“Real-time chat has become the foundation for how customers want to communicate online today. It is convenient for customers and makes companies more approachable to more people,” said Mikkel Svane, founder and CEO of Zendesk, in a statement. “Zopim has a proven track record of providing tools for proactive engagement. Most importantly, the Zopim team shares our belief in building products that are beautifully simple and easy for any company to use.” Link
Zopim, a Singapore based startup that does Live-chat software got acquired by Zendesk. This is a big win for them and also to the Singapore startup ecosystem. Royston and his team has done an amazing job with their product. For 6 years, they build up a product that people are willing to pay for. This is business.
I like to share a fun fact, they are also my NOC seniors1.
What is NOC?
NOC stands for NUS Overseas College. In short, it’s a year long program where students get to go overseas and work in a startup company to learn and cultivate their entrepreneur spirits. While at the same time, studies part-time. There are many colleges available. The Zopim founders spent their time in Silicon Valley and studied in Stanford.
I spent my time in Shanghai studies in Fudan and that is where I meet my co-founder Darrell.
To the critics who think students are signing up for NOC only to have fun, you are not wrong. But there are proven and success cases of awesome startups coming out from the program.
The best thing is because everyone goes to the program with the same mindset, you can always find an or more awesome co-founders there.
I’m so proud of you Zopim, you story inspires me!
If you are interested in the numbers:
The first part of that is the upfront payment of $15.9 million, with $5 million in cash and $10.9 million in common stock, with $1.1 million of the cash and $2.4 million of the common stock consideration “held back between 12 and 18 months as partial security for standard indemnification obligations and which is payable in the future under terms specified in the stock purchase agreement.” The second part is an additional earn-out of up to $13.9 million in cash and equity “over two and three years, respectively, to Zopim employees in connection with their continued employment.”
- Since no one really mentioned about NOC and I think NOC is where their story began. The Zopim founding team met in NOC. ↩