FRIDAY UPDATE from a Person Familiar with the Deal, announced this week but concluded earlier: "It was a nice return for all investors. The founders did very well. As they should. But if they had taken their time, they could easily have gone north of $20 million, instead of $14.
"The way Comcast handled it was masterful. They become (OneTwoSee's) biggest customer. Then they send the term sheet out that Wednesday of Thanksgiving week, and give them until Monday to decide.
"The (stock market decline that month) was ideal for Comcast, and the guys panicked a bit. They could have held out, and they payoff would have been bigger. But you know, 'a bird in the hand is better.' It was nice to cash that check."
That sounds like a score -- if you compare it to the $2.8 million that Chris Reynolds' and Jason Angelides' firm (raising money as MobileReactor LLC) reported in 2014-15 from local venture capital investors led by MissionOG, and the $1.55 million or so in friends-and-family, seed, and bridge investments pledged previously. Other backers included state-funded Ben Franklin Technology Partners and Robin Hood Ventures.
Alas, some earlier believers had hoped for more. "It's not enough," one told me. "Timing is everything. Unfortunately, Comcast is cheap so I have to keep working," he cracked.
I asked MissionOG partner George Krautzel if he, too, had hoped for a richer ending. Krautzel was hometown-loyal: "We have a great story here -- a Philly-based company that was funded first by local angels," then bought by "a local institution. OneTwoSee built a good business and had a meaningful exit, to a Fortune 50 company."
C'mon George, wouldn't you like to have seen it go another 1X+ what investors put in? "Smart decision by Comcast to acquire a growing company in an important segment," Krautzel maintained. "Would love to see this happen a few more times in Philadelphia this year and help start to build this ecosystem."