Import from the web or scan from physical books. CookBook is the first recipe app allowing you to import recipes from physical books, magazines and even hand. Cobook - A new way to see the people behind your favorite companies on Product Hunt. For many people, cooking at home is a relaxing activity. It helps calm your nerves after a stressful day and creates excitement for the delicious meal you’re about to eat.
When we invested in FullContact in 2012, they were a small team with a big vision to create One Address Book To Rule Them All. Over the past four years, they’ve systematically executed on their vision, building a contact management platform that touches all aspects of the problem. Along the way they built a sizable business.
Two weeks ago FullContact raised a $25 million round. They followed this up with two acquisitions – first Conspire and then Profoundis.
I love using a targeted acquisition approach in conjunction with a business that has a clear strategy and strong organic growth. My first company (Feld Technologies) was acquired by a company doing a rollup (AmeriData – acquired 40 companies between 1992 and 1996 when it was then acquired by GE Capital.) I learned a lot from that experience and then proceeded to try to use the rollup strategy with several other companies, including Interliant, my biggest failure of all time.
By 2002 I realized that what was classically called a rollup strategy was not generally effective, at least not for me. But by reflecting on which particular acquisitions worked, why they worked, and when they worked, along with understanding the opposite (what failed, why, and when they failed) I started to develop a clear view around a targeted acquisition strategy.
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Today, I’ve got a clear view of how this can work. I’ve learned a lot from my partner Seth and his own experiences around M&A. While a few acquisitions don’t work out, with the right strategy, approach, and clarity on what success is, it can be a very powerful approach.
Cobook
At the essence of the approach is a focus on two things – acquiring people and product. The classically rollup strategy was much more focused on acquiring revenue. In my world, historical revenue is the least interesting thing to consider in an acquisition strategy. The goal is to acquire technology that is on your product roadmap or people that fit culturally within your organization and help you execute on your roadmap faster. The phrase acquihire emerged from this, but many acquihire’s, especially by large companies, are not particularly well thought out or integrated into an existing roadmap.
Ultimately, the goal is to use acquisitions to compress time on product development and get people on the team, especially in senior roles, who can help build out areas of the company they have experience in. Interestingly, many technology assets don’t need a lot of people. At the same time, many people are interested in working on things other than the technology they’ve been focused on.
In FullContact’s case, the team, led by Bart Lorang, has figured out their own strategy around this and is executing well on it. In the absence of any of the acquisitions they’ve done, FullContact has a strong business. But our acquisitions of Cobook, nGame, Brewster, and now Conspire and Profoundis has accelerated our business in powerful ways. Skin packs for mac.
I love playing offense. Viewer lite for mac.
FullContact is officially in this mode and today announced that they have acquired Cobook with Pot, Ski Passes and Dogecoin. Kaspars Dancis – the awesome CEO of Cobook – has a more seriously titled (and equally serious post) up at COBOOK + FULLCONTACT.
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One of my basic strategies as an investor is to use targeted small acquisitions throughout the life of a company. In 2005 Fred Wilson called this approach the “venture rollup” and said nice words about me and it in his post when he said “My good friend Brad Feld is up to his old tricks. Brad is the master of the venture rollup.”
We’ve been investors in FullContact for about 18 months. They’ve got a real business at this point, are growing very fast, and working hard on their mission of creating One Address Book To Rule Them All. If you haven’t tried FullContact’s Address Book, you are missing out. The magic feature of “unified contacts” that they’ve been working on for over a year is up, running, and amazing.
Cookbook
Cobook is a perfect acquisition for us. The Cobook team has developed beautiful Mac and iOS address books. We’ve admired them for a while and decided a few months ago to join forces to have them accelerate our development on other platforms. The full team is moving from Latvia to Denver and is already hard at work integrating FullContact and Cobook.
Cookbook Stand
If you’ve been watching what the companies I’m involved are up to, you saw this move in November when Yesware bought Attachments.me. And you’ll see it from companies I’m involved in again, and again, and again.