale Synergy and Sustainable Growth31:28 Market Outlook: Retail Media Omnichannel and AI37:14 Closing Thoughts and TakeawaysConnect with Christian and AyeletAyelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/Christian's LinkedIn: https://www.linkedin.com/in/hassold/Web: https://www.inorganicpodcast.coIn/organic on YouTube: https://www.youtube.com/@InorganicPodcast/featuredConnect with guest Brian Burthttps://www.linkedin.com/in/brianburt1/ Hosted on Acast. See acast.com/privacy for more information.

SummaryOn this episode of the Inorganic Podcast, co-hosts Christian Hassold and Ayelet Shipley are joined by guest Jeff Cohen, newly minted Chief Business Development Officer of Skai, former Principal Evangelist for Amazon Ads, and in general a seasoned operator with an extensive background in commerce and tech. In this episode, the hosts and guest explore the current state and future vision of omnichannel commerce. Their discussion spans the immediate and long-term prospects of retail media agencies and the defensibility of these businesses based on their commonly observed category-specific expertise. As a part of this discussion, they talk about notable retail media agencies including Podean, Cartograph, and Envision Horizons. The conversation emphasizes the need for agencies to adapt and innovate in a rapidly changing market.TakeawaysE-commerce is growing at a rate of 6-8%.Retail media is experiencing growth rates in the low to mid 20s.Omnichannel connectivity is crucial for brands.Brands often underutilize Amazon's audience capabilities.Organizational silos hinder effective marketing strategies.Audience planning is essential for successful media execution.Agencies should act as partners, not just service providers.The future of retail media agencies is evolving rapidly.AI can significantly enhance operational efficiency in marketing.Chapters01:01 Introduction & Why Omnichannel Commerce Matters02:40 Jeff Cohen's Journey04:46 The Growth of Commerce Talent05:58 Defining Omnichannel Commerce07:39 Are Brands Underutilizing Amazon's Potential?11:58 Balancing In-House and Agency Collaboration14:21 Audience Planning: The Core of Retail Media18:31 How Retail Media Agencies Differentiate and Mature22:00 The Future of Agencies with AI & Tech34:07 Inside Skai: AI Tools and Omnichannel Evolution37:25 Platform Strategy & The Broader Tech Landscape 40:40 Closing Reflections & TakeawaysConnect with Christian and AyeletAyelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/Christian's LinkedIn: https://www.linkedin.com/in/hassold/Web: https://www.inorganicpodcast.coIn/organic on YouTube: https://www.youtube.com/@InorganicPodcast/featuredConnect with guest Jeff Cohenhttps://www.linkedin.com/in/jeffreycohen/ Hosted on Acast. See acast.com/privacy for more information.

SummaryIn this episode of the In/organic Podcat, co-hosts Christian Hassold and Ayelet Shipley welcome guest Matt Bodnar, founder and managing partner at Eidolon Capital. Matt is a business owner and investor with substantial experience using M&A as a lever to acquire and grow businesses. In this episode, Matt discusses how he has leveraged his intellectual interest in valuations and deal structuring to execute creative and accretive deals. Further, Matt discusses the importance of understanding earnings and multiples in business valuation, the impact of size on valuation, and the challenges of customer concentration. Additionally, he provides strategies for sellers to maximize their exit value, emphasizing the need for thoughtful analysis and potential acquisitions to enhance business value.TakeawaysValuation can be simplified to earnings and multiples.Size significantly impacts business valuation multiples.Customer concentration can negatively affect valuation.Sellers should consider adding businesses to increase value.Earnings adjustments can significantly influence business valuation.Understanding market perceptions is crucial for sellers.Agencies offer unique opportunities for cross-selling and growth.Chapters00:00 Coffee Preferences and Brewing Techniques02:54 Restaurant Business Insights and Challenges05:42 Valuation Philosophy and Business Insights14:44 Valuation Fundamentals: Understanding Multiples22:12 Earnings and Adjustments: The Art of Valuation34:20 The Size Premium: Why Bigger is Better38:12 Customer Concentration: Risks and Strategies41:53 Maximizing Exit Value: Key Strategies for SellersPepperdine Capital Markets Report discussed on the podcasthttps://digitalcommons.pepperdine.edu/gsbm_pcm_pcmr/Connect with Christian and AyeletAyelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/Christian's LinkedIn: https://www.linkedin.com/in/hassold/Web: https://www.inorganicpodcast.coIn/organic on YouTube: https://www.youtube.com/@InorganicPodcast/featuredConnect with guest Matt Bodnarhttps://www.linkedin.com/in/mattbodnar/ Hosted on Acast. See acast.com/privacy for more information.

