Yeti revenue $469m in 2015, opening bar, and shutting down cheaper rival RTIC

The largest cooler, the Tundra 350, costs $1,300. The company recorded $469 million in revenue in 2015.

In other Yeti news, the company said Thursday it has settled a lawsuit against another cooler maker that it accused of copying its product design. Texas-based RTIC Coolers has agreed to pay Yeti, stop selling all of the offending products and redesign its coolers, according to an announcement.

Stock up on rip-off Yeti cups while you can!

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Thoma Bravo Acquires Austin-Based, privately held Planview, PPM and Enterprise Architecture Tools

Passed from one PE firm to another: from Insight Venture Partners to Thoma Bravo. Sort of, one piece of coverage says “Insight Venture Partners will maintain its original 2014 capital investment in company.”

Carl Lehmann (he’s popped up a lot recently here!) and Liam Rogers at 451 have some numbers estimates:

Thoma Bravo’s acquisition of Planview comes three years after Insight Venture Partners acquired the WRM software company for an estimated $150m. The latest acquisition comes well above that – we estimate the deal size to be $800m. The multiple paid for the business is also substantially higher than the last purchase of Planview, which generated $175m in revenue in 2016. Insight will maintain an equity stake in the company, and Thoma Bravo becomes the new majority owner.

The rest of the excellent (as always) deal write-up also reminds me that Planview bought Troux back in 2015, consolidating this space a bit…albeit a pretty small market.

In addition to the Silicon Hills piece, see the official press release.

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“De-graniting and de-brassing” – Austin’s downtown tech scene

Austin entrepreneur Campbell McNeill said WeWork’s “high energy environment, cool furniture” and location at Sixth and Congress in the heart of downtown allows his startup, Cocolevio, “to attract the young talent we need for our cloud business.”

“It would be considerably more expensive to set up a similar situation on our own as a new tech startup,” said McNeill, Cocolevio’s co-founder and chief technology officer. “We appreciate we may be paying a lot per square foot, but it is completely worth it when you consider the intangible WeWork benefits like networking with other great startups, making great friends, periodic presentations by industry leaders and WeWork Labs.”

Some more highlights from the piece:

  • “three out of four tenants looking for downtown space are likely to be tech-related, Kennedy said. ‘Ten years ago, it would have been less than half that.'”
  • “Rents for the highest quality office space in downtown Austin average $49.07 a square foot per year, according to Cushman & Wakefield. That’s 40 percent higher than top-tier space in the suburbs, where rates average $35.10 a square foot.”
  • “tenants can expect to pay anywhere from $150 to $200 per month per space for unreserved parking. Reserved spots are as high as $300 per month.”
  • “The number of downtown tech workers — between 14,000 and 15,000, according to estimates from the Greater Austin Chamber of Commerce — is still tiny compared with the region’s overall technology workforce, which the chamber estimates at abou 130,000.”

Source: Austin’s tech scene heats up downtown