Acquired: Blue Ocean Brain
How this female founded company is pioneering micro-learning and making waves doing it.
Only 37% of tech startups have at least one woman on the board of directors, which is why Blue Ocean Brain has us following along like the groupies of a boyband.
This software company, founded by three women, is making waves in the professional skills development space by building out a micro-learning tool that companies can use to develop their team members.
Blue Ocean Brain currently employees 45 people and serves organizations in 50 countries. The micro-learning platform hosts trainings on navigating change, diversity, equity, and inclusion, and communication among