SummaryIn this episode of the Inorganic Podcast, co-hosts Ayelet Shipley and Christian Hassold discuss the complexities of earnouts in agency acquisitions in the context of discussions covered at DealCon 2025. In this episode, Ayelet and Christian explore the reasons earnouts are used, the difficulties in negotiating them, and the importance of maintaining operational control and alignment between buyers and sellers. The conversation emphasizes the need for clear expectations and mutual understanding to navigate the intricacies of earnouts effectively.TakeawaysEarnouts are often used to bridge valuation gaps in acquisitionsBuyers typically dislike the complexity of earnouts but find them necessaryAccording research, significant percentage of earnouts (>55%) are never paidNegotiating earnouts should ideally happen early in the deal processOperational controls are necessary for buyers and sellers to achieve earnout targetsCultural alignment between buyers and sellers is essential for successEarnouts should generally not exceed 15-20% of the total transaction valueProtracted earnout negotiations can lead to deal fatigue, which can pose risk to deal timeline or completionChapters0:26 Introduction to Earnouts1:05 Why Earnouts Are a Key Topic1:34 The Purpose and Function of Earnouts02:21 Common Uses of Earnouts in M&A3:45 Challenges in Structuring Earnouts5:58 Pipeline Credit and Control in Earnouts10:24 Negotiating Earnouts & Deal Fatigue12:05 Maintaining Seller Control for Earnout Success15:15 Cultural Alignment in Earnout Negotiations14:41 Structuring Earnouts Strategically16:29 Key Takeaways on EarnoutsConnect with Christian and AyeletAyelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/Christian's LinkedIn: https://www.linkedin.com/in/hassold/Web: https://www.inorganicpodcast.coIn/organic on YouTube: https://www.youtube.com/@InorganicPodcast/featured Hosted on Acast. See acast.com/privacy for more information.

SummaryThis conversation explores the insights and experiences gained at DealCon, an event focused on agency founders and owners looking to grow through mergers and acquisitions (M&A). The speakers discuss the importance of understanding the intricacies of deal-making, the role of capital in acquisitions, and the dynamics of cultural integration. They also touch on the common feelings of imposter syndrome among those in the M&A space and the various paths to success in this field.TakeawaysDealCon is a platform for agency founders to learn about M&A.Many agency founders are interested in inorganic growth.Understanding market multiples is crucial for agency exits.Cultural fit is essential in M&A success.Pressure testing cultural alignment can prevent future conflicts.Access to capital is vital for agency acquisitions.Risk-taking is inherent in entrepreneurship and M&A.Imposter syndrome is common among M&A practitioners.There are alternative paths to success in M&A.The human element in M&A is often more challenging than the financial aspects.Chapters00:43 Opening & DealCon Overview01:37 Why Founders Are Chasing Acquisitions02:42 The Backstory: How DealCon Began05:14 Access to Capital & Funding Options07:37 Challenges of M&A08:24 Culture Fit: The Real Test of M&A13:47 Risk-Taking Founders vs. Cautious Teams16:16 Non-traditional Paths & Beating Imposter Syndrome19:57 Deal Math vs. The Human Element20:28 Wrapping Up Connect with Christian and AyeletAyelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/Christian's LinkedIn: https://www.linkedin.com/in/hassold/Web: https://www.inorganicpodcast.coIn/organic on YouTube: https://www.youtube.com/@InorganicPodcast/featured Hosted on Acast. See acast.com/privacy for more information.

In this episode of the Inorganic Podcast, Co-host Christian Hassold provides a follow-up on episode 29, correcting the previously reported details on the planned acquisition of Acculinks by Verisk. He explains that Acculinks, a 165-person company specializing in rooftop estimation software, will be acquired for $2.35 billion. Despite initial confusion about the high purchase price, Hassold reveals that Acculinks has impressive financial metrics, including $150 million in annual revenue, 80% of which is recurring, and a 55% EBITDA margin. The planned acquisition is notable for its high ARR and EBITDA multiples, which are significantly above market averages. Hassold also discusses the financial strategies Verisk employed to fund the contemplated acquisition, including leveraging debt. The deal is still pending regulatory review and finalization of debt financing. Hosted on Acast. See acast.com/privacy for more information.

