I’m the original developer of iText®, a popular Java-PDF library. I wrote two books for Manning Publications Co. and I’m the co-founder, co-owner and managing director of iText Group NV, a company that was recognized as #28 in Deloitte’s Fast 500 in the EMEA region in 2014.

1. © 2015, iText Group NV, iText Software Corp., iText Software BVBA© 2015, iText Group NV, iText Software Corp., iText Software BVBA
StartUp! ScaleUp! MoveUp!
Bruno Lowagie, CSO ThinkFree / iText Group
Tech Startup Day 2016

2. © 2015, iText Group NV, iText Software Corp., iText Software BVBA
Tech Startup Day: StartUp! ScaleUp! MoveUp!2

3. © 2015, iText Group NV, iText Software Corp., iText Software BVBA
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Seedtime: 2000-2007
Developer facing three open source challenges:
Open source is not documented
The IP of open source isn’t clear
Open source isn’t backed by a company

4. © 2015, iText Group NV, iText Software Corp., iText Software BVBA
2004: Free Online tutorial
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Free online tutorial:
• Google AdSense
• 2004: $8,900
• 2005: $14,500
• 2006: $6,200
• 2007: $2,350
• 2008: $1,900
• 2009: $1,500
• 2010: $280
• 2011: $520
• 2012: $350
• 2013: $160

5. © 2015, iText Group NV, iText Software Corp., iText Software BVBA
2005-2006: “iText in Action”
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1st Edition: 2006
• 11.600 copies
• Approx. $33K
2nd Edition: 2010
• 9.200 copies
• Approx. $30K

6. © 2015, iText Group NV, iText Software Corp., iText Software BVBA
2006-2007: IP Review
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7. © 2015, iText Group NV, iText Software Corp., iText Software BVBA
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Growth phase: 2008-2012
Founder facing the open source challenge:
How to turn a company into a business?
How to ensure further growth?

8. © 2015, iText Group NV, iText Software Corp., iText Software BVBA
2008: First company (of many)
January 2008:
1T3XT BVBA (today iText Group NV)
No success!
February 2009:
iText Software Corp.
First substantial revenue
August 2011:
iText Software BVBA
Import US success to Europe
April 2015:
iText Software Pte. Ltd.
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9. © 2015, iText Group NV, iText Software Corp., iText Software BVBA
2011: growing the business
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2014: Transition Year
Commission vs. Discount
Change in revenue recognition
Firing and hiring!
Executing the business plan!
2011 2012 2013 2014 2015
Revenue 1.4M€ 3.1M€ 4.5M€ 4.9M€ 6.5M€
EBITDA 504K€ 1.4M€ 2.6M€ 2.3M€ 2.3M€
Growth 117.9% 44.6% 8.9% 32.4%

10. © 2015, iText Group NV, iText Software Corp., iText Software BVBA
2013: 4 options
Option 0: Get out
Short M&A project
Option 1: Milk it
This is not in our nature
Option 2: Pedal to the Metal
It’s like getting an injection so that you can win the “Tour de France”
Option 3: Drive it
Change accountants (BDO) / appoint an auditor (Deloitte)
Hire an HR specialist (Hudson) and hire experienced staff (you)
Change 1T3XT BVBA into iText Group NV (2013)
Install a board of directors (1st board meeting: December 2013 / January 2014)
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11. © 2015, iText Group NV, iText Software Corp., iText Software BVBA
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Harvest time: 2013-2015
2014

12. © 2015, iText Group NV, iText Software Corp., iText Software BVBA
2014: Plans for the future: GoT
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13. © 2015, iText Group NV, iText Software Corp., iText Software BVBA
2015: 4 options
Option 0: Business as Usual
Try to grow 30% a year without changing anything to our business.
Option 1: Make
Develop some (or all?) of the GoT ideas ourselves.
Hire more developers, outsource some of the work, sublicense existing technology.
Option 2: Buy
Acquire companies that can help us implement the GoT ideas.
Spread the risk by working with a VC?
Option 3: Get in
“Get in” is “Get out”, but phrased in a friendlier way. It’s an “exit” on our terms.
Get acquired by a larger company on condition that we execute on the GoT ideas together.
Stand on the shoulders of a giant.
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14. © 2015, iText Group NV, iText Software Corp., iText Software BVBA
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2016: ThinkFree NV
ThinkFree
NV
Solutions
Services
ISA
APAC
ISB
EMEA
ISC
Americas
iText Group
NV
Library

15. © 2015, iText Group NV, iText Software Corp., iText Software BVBA
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Conclusion
If you have built castles in the air,
your work need not be lost;
that is where they should be.
Now put the foundations under them.
Henry David Thoreau, “Walden; or, Life in the Woods” (1854)