They Got Acquired - 4,000 users → sale to Appfire

July 16, 2024
​Read on web​

Tuncay Senturk didn’t set out to be an entrepreneur — he simply saw a problem and solved it.

Around 2005, the IT company he worked for in Turkey was going to replace its project management software, Jira, because it lacked a particular feature.

Senturk, who liked the software and saw its potential, used his spare time to create a plugin that would do exactly what his company needed. Based on his work, the company kept Jira.

Later, he released his product for free to other companies; this was several years before Jira’s parent, Atlassian, created a marketplace for such plugins in 2012.

Though he’d never planned to charge for his plugin, a competition for Atlassian products he wanted to join required that he switch to a tiered paid model, starting with a $10 flat fee. This turned out to be game-changing for Senturk, even though he didn’t win the competition.

“I started reaping the benefits,” he said. “The transition to a paid model was the start of a profitable venture.” That venture included developing additional Atlassian plugins, relocating to the UK, and growing a team.

Snapbytes thrived through the COVID-19 pandemic, when remote work expanded exponentially. More than 4,000 companies in over 90 countries were actively using Snapbytes apps, Senturk said.

That attracted the interest of larger industry peer Appfire, which got in touch in 2021 about acquiring the business.

Our story shares more details behind the sale:

​How this developer’s apps for Atlassian landed a deal with a major player​

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The most challenging part of selling

We’ve interviewed 100s of founders who’ve sold a business. And we always ask, what was the most challenging part?

We fed all of those responses into ChatGPT and asked for a summary.

Here’s what we learned — and what you should expect might be challenging when you sell:

1. Financial and legal prep: Having all the financial and legal documentation in order, so the buyer can access what they need. (Here's what you should think about ahead of time.)

2. Emotional and personal challenges: The emotional aspect of letting go of a business, including detachment from the team and operational roles. (Are you really ready to sell?)

3. Due diligence process: The intensity and thoroughness of the due diligence process, especially when the founder was responsible for running due diligence and continuing to run the company. (Here's our post on how to navigate this.)

4. Finding the right buyer: Identifying a buyer who not only offered a great price but also aligned with the company’s future vision.

5. Negotiations: Handling negotiations effectively, particularly when it came to balancing business interests with personal goals.

If you’ve sold your business: Do these pain points resonate? Which one was big for you? Press reply and let me know.

See you next time,

Lexi Grant
Founder & CEO
​They Got Acquired​