In this episode of the Inorganic Podcast, co-host Christian Hassold provides an explainer for episode 33, which discussed the acquisition of 1WorldSync by Syndigo. In this explainer episode, he gives a detailed explanation of what both of the companies do, including their important role in syndicating content to product detail pages (often referred to as PDP's). In addition, he explains the difference between product detail page content and supply chain content. Christian also elaborates on why the multi-billion-dollar industry of standardizing and communicating accurate product information to retailers exists and how it benefits consumers. Hosted on Acast. See acast.com/privacy for more information.

SummaryIn this episode, co-hosts Ayelet Shipley and Christian Hassold welcome guests Erik Morton, former EVP of Corporate Development for Rithum (formerly CommerceHub & ChannelAdvisor), and Chris Barnes, former SVP of Corporate Development for Syndigo, to discuss the announced acquisition of 1WorldSync by Syndigo. In this episode, the guests discuss the origin of both Syndigo and 1WorldSync, the deal rationale, as well as some of the reasons why the acquired business had some potential barriers to finding the right acquirer over the course of its year long sale process. The discussion highlights the dynamics of M&A in the e-commerce sector, the competitive dynamics between major players like Syndigo, Bazaarvoice, and Salsify, and the prospects of inorganic growth following years of aggressive M&A activity. TakeawaysSyndigo's growth trajectory from Gladson to a materially sized platform in the commerce ecosystem1WordSync's origin and significance in the product information spaceThe competitive dynamics between 1Worldsync, Syndigo, and Salsify in the commerce marketThe significance of geographical expansion in M&A strategies.The importance and benefits of strong alignment between sponsors and holding company executive leadership on M&A strategyChapters0:12 Deal Context 1:43 Guest Backgrounds 5:48 Syndigo Founding and Acquisition Strategy 9:32 Investor View on Syndigo's M&A Thesis 13:47 1WorldSync Origins and Strategy 18:07 PowerReviews and Strategic Misalignment 22:09 Syndigo Deal Execution and Private Equity Dynamics 24:04 Running Out of Targets 25:40 Industrial Logic Behind the Merger 27:39 Competitive Landscape and Salsify 30:49 Future Outlook on Marketplaces and IPO 38:38 Wrap-Up and Final ThoughtsConnect with Christian and AyeletAyelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/Christian's LinkedIn: https://www.linkedin.com/in/hassold/Web: https://www.inorganicpodcast.coIn/organic on YouTube: https://www.youtube.com/@InorganicPodcast/featuredConnect with our guest Chris Barnes on LinkedInhttps://www.linkedin.com/in/chris-barnes-a0a7022/Connect with our guest Erik Morton on LinkedInhttps://www.linkedin.com/in/erikimorton/ Hosted on Acast. See acast.com/privacy for more information.

SummaryIn this episode of the Inorganic Podcast, hosts Christian Hassold and Ayelet Shipley, along with guest Anthony Costanzo, delve into the topic of becoming a “platform”, that is, an agency that becomes the foundational business for additional add-ons to expand service offerings or grow into new client categories. They discuss the characteristics of successful platforms, including company behaviors, leadership attributes, and the important role of investors. The conversation highlights real-world examples of successful platforms and emphasizes the need to align the vision and investment strategy between founders and investors. The episode concludes with insights into the future of platforms and the opportunities for growth through add-ons.TakeawaysThe concept of a platform in M&A serves as a foundation for broader investment strategies.Many successful platforms exhibit platform behavior before becoming sponsor-backed and expanding rapidly (Croud, Brainlabs, Wpromote)Qualities of CEO's that are prepared to lead a platform often have a good bench of leadership and a C-team that fills in their own capability gaps (CFO, COO, etc)There is no shortage of private equity investors willing to back agency platform scaleups, but you need to choose The right investor can not only provide capital, they offer strategic guidance and can help with the search for add-on businessesAgency founders/owners should determine the kind of investor they desire (active or passive, for example) and what role they want investors to play in the business (board level only, or operating advisors).The future of platforms is promising, with increasing opportunities for growth and consolidation.Chapters1:24 Anthony's Story & Approach to M&A6:08 What It Means to Be a Platform8:54 Key Criteria: EBITDA, Clients, Teams15:46 Traits of Strong Platform Leaders20:34 The Investor–Founder Relationship27:17 Should You Really Be a Platform?31:36 The Reality of Becoming a Platform36:36 Real-World Examples of Platforms44:23 Market Trends in Platforms & Add-Ons47:34 Rethinking the Role of Add-Ons49:22 Closing & TakeawaysConnect with Christian and AyeletAyelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/Christian's LinkedIn: https://www.linkedin.com/in/hassold/Web: https://www.inorganicpodcast.coIn/organic on YouTube: https://www.youtube.com/@InorganicPodcast/featuredConnect with our guest Anthony Costanzohttps://www.linkedin.com/in/anthony-costanzo-08062318/ Hosted on Acast. See acast.com/privacy for more information.

