In the Domain Name industry, everybody knows who Rick Schwartz is. Since 1995, the self-proclaimed King of Domains had enough vision to understand the incredible potential and market value of Domain Names.
Among the most well-known properties of Schwartz were the domains candy.com and men.com, the latter sold for more than $ 1.3 million. During the course of 23 years, the King of the Domains has built a portfolio that exceeds 6,500 domains, with an investment of almost 10 million dollars. A worthy collection that according to Schwartz himself, is constantly increasing “faster than any stock, commodity or land in history.”
Having the right domain is the key that opens the doors to growth, expansion, and the ultimate success of your business or your brand. A fact that did not go unnoticed by Schwartz, nor by the companies EventBoard and WeWork.
In 2014, EventBoard.io was a small company focused on the development of an application that scheduled and organized office meetings to improve productivity. Its sustained growth led the startup to go beyond the limiting walls of conference rooms and calendars to expand their offering of work-related cloud-based solutions. In order to achieve this goal, a rebranding process was set in motion, which included (yes, you guessed it!) a change in their Domain Name.
EventBoard founders understood the significance of having a brand name capable of representing a more ambitious vision of the company. But the domain they wanted, Teem.com, already had an owner. And yes, you guessed again, it was Rick Schwartz.
The negotiation for the sale of Teem.com went on for months. Although the final terms of the agreement were not exposed by any of the parties involved, when the news was announced in October 2016, it was revealed that as part of the deal, Schwartz received not only cash but also an equity component.
Having the authenticity provided by the .com extension and a more representative name gave this company new wings to expand its influence and reach greater visibility in the competitive business world. So much that it was not long before they were on WeWork’s radar.
Teem was acquired by WeWork in September 2018 for $100 million, according to Crunchbase. After the news broke out, one of the big players that were caught by surprise was Rick Schwartz himself. As part of the acquisition, his equity stake at Teem was sold and he received a payment of $ 642,751.92, which combined with the amount of his previous deal with former EventBoard totaled $800,000.
It is, without a doubt, a great success story of how even a startup can secure the best domain name for their business by getting creative.
If you need a hand with selecting and securing the best name for your business, don’t hesitate to give us a call, we are always happy to help.