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.
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.
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.