SummaryIn this episode of the Inorganic Podcast, co-hosts Christian Hassold and Ayelet Shipley discuss the critical aspects of preparing an agency for sale. They explore the importance of understanding sellability, the perspectives of both buyers and sellers, and the traits that make a business attractive to potential buyers. The conversation emphasizes the need for operational excellence, financial management, and emotional readiness when navigating the sale process. Key takeaways include the significance of starting preparations early, the risks associated with client concentration, and the value of having a strong team in place to support the sale.Key TakeawaysStart thinking about your exit strategy from day one.Agency owners often lack an understanding of sellability timelines.A sellable business has clear financials and operations.Client concentration can significantly impact business value.Diverse client portfolios are more attractive to buyers.Operational excellence is crucial for agency success.Sales teams should not rely solely on founders for client relationships.Emotional readiness is key when selling a business.Engage professionals early for financial management.Small steps can lead to significant improvements in sellability.Chapters00:00 "When Should I Start Thinking About Selling?"02:15 Signs You Might Be Ready to Sell06:40 What Buyers Are Actually Looking For11:47 Traits of a Sellable Business13:12 Revenue Risk, Red Flags & Value Drivers22:53 Building the Team: Ops, Finance & Sales25:55 Founder Clarity: Post-Exit Life & Financial Reality30:57 What Due Diligence Actually Feels Like32:41 Starting Small and Other Takeaways36:53 Wrapping Up Connect with Christian and AyeletAyelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/Christian's LinkedIn: https://www.linkedin.com/in/hassold/Web: https://www.inorganicpodcast.coIn/organic on YouTube: https://www.youtube.com/@InorganicPodcast/featured Hosted on Acast. See acast.com/privacy for more information.

SummaryIn this episode, co-hosts Ayelet Shipley and Christian Hassold discuss the latest trends in digital agency M&A, focusing on recently announced deals, including Accenture's acquisition of Superdigital, Podean's acquisition of Commerce Canal with backing from Mountiangate, Impact XM's acquisition of Shelton Flemingand, and Gravity Global's acquisition of Marketing Doctor. As a part of their discussion, they debate the rationale and industrial logic of these acquisitions, as well as what they indicate about agency M&A as a whole. The conversation highlights the evolving nature of the agency market and the impact of technology and consumer preferences on business strategies.TakeawaysAccenture's acquisition of Superdigital reflects a shift towards the creator economy.Retail media is experiencing significant growth compared to e-commerce.Experiential events are becoming crucial for brand engagement.Women-owned businesses face challenges in valuation and funding.The importance of technology in enhancing experiential events is growing.Agencies are increasingly focusing on expansion in international markets.The trend of consolidation in retail media agencies is on the rise.Live events and personal experiences are key to consumer engagement. Chapters00:00 Introduction 01:33 Soho House Valuation and the Micro-Club Trend08:10 Accenture Song Acquires Superdigital11:59 Podean Acquires Commerce Canal15:54 Impact XM Expands to UK with Shelton Fleming22:49 Gravity Global Acquires Women-Owned Marketing Doctor23:26 Gender Equity and M&A: Are Women-Owned Agencies Undervalued?28:59 DealCon Plug and Wrapping UpConnect with Christian and AyeletAyelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/Christian's LinkedIn: https://www.linkedin.com/in/hassold/Web: https://www.inorganicpodcast.coIn/organic on YouTube: https://www.youtube.com/@InorganicPodcast/featured Hosted on Acast. See acast.com/privacy for more information.

