Leadership Lessons from Growth & Exit

1. The Journey
Through Exit
Bill Spruill

2. 2
Overview
Origin Stories Key Learnings After the Exit…
Childhood and
Early Career
Business
Background and
Overview
The Exit
Leadership Maturity
The transition from
Founder to Leader
Strategic Mindset
Building with the
endgame in mind
“The House of
Good Deeds”
Exit Considerations
Variables to consider
pre/post acquisition

3. 3
Origin Stories
“Every good story has a long and deep backstory”

4. • Born (and orphaned) in rural North Carolina
• 1975 Goldsboro, NC Population: 32,000
• Lost adopted father during his second tour in the
Vietnam War
• Pursued education in Los Angeles in late 80’s
(during peak of AIDS crisis)
• Socioeconomic realities meant that
opportunities/expectations were limited…
4
Origin Stories – Early Life
Childhood

5. 5
Origin Stories – Early Career
• SAS
• Identity Verification Industry
• Address Doctor (acquired by Informatica)
• Loqate (acquired by GB Group)
• Intelligent Search Technology (acquired by
Experian)
• Multiple “successful” career scenarios available...
Career

6. • Founded in 2010 by Bill Spruill and Charles Gaddy
• Enables enterprises to quickly and confidently
verify individuals and businesses via a single API
• Services 73 customers in 60+ countries
• Leverages 100 data partners and 300 data
sources
• No capital raised until 2020…
6
Origin Stories – Global Data Consortium (GDC)
1
All numbers presented are approximations
Business Overview

7. $1
$8
$20
$28
$5
$40
$150
$300
2016 2020 2021 2022
Revenues Valuation
Before
Fundraising
After
Fundraising
Exit
7
Origin Stories – Detours on the Route to Success
• Despite steady increases in nearly all
business metrics, we struggled to raise
capital
• Met with investors every year, twice a year
to try and fundraise…still took 10 years!
• Would we have had the same outcome if
we were more successful at fundraising?
Key Fundraising Data Points1 (in Millions) Fundraising Takeaways
1
All numbers presented are approximations

8. 8
Origin Stories - The Deal
Value Creation
• 40 made > $500k
• 27 made > $1mm
The Emptiness
• Signed 12 years away
in a hotel in Singapore
• It’s okay to seek help
Sold to LSEG/Refinitiv
• $300mm
• 100% cash, upfront
What about me?
• No handcuffs and
maximum optionality
• No role
Transaction Details Realities of the Deal

9. 9
Key Learnings
“The burned hand teaches best”

10. • Founders have conviction, drive, and
vision.
• Founders are able to convince others
with their drive and vision
10
Key Learnings – Leadership Maturity
• Leaders have to organize, corral, and
remove the barriers
• Not every founder makes a good
leader!
Vs.
From Founder to Leader: The Evolutionary Process
Ability To Delegate Maintain Focused Execution Ability To Say No
Traits of a Founder Traits of a Leader

11. 11
Key Learnings – Building with the Endgame in Mind
Does selling help you achieve your goals?
Security
Validation
Exhaustion
Next Pursuit Cash
Efficient
Cash
Generating
Cash
Burning
Venture
Capital
Which option gives you more choices?
Why do We Choose to Sell? Creating Optionality

12. 12
Key Learnings – Building with the Endgame in Mind
Positioning for a Strategic Sale
Which route is more likely to
result in an accretive transaction?
• No ecosystem partner
• Lots of interested parties
• Wrong internal team to
manage process
Selling to Existing Business Partner
• They know your business
• The teams have already built a
strong dynamic
• There is proven value
Selling Through Investment Banker
OR

13. 13
Key Learnings – Exit Considerations
Prepare Yourself & Team
Seek Advice & Counsel Retain Control of Process
Calculate Everybody’s Needs
Personal
Team Investors

14. 14
After the Exit
“Always in motion, the future is”

15. 15
After The Exit - “The House of Good Deeds”
Ecosystem Support
Investing Minority Education
Mission
To Drive the inclusive growth of the Triangle
technology ecosystem to a place of
national dominance by 2033
Increase early-stage
funding sources
Create environment
conducive to success
Provide opportunities for
underserved minorities

16. 16
Challenge for Each of You
Reward your Supporters
Friends & Family
Internal Team
Ecosystem
Consider What’s Next
Enjoy Yourself!
“I will give back to the
society that helped
me. I will build a
stronger America.”
– Ewing M. Kauffman
Consider your
newfound ability to
catalyze diverse
economic activity
in your community
Reflect on the Journey