OPINION: FastSpring’s Product score improved from 8.80 to 9.30. There have been meaningful additions to the management team, and the respective score improved from 10.60 to 10.69. The Channels score is up from 9.89 to 9.97. The Strategy score jumped from 10.36 to 12.57 reflecting sharper positioning of the business. The company’s Finance score improved from 8.05 to 9.78 as FastSpring enjoys improved financial stability under its new ownership. We estimate net revenues of around $40 million growing at 40% per year and operation at just above break-even. In 2018, private equity firm Accel-KKR acquired majority control of Fastspring. In our view, the PE transaction brought fresh management and renewed focus on process, operational discipline, and the company’s European presence. Reference checks indicate a customer base that exhibits increased satisfaction with the level of service.
USE CASE: Software, gaming, and digital goods and services companies with B2C orientation and revenue streams from $1 million to $10 million looking to grow internationally.
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