SummaryIn this episode of the Inorganic Podcast, Christian Hassold discusses five notable acquisitions in SaaS, specifically those where larger companies acquired smaller or earlier-stage companies. As a part of this discussion, Christian highlights deal values (announced and speculated), the industrial logic of acquirers, and other key details surrounding the acquisitions.Acquisitions CoveredVanta + Risky on July 17, 2025Rokt + Canal on July 17, 2025Darktrace + Mira Security on July 21, 2025Verisk + AccuLynx on July 30, 2025 Descartes + Finale Inventory on August 4, 2025Chapters00:00 Introduction03:17 Preview of the Five SaaS Acquisitions04:17 Descartes Acquires Finale Inventory08:41 Verisk Acquires AccuLynx for $2.35B12:14 Darktrace Acquires Mira Security15:20 Rokt Acquires Canal19:31 Vanta Acquires Riskey (Acquihire?)23:49 Takeaways and M&A ThemesConnect with Christian and AyeletAyelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/Christian's LinkedIn: https://www.linkedin.com/in/hassold/Web: https://www.inorganicpodcast.coIn/organic on YouTube: https://www.youtube.com/@InorganicPodcast/featured Hosted on Acast. See acast.com/privacy for more information.

SummaryIn this episode of the Inorganic Podcast, hosts Ayelet Shipley and Christian Hassold, co-hosts of the In/organic Podcast, discuss the current state of mergers and acquisitions (M&A) in the agency sector, focusing on Q2 activity. They explore market trends, deal multiples, notable acquisitions, and the importance of strategic fit in the current M&A landscape. The conversation also touches on the valuation of tech-enabled agencies, the luxury market's unique characteristics, and expectations for future market activity in Q3 and Q4.TakeawaysDeals still happening, but the market is pickier.Timing exits for the next 2021-2022 won't workSeller valuation expectations still mixed bagDigital services continue to grow in demand.Strategic buyers are looking for very specific needs (culture fit, capabilities, clients, and case studies)Q3 and Q4 should see more deal activity based on deal flow signalsChapters02:25 Q2 Market Trends & Valuation Multiples06:24 What Makes a Deal Stand Out in Q209:16 Media, AI, and Buyer Control Strategies11:29 Captiv8 and the SaaS-Driven Valuation Uplift14:24 Should Agencies Rebrand Themselves as SaaS?17:35 Luxury Roll-Ups and the Together Group Model20:29 Market Shift: From Roll-Up Volume to Strategic Fit24:39 Resetting Expectations Around Multiples28:33 Q3 & Q4 Deal Flow Outlook30:45 Previewing Themes for the Next EpisodeConnect with Christian and AyeletAyelet's LinkedIn: https://www.linkedin.com/in/ayelet-shipley-b16330149/Christian's LinkedIn: https://www.linkedin.com/in/hassold/Web: https://www.inorganicpodcast.coIn/organic on YouTube: https://www.youtube.com/@InorganicPodcast/featured Hosted on Acast. See acast.com/privacy for more information.

SummaryThis is part two of a two-part series where Christian Hassold and Ayelet Shipley demystify the complexities of agency valuations, exploring the interplay between buyer and seller motivations, and discussing real-world scenarios that illustrate various deal structures. They emphasize the importance of understanding the unique dynamics of the agency market, including the factors that influence valuations and the creative structuring of deals to meet the needs of both parties. Discussion HighlightsReviews a $3.4M revenue, $1.7M EBITDA agency valued at $10.2M (6x multiple). Creativity is needed for deals under $2M EBITDA due to higher perceived risk and sensitivity of margins.This deal involved a 50% cash consideration ($5.1M) and 50% rollover ($5.1M). The cash consideration was paid quarterly over three years, performance-based (not an earnout), with payments halted or reduced if revenue drops significantly (below 50% or 50-99% of the agreed-upon value).We also discussed a second deal involving a $40M revenue agency with $9M EBITDA commanding a 10x multiple ($90M EV) - a top of market multiple because of high gross retention (>85%) and >80% retainer-based clients. The challenge is managing the risk of large clients churning post-closing when the multiple is top of the market.Involved a 15% rollover. A significant earnout (up to an extra $9M) is offered to bridge the gap and incentivize the seller for growth.Beyond financial metrics, we discuss factors that influence valuations like the acquiring entity's need for specific capabilities, clients, talent, customer retention, and consistent growth (10-20% year-over-year).Chapters0:00 Introduction 2:06 Scenario D: Structuring a Deal Below $2M EBITDA3:10 Why Sub-$2M EBITDA Deals Are Hard4:53 Performance-Based Cash Payouts 6:18 Keeping Sellers Engaged Through Uncertainty7:52 Incentivizing Sellers Through Equity and Bonuses11:21 Scenario C: Challenges of Scaling a Large Agency12:57 Structuring a $40M, $9M EBITDA Deal at 10x15:28 Market View on Earnouts in EV19:25 When Growth and Retention Justify High Multiples20:50 Market Range for Cash-at-Close Offers21:20 How Strategic Buyers Compete with HoldCos22:53 Wrap-Up & Closing ThoughtsConnect with Christian & In/organic PodcastChristian's LinkedIn: https://www.linkedin.com/in/hassold/In/organic on LinkedIn: https://www.linkedin.com/company/inorganic-podcastIn/organic on YouTube: https://www.youtube.com/@InorganicPodcast/featuredConnect with E27 guest, Ayelet Shipley on LinkedInhttps://www.linkedin.com/in/ayelet-shipley-b16330149/ Hosted on Acast. See acast.com/privacy for more information.

Summary While recording episodes 26 and 27 of the In/organic Podcast, Ayelet and Christian delved into a small rabbit hole, discussing buyer and seller dynamics in transactions involving unsophisticated buyers and sellers - a term commonly used in the industry. We clarify in the video that unsophisticated really means buyers who do not do a lot of acquiring or sellers who are usually selling their company for the first time and do not have good M&A counsel. We did not get into the details in this recording, but the key takaways are: If you are a first time seller: 1) Be Informed: Retain experienced M&A counsel - that is an attorney who specializes in M&A (which is different from a business lawyer who touches M&A, but is not a transactional lawyer by trade). Most M&A lawyers are already in your network and are willing to offer 1-2 hours of off-book time to help with key considerations before getting too far along in the process. 2) Ask the sellers questions. If you don't understand terms or if there is anything that is unclear, go ahead and ask. For example, if you are offered $10 million for your business, is that all cash, a closing, or something else? If it includes stock in the sellers company, you have a right to ask for some information from the acquiring company ("reverse diligence") in order to qualify the value of the stock in the company relative to the value you are exchanging. If you are an unsophisticated buyer: 1) Get Ahead of Legal: Don't let the lawyers be the first ones to bring forward terms that will economically impact the deal without having spoken about it first. Example things are escrow, reps & warranties insurance, special indemnities, discounts to EBITDA derived from quality of earnings analysis. When you are 5 steps ahead of key negotiating items in legal, it builds trust and keeps legal costs under control. 2) Agree on the earnout structure and compensation before going to LOI or drafting definitive agreements. This is basic, but the intent is that the seller is a part of the creation of the construct versus a recipient. Even if there is not a lot of room for flexibility, its much better to preview and ask for input than throw over the fence and have lawyers negotiate the terms. Enjoy! Hosted on Acast. See acast.com/privacy for more information.

SummaryIn this episode, Christian Hassold and Ayelet Shipley delve into the complexities of agency valuations, exploring the interplay between buyer and seller motivations, and discussing real-world scenarios that illustrate various deal structures. They emphasize the importance of understanding the unique dynamics of the agency market, including the factors that influence valuations and the creative structuring of deals to meet the needs of both parties. In this conversation, Ayelet and Christian delve into the intricacies of business valuation, particularly focusing on earn-outs and creative deal structures. They explore how earn-outs can bridge the gap between current cash and total enterprise value, especially in lower EBITDA scenarios. The discussion also highlights the dynamics of larger deals, emphasizing the importance of timing and the need for sellers to recognize good opportunities in a fluctuating market. The conversation is rich with insights on how to structure deals that meet both buyer and seller needs while navigating the complexities of agency acquisitions.Takeaways• A deal occurs in the overlap of buyer and seller needs.• Creative structuring can lead to better outcomes for sellers.• The agency market is dynamic with many new entrants and exits.• People, client relationships, and capabilities are key assets in agency valuations.• Valuations can vary significantly based on market fit and potential.• Understanding the motivations of both buyers and sellers is crucial.• The agency landscape is evolving with increasing deal velocity. Earn-outs can be a strategic tool in business valuation.• Trust between buyer and seller facilitates smoother transactions.Chapters0:48 Introduction 1:59 Why Agencies Are Built and Sold 8:03 How Buyers Assess Value 12:10 Cash Upfront vs. Long-Term Upside 14:28 Real-World Deal Scenarios 15:02 Scenario B: Traditional 80/20 Deal 19:33 Earnout Treatment in Valuation 21:21 Scenario D: Creative Deal for Smaller Agencies 26:27 Performance-Based Payment Adjustment 29:23 Why Larger Deals Are Different 32:41 Wrap-UpConnect with Christian & Inorganic PodcastChristian's LinkedIn: https://www.linkedin.com/in/hassold/In/organic on LinkedIn: https://www.linkedin.com/company/inorganic-podcastIn/organic on YouTube: https://www.youtube.com/@InorganicPodcast/featuredConnect with E26 guest, Ayelet Shipley on LinkedInhttps://www.linkedin.com/in/ayelet-shipley-b16330149/ Hosted on Acast. See acast.com/privacy for more information.

