How Reveleer CEO Jay Ackerman grew Reveleer to $100M revenue and 80 customers in 2024.

who you're going to learn from now is someone that uh understands data understands growth understands how to do it in a full control kind of way please help me give it up for J revealer Jay come on up thanks for being here man super it's super it's super good to see you I remember um we caught up recently because they had you back on the podcast and I I never know how people have grown in terms of Revenue when you said the number I said what yeah what's going this is incredible yeah well we're going we're going to make a 100 this well here you go stage is yours have a lot of fun coach us up all right well I'm I'm feeling um a little out of place I definitely don't have the cool pants going um and uh hard to uh hard to beat the this the two sessions before but I'm uh I'm excited to be here I guess I have the socks so maybe not the pants but I got socks to uh be my thing uh I'm excited to tell you the story of rer we are uh we're in an interesting space our story is not one that was birthed overnight we've gone through our challenging times but now we're in a great place and uh and I'm proud of because we've been really great stewards of capital we've raised capital from institutional investors we've never raised a crazy round at some uh valuation that we couldn't live up to and it's allowed us to build a phenomenal business so as uh as I spend 20 minutes with you today we're going to cover three things uh a little bit about rer we're in the health care space it's complicated it's a bit technical give you a little bit of kind of understanding of what we do uh and how we're on a path to build a billion dooll company talk about our superpower I think everybody has a superpower when I interview Executives I'm trying to understand what their superpower is and how do they bring that to our company and I'll share what our company superpower is and how it's allowing us to succeed in a uh in a big space um and one that uh many might consider crowded and I'll share some learnings the words here might look like they're simplistic and trit but I'll hopefully share some learnings that um that we've gone through where we've skinned our knee where we've fallen and hopefully you won't do the same uh yeah we've had a pretty interesting ride over the last few years what's important here is um over the first six years that I've been running this company it uh took us six years to go from 1 million to 25 and we had many moments where we thought we were on that hockey stick and it was was all going to be great from there on in we uh we were feeling that way and uh coming out of uh 2019 and then all of a sudden covid hit and our first reaction was we're in healthcare we're in a government sponsored part of healthcare it's not going to impact us and next thing the government shut down uh a lot of the markets that we were in so uh we took a pause um but coming out of 21 uh things really took off uh so six years from 1 to 25 one year from 25 to 50 and this year we'll go from 50 to 100 and we're really uh uh excited about that uh and we're generating cash and we're generating really strong IA which is giving us an opportunity to drive this business with some smart and strategic m&a which I'll talk about and I think there was uh we have some things in common with the earlier speaker so revier at a uh at a glance um we're a healthc care company uh I'm passionate about uh making Health Care better uh and we're in the corner of value based care and for the audience here value based care simply put is about getting payers and thinking the insurance companies and providers Health Systems and doctors to work together to ensure that a patient their member gets better the typical Healthcare model is a feif for service model you go in you're treated you leave and that doctor that health care professional does really have an incentive to make sure that you stick to a care plan and you get better so we're in the value based care world uh we're using Ai and workflow uh automation to bring those payers and providers together to better understand what's happening with the patient and uh and we're taking off like I said we'll do about 100 million this year uh we'll probably have an AR end of year ARR of 105 to 110 uh and I think that puts us in a position to do $2 200 million next year but what's really important uh we got strong gross margin now generating iida and it allowed us to do a debt raise that Nathan referenced earlier so we did a $65 million debt raise with a company on the bottom Hercules capital and we're excited to welcome Hercules as a Capital Partner along with two institutional Equity Partners uh Oak HC uh ft which is well known for their work in healthcare and upfront Ventures located in Los Angeles your typical broad based long-term Venture investor so how do we build a company now approaching a billion dollars of uh value uh one we had the vision early on uh we had a vision to take a tech enabled Services market and transform it to software the typical Mark andreon software eating the world our Marketplace that we're selling into has been served by Tech enabled Services armies of people working offshore to digest clinical data and we're doing it through automation so we started there and then we saw a bigger opportunity to be the platform for Value based care and that's where our m& strategy aligned with strong product Innovation is really driving transformative outcomes we brought on a transformational capital partner in 2021 and you know people talk about uh when you go out and look for an Institutional Investor it's more than the money that's true when you really need the money maybe you're not always thinking about what else they bring but we brought on Oak hcft they had a shared Vision with me on how we could build this value based care platform and we immediately aligned on what we could do together and they have been nothing short of amazing uh we went from closing our round with them in November of 21 uh to closing our first acquisition in March of 22 a company that I built a relation ship with over a number of years and so one thing you'll hear from me on our m&a and I have a a slide in a few minutes to just talk about how we've done that um every company that's in our pipeline we've built relationships with over a long period of time my had of corporate developments in the back I think this year alone up until September one we've talked to 60 unique companies we're working on a transaction now with a company that we first broker a relationship with in early 20 uh late 21 so we try to start with a partnership make sure this product Market fit and if our values and our culture aligned we try to make something else uh happen but Oak has been a transformational Capital Partner product driven m& um I think chili Piper was talking about there's consolidation in healthcare why is there consolidation because there's concern about Phi risk all the data that we all sit on and what would happen if a company's breached there there is a well-known uh breach that took place early this year with a company called change Healthcare massive 8 billion Revenue company that shut down the healthcare market and it's really turned off big insurance companies and health systems on dealing with Point Solutions they're concerned about the risk so scale matters uh we have a great product uh team but we are rounding it out with uh thoughtful strategic mmaa and with every good story there's grit uh we've had those moments where we weren't sure we were going to make pay role we were stuffing some invoices in in drawers and we were paying the loudest uh person that was calling uh there was a moment in 2018 uh after a successful run at a prior company I bought uh kind of the the uh the last house I thought I would ever own in 2018 I put that house up as collateral when we couldn't make payroll and we went for a a debt financing just to bridge us um and that's what you do when you believe in the vision you believe in an opportunity and you have confidence in your team um so how have we been able to scale this company um so 2019 was our first um time that we introduced machine learning into our product now everybody's calling it AI um I mean AI is machine learning it's rules uh we introduced it in 2019 in a way to read a medical record we now ingest almost a billion pages of medical records annually think about that it's like 3,000 Pages a minute um so we introduced that which drove a lot of Automation in our platform which led to us signing our first National Health Plan 21 Oak comes in first time we have capital on our balance sheet to shift from playing defense to offense allowed me to go out in the market make some new executive hires upgrade talent and it's interesting to think about the talent that you can attract when you're sub five million from 5 to 10 above 10 and now we just brought on a new Chief product officer who joined our company a week ago and what we can get with a company that's 100 million going to 200 million um and then we did the two Acquisitions uh we did an acquisition beginning at 22 a company that rounded out a solution set for us and a company in 23 that moved us from payer into the provider space um and we'll talk about how that's expanded our Tam and so as we've been thinking about this business and I and as I think about where...