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James Iles

Rick Schwartz Talks To Us About His Sale of Teem.com

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By James Iles, Oct 17, 2016
  1. Rick Schwartz (@Rick Schwartz) is one of the most successful domain name investors of all time. Starting his domaining career in 1995, Rick has built up an incredible portfolio of domain names that has produced some of the largest domain sales in history. Today, Rick adds to his impressive sales record by announcing the sale of Teem.com.

    rick-schwartz-domain-king copy.jpg
    On October 11th, EventBoard's CEO made the announcement that the company was rebranding to Teem. The cloud-based software and analytics platform has raised over $20 million in funding, and opted to change their name to Teem to better represent the full breadth of its products and vision.

    During the rebranding process, it's important to acquire a suitable domain name. That domain name was owned by Rick Schwartz. Fortunately, they were able to strike a deal with Rick that was composed of cash and equity.

    Rick told us:

    "The deal took many months to put together and am happy to be part of another Internet start-up. This is a great example of a company that wishes to grow and in doing so understands that one of the steps in that process was moving from a longer .io extension and upgrading to a short, memorable and brandable .com extension"

    The company had used the domain name EventBoard.io before their rebrand to Teem.com.

    Although Rick was unable to give exact details of his cash and equity deal, I asked Rick whether the money was the most important factor here:

    "The cash component is always important. But it is just as exciting and maybe more so to have a shot at the moon. Who knows what will be. Shares in a mythical company may not be so exciting. However shares in an already existing entity is much more attractive, has instant value and is a ticket [to] a possible windfall some day."

    "Lots of companies approach us each day for domain names. We can only pick from those companies with a real need. If the need is there then there will be a want and a desire to put a formula in place that everyone can walk away a winner. The most important thing to me is picking and partnering with a company that can do impressive dollar volume. So if their goal is $1000/month, I am not interested. I need entities that are doing millions and want to do billions. I look to leverage my domains, not just sell them and walk away. When I can of course."

    Congratulations to Rick on another domain sale! Thanks to George Kirikos for alerting us to the news.

    This interview has been edited for clarity.
     
    The views expressed on this page by users and staff are their own, not those of NamePros.
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  4. James Iles

    About The Author — James Iles

    James is a domain name industry writer. Contact james (at) jamesiles.co.uk For all inquiries relating to NamePros stories and interviews, please email: [email protected] For James' own blog, visit JamesNames.com

    This is James Iles's 269th blog post on NamePros. View all blog posts

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  5. Comments (33)

  6. Bravo

    Bravo Established Member ★★★★★★★★★★

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    Impressive! Congrats to both parties involved!
     
  7. Bros

    Bros Top Contributor VIP

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    Thanks for the post, interesting stuff.
     
  8. Cebe

    Cebe Established Member

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    WOW.Great sale of the year.
     
  9. chad folk

    chad folk New Member

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    We manage eventboard.com and highest they got was $30,000. So If i were to guess this was a $50k cash, $50k stock. Nice sale Rick, hopefully our High price of $50k was a deciding factor for them to rebrand.
     
  10. impulse

    impulse Established Member ★★★★★★★★★★

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    I am not sure I like the idea of rebranding to teem.com. They are a pretty big company with thousands of customers so if they were going to go through all the trouble and expense to rebrand, I think they could have done better. The Teem.com domain reminds me more of a domain a totally new company would use because they could not get anything better. I think it will confuse some of their Fortune 500 customers. I don't hate it, it just does not seem optimal.
     
  11. The Durfer

    The Durfer Top Contributor VIP Gold Account Blue Account

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    wow, exciting.
     
  12. Brandingtheweb.com

    Brandingtheweb.com 123Capital.com VIP

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  13. briguy

    briguy Guru In Remission! VIP ★★★★★★★★★★

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    Now that is a person ygat thinks big!
     
  14. ZapNano

    ZapNano :( VIP

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    Rick S. sold lots of domain names in his life time of domain names investing; that is true. What about "Teem.com"? Does this name has special meaning to the company who bought the name? What is the meaning?
     
  15. briguy

    briguy Guru In Remission! VIP ★★★★★★★★★★

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    My guess would be a typo of "Team"...
     
  16. ZapNano

    ZapNano :( VIP

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    Well, it can also be used as an acronym TEEM=
    Is this a cloud company who bought this name? It has to have meaning in what they do.
     
  17. impermanence

    impermanence Top Member PRO VIP

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    Congrats Rick! You are my inspiration ;)
     
  18. impulse

    impulse Established Member ★★★★★★★★★★

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    They sell business software for meetings and teams, so the "team" name concept is a great fit, the issue is if "teem" is a good way of getting this across to customers.
     
  19. ZapNano

    ZapNano :( VIP

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    It said the company is "cloud servers and analytics platform"
    Smart business would not buy this name. Thier business is about cloud.
    As you can see, their previous name was also not connected on what they do.
     
  20. briguy

    briguy Guru In Remission! VIP ★★★★★★★★★★

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    Money + marketing team = Brand
     
  21. ZapNano

    ZapNano :( VIP

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    Smart business would not want this name. For this kind of business you want a none confusing name; and of course a name should be tailored on what your business is all about.

    Like Facebook new purchased: Work.space
    Facebook did not buy woork.space.
     
  22. ZapNano

    ZapNano :( VIP

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    I can guarantee you that in this room we can creat best suited name for that company!
     
  23. ZapNano

    ZapNano :( VIP

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    Name that you don't need lots of marketing is always good.
    Many business still in denial and still live in an trend. This is where the failure start.

    If I want to look for an equipment, shop, store, cloud etc. I would want to include one of this key word. This way, it will bring me to the right page.
     
  24. ZapNano

    ZapNano :( VIP

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    Old trend..
     
  25. Brandingtheweb.com

    Brandingtheweb.com 123Capital.com VIP

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    Apple is great brand although they are not in the business of selling fruit.
     
  26. ZapNano

    ZapNano :( VIP

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    You fail to understand between names that are popular that doesn't need any memorizing, remembering etc.
     
  27. ZapNano

    ZapNano :( VIP

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    Like gold, silver money etc. these kind of names need little marketing. Keep in mind the trend has shift tremendously.
     
  28. Addison

    Addison Top Contributor VIP

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    Superb domain name! It looks better than "Team.com" IMO!

    Don't forget to buy the typos, Rick! Teeem.com, Teeeem.com, ...
     
  29. ZapNano

    ZapNano :( VIP

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