SummaryIn this episode, host Christian Hassold chats with Ayelet Shipley, the head of corporate development and deal management for Speed M&A by Jones-Spross. Ayelet shares her unique journey from aspiring therapist to corporate development leader, emphasizing the importance of sales skills and psychological insights in the M&A process. The conversation delves into sourcing opportunities, qualifying conversations, and understanding client expectations, drawing the connections between the similarities of enterprise sales and M&A deal origination.In this conversation, Ayelet and Christian delve into the intricacies of the acquisition process, focusing on understanding seller motivations, evaluating business fit, and navigating decision-making dynamics. They discuss the importance of asking specific and open-ended questions to understand the intent and motivations of potential sellers and how to identify points of alignment or misalignment. They also discuss the importance of rapport building and the sell-side bankers' valuable role in the process.TakeawaysAyelet transitioned from a potential career in therapy to corporate development after realizing her skills could be applied in business.Understanding acquisition candidate pain points is crucial in the discovery processThe process of sourcing opportunities requires a strategic approach to identify potential targets. Understanding seller motivations is crucial for alignment.Setting clear expectations about deal structures is importantQualifying questions help determine if a deal is worth pursuing furtherAyelet emphasizes the importance of her background in psychology and sales as foundational for making her successful in this work.Ayelet emphasizes the importance of psychological insights in sales conversations.Transparency throughout the process fosters better outcomes.Chapters00:00 Introduction00:55 Ayelet's Background in Psychology and Sales07:15 Goals of Call 111:26 Deciding to Advance Past Call One13:54 Setting Valuation Expectations 15:30 Goals of Call 218:48 Matching Verbal Claims to Financials21:55 Advancing Further and Disqualifiers24:48 Scoring to Qualify Deals25:05 Keeping Evaluation Criteria Simple28:48 Identifying Decision-Makers 31:10 Distinguishing Uncommitted Sellers33:36 Working with Sellside Bankers39:33 ConclusionConnect with Christian & In/organic PodcastChristian's LinkedIn: https://www.linkedin.com/in/hassold/In/organic on LinkedIn: https://www.linkedin.com/company/inorganic-podcastIn/organic on YouTube: https://www.youtube.com/@InorganicPodcast/featuredConnect with E24 guest, Ayelet Shipley on LinkedInhttps://www.linkedin.com/in/ayelet-shipley-b16330149/ Hosted on Acast. See acast.com/privacy for more information.

SummaryIn this episode of the Inorganic Podcast, host Christian Hassold discusses the recent acquisition of ContentServ by Centric Software with their co-founder and former board member Armin Dressler. Their discussion spans the history of Contentserve, its journey from an on prem to SaaS solution, transition of leadership to the current CEO, Michael Kugler, and the details of the M&A process. This episode discusses the acquirer, their rationale and some of the inside baseball on the deal valuation. Chapters0:00 Introduction2:54 How Contentserv Built Its Market Position10:01 Key Learnings from how ContentServ evolved14:02 Insights on Leadership Changes19:49 Why It Was the Right Time to Sell23:37 The Sale Process and Participants26:23 Why Centric Software Made the Acquisition36:02 Implications for the PIM and Commerce Ecosystem40:46 ConclusionConnect with Christian & In/organic PodcastChristian's LinkedIn: https://www.linkedin.com/in/hassold/In/organic on LinkedIn: https://www.linkedin.com/company/inorganic-podcastIn/organic on YouTube: https://www.youtube.com/@InorganicPodcast/featuredConnect with E24 guest, Armin Dressler on LinkedInhttps://www.linkedin.com/in/armindressler/?originalSubdomain=chReferenceshttps://www.3ds.com/newsroom/press-releases/dassault-systemes-announces-centric-softwares-acquisition-ai-powered-pxm-solution-contentservhttps://www.investcorp.com/investcorp-agrees-to-sell-software-vendor-contentserv/ Hosted on Acast. See acast.com/privacy for more information.

SummaryIn this episode of the Inorganic Podcast, hosts Christian Hassold and guest Erik Morton delve into the planned acquisition of Brightcove by Bending Spoons. They explore the dynamics of the deal, the market context, and the implications for both companies. Brightcove, a pioneer in online video hosting, faced challenges in a competitive landscape that evolved substantially due to digital video creation and storage innovation, notably the free models offered by YouTube and Vimeo. Christian and Erik discuss Bending Spoons' pattern of being an acquirer of distressed businesses and how they typically run the businesses post-acquisition to maximize return on investment. This episode is an interesting look at how tech “Zombies” find a home through strategic acquisition when operating standalone is not a credible option.TakeawaysThe acquisition of Brightcove by Bending Spoons is part of a broader roll-up strategy that has been executed multiple times prior.Bending Spoons has been particularly interested in notable companies that became distressed due to commoditization or lack of differentiation, yet still had loyal enterprise or SMB customer bases.The acquisition price reflects Brightcove's current market challenges and growth.Public companies face immense pressure to grow, leading to take-private transactions when they cannot without making drastic changes that public markets don't appreciate.The concept of 'zombie' companies is relevant in today's market, highlighting the impact of stagnation on management and employees.We will see more transactions like these as Zombie companies both public and private face growth challenges.Chapter Markers0:00 Introduction2:52 Background on Brightcove5:15 Background on Bending Spoons07:18 Insights on the Deal Valuation11:37 Brightcove's Engineering Costs & Financial Health14:48 Anticipating Radical Changes Post-Acquisition21:46 Investor Returns and Employee Compensation28:25 Takeaways 32:12 ConclusionConnect with Christian & In/organic PodcastChristian's LinkedIn: https://www.linkedin.com/in/hassold/In/organic on LinkedIn: https://www.linkedin.com/company/inorganic-podcastIn/organic on YouTube: https://www.youtube.com/@InorganicPodcast/featuredConnect with E20 guest, Erik Morton on LinkedInhttps://www.linkedin.com/in/erikimorton/ Hosted on Acast. See acast.com/privacy for more information.

SummaryIn this episode of the Inorganic Podcast, host Christian Hassold delves into a case study on the startup Crisp (gocrisp.com), which has successfully executed four acquisitions over the last 2 years. The discussion covers the company's background, the leadership dynamics, and the strategic rationale behind its inorganic investments. The episode serves as a case study to demonstrate what good M&A looks like in an early to mid stage SaaS company and what features of M&A targets companies should be thinking about at that stage. As a part of the discussion, Christian dives into some of the deal specifics and the economic benefits to Crisp based on opinion and publicly accessible information.Takeaways- M&A could be as effective as traditional sales, marketing, and product investments.- What problem is Crisp solving and why is it important- Background on Crisps substantial financing and debt rounds- What kinds of M&A has Crisp executed and why- How the deals Crisp has executed have likely helped fuel their growth- What can other startups learn from Crisp's approach to M&A- Order of the kinds of deals a company might do is a consideration in building the M&A muscle in an early to mid-stage SaaS company- The startup ecosystem often underestimates the value of M&A Chapter Markers0:00 Introduction03:19 The Case for M&A in Early Stage Startups05:14 Crisp's Company Profile08:28 Pre-conditions for M&A in Early Stage Startups13:37 Breakdown of Crisp's Four Acquisitions20:37 Crisp's Acquisition Strategy22:01 Financial Case for Crisp's M&A24:28 Analyzing the Order of Crisp's Deals26:37 Reflecting on Crisp's Strategy28:10 ConclusionConnect with Christian & In/organic PodcastChristian's LinkedIn: https://www.linkedin.com/in/hassold/In/organic on LinkedIn: https://www.linkedin.com/company/inorganic-podcastIn/organic on YouTube: https://www.youtube.com/@InorganicPodcast/featuredEpisode References:https://www.linkedin.com/in/aretraasdahl/https://finance.yahoo.com/news/crisp-raises-50m-series-b-140500449.html?utm_source=chatgpt.comhttps://www.sec.gov/edgar/search/#/ciks=0001818100&entityName=Crisp%252C%2520Inc.%2520(CIK%25200001818100)chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://ir.youradv.com/static-files/d47814ee-084c-4c53-9b0f-9a9753f9e9cfEpisode Outline Hosted on Acast. See acast.com/privacy for more information.