Gomodus Revenue: What's Behind Modus's $35M ARR Claim in B2B Sales Enablement

GetLatka's database records Gomodus — the Minneapolis company that did business as Modus, and before that as App Data Room — at $33.6M in annualized revenue as of February 2018. The figure has exactly one source: on the February 12, 2018 Latka tape, co-founder and CEO Orrin Broberg said the company had 180 customers, 80,000 registered users, and per-seat pricing of $35 to $50 per head per month. Latka multiplied 80,000 seats by the $35 floor, got $2.8M a month, and asked if that was accurate. "Oh yeah," Broberg said — and when Latka pushed, "are you way north of 2.8?", Broberg said yes, citing professional services revenue on top. Five and a half years later, Bigtincan bought the company for US$9.5M, at roughly a seventh of that claimed run rate. Both halves of that story are worth understanding.

How much revenue did Gomodus actually have?

The arithmetic on the tape closes cleanly. Broberg told Latka the 80,000 registered users were all attached to the 180 paying logos — no freemium tier — which makes the average deal 400 to 500 seats. At the $35 minimum, 80,000 seats is $2.8M a month, or $33.6M a year. The episode GetLatka published is titled "We're past $30m in ARR, will raise this year," and Broberg signed off on the math twice.

But two caveats sit inside that number, and they matter. First, it is a floor-price extrapolation, not a disclosed revenue figure — Broberg never stated a revenue number himself; he affirmed Latka's multiplication. Second, the load-bearing assumption is that every one of the 80,000 "registered users" was a billed seat at full list price. A registered user and a paid seat are not automatically the same thing, and nothing on the tape tests that assumption. The 2023 exit numbers, below, suggest the gap was real.

The business under the number

Modus launched officially in July 2013 (Latka's outro says 2015, twice, but Broberg is explicit earlier on the tape: July 2013, with the core product incubated inside a media production house a couple of years before that). The core product, App Data Room, was a sales content platform for large manufacturers — Broberg described the "big searchable container for the PowerPoints" framing as table stakes, with the real value in CRM and marketing-automation integration. Caterpillar was the largest client. A second product, Lead Capture, turned a phone camera into a trade-show badge scanner; Broberg said it captured 18,000 leads in 2017. He also volunteered 9.4 million content interactions in 2017, deployment in about 95 countries, and an app translated into 25 languages.

The team at taping was 24 people, eight of them in sales, everyone in Minneapolis except one rep in Copenhagen. Growth was trade-show-led: "most of our leads come from going to trade shows and making appointments ahead of time and walking the floors," Broberg said, adding that inbound alone was "not enough to grow." At the $35 floor, the average 400-plus-seat deal worked out to roughly $14K a month, or about $168K a year — which is also why Latka pegged their target market as the Fortune 500.

The unit economics Broberg would and wouldn't give

Broberg was fluent on some metrics and firm about withholding others. On tape: growth north of 40% year over year at roughly break-even (his framing was "rule of 40s"), annual logo churn under 10%, negative net revenue churn, NPS above 75, gross margin in the 85–90% range (he agreed to Latka's range), and a customer payback period under 12 months that the company was actually hitting. CAC he refused outright — "around industry averages" was all he'd give.

The most revealing moment came when Latka tested Broberg's own lifetime-value claim. Broberg put LTV at "north of $120K" minimum. Latka pointed out that with sub-10% churn, 85–90% margins, and a ~$168K first-year deal, the standard LTV formula lands somewhere past half a million dollars — so $120K seemed strangely low.

"I can't really explain that right now off the top of my head... in my mind I'm mixing old data and newer data." — Orrin Broberg, when Latka's LTV math didn't match his own, February 2018

Broberg conceded the point on air. It is a small crack, but a telling one: the company's headline seat math was affirmed confidently, while the derived metrics underneath it didn't reconcile even in the founder's own head. Worth holding onto when weighing the $33.6M figure.

Funding: three bootstrapped years, then Sopris

Broberg said Modus bootstrapped from 2013 until a Series A in August 2016 — "mid single digits" in millions, amount otherwise undisclosed, led by Sopris Capital out of New York. He told Latka the company would raise again in 2018. Note the discrepancy with our own database: the Gomodus company page shows $0 in funding, because no round amount was ever confirmed — but the tape is unambiguous that a Series A happened.

The 2023 exit — and what it says about the 2018 number

On July 21, 2023, Bigtincan (ASX: BTH) completed its acquisition of Modus Engagement for US$9.5M in cash — US$6.5M at closing and two US$1.5M payments at six and twelve months. Bigtincan's announcement described Modus as bringing roughly AU$7.5M in annualized recurring revenue (about US$5M at mid-2023 exchange rates), over 100 customer logos, and 17 employees.

That is the fact that makes the 2018 claim hard to take at face value. A company genuinely running at $33.6M ARR does not sell for US$9.5M five years later with US$5M of ARR. The record does not say which of two explanations carries more weight, and we won't invent a bridge. One reading: the 2018 figure overstated paid revenue from the start, because registered users were counted as billed seats at list price. The other: real revenue decline — Modus's stated lead engine was trade shows, which shut down in 2020, and GetLatka's headcount records show the team falling from 59 in January 2022 to 37 by mid-2023, with Bigtincan reporting just 17 at closing. Both can be true. What is certain is that the $33.6M was an implied number in 2018 and the US$5M was a disclosed one in 2023.

Where GetLatka's own records disagree with the tape

House rule: when our database, the tape, and the public record diverge, we say so on the page. Three items here.

• Who the guest is. The company page's source lines credit the interview to "Gomodus CEO Jeremy Schultz," and Schultz is listed as CEO in the profile. The voice on the tape introduces himself as Orrin Broberg, co-founder and President/CEO — Broberg is unambiguously the guest, and the episode listing itself says "Ep1108 Orrin Broberg."
• "Customers: 80K." The database's customer count is the registered-user figure. The tape distinguishes clearly: about 180 customers (logos), 80,000 registered users across them. The $420 "average ACV" on the page is $33.6M divided by 80,000 seats — a per-seat number. Per customer, the same math gives roughly $187K.
• Funding: $0. Contradicted by the tape's August 2016 Sopris Capital Series A, as noted above.

The record, dated

The 2018 revenue row is an implied run rate, not disclosed revenue. It is the figure GetLatka records for the company.

One last piece of texture from the tape. Asked his age, Broberg said he was "north of 55" and pushed back on the premise: "a lot of people think once you're older than 28 you can't start a company... I try to make new mistakes, not repeat old ones." He'd bootstrapped a manufacturing-focused SaaS company to an 80,000-seat footprint in Minneapolis, next to the University of Minnesota, hiring interns off the light rail line. Whatever the true 2018 revenue number was, that part of the story holds up fine.