The first year has passed, and what a ride it has been.
When Waterglass started in early 2024, the overarching idea was to build a case for acquiring and operating niche software businesses. Some might refer to them as “boring businesses,” but I prefer to see them as businesses overlooked by others.
With this idea in mind, Waterglass set out to make three acquisitions in its first year.
Eventually, one acquisition – Pxl, in April 2024 – proved that the pace was just about right in hindsight. After learning from fellow acquirers what to look for in potential acquisition targets, it became clear that moving too fast without deeply understanding how to operate an acquired venture was a trap we wanted to avoid.
If one thing has become clear, it is that distribution matters more than ever.
As AI progresses, we believe it will become easier and more commoditized to build ventures, but creating a venture that successfully serves an audience is something entirely different.
But what is distribution, really? It all comes down to serving an audience more efficiently than others. The harder this is to replicate, the bigger the moat.
Hence, in 2025, we will look for new opportunities that complement the portfolio across verticals such as marketing, sales, and growth – focusing on those with strong signs of unique distribution.
Another highlight of last year is that we are now two partners at Waterglass. Looking back at 2024, we are sure the year ahead will be exciting – now with a team truly worth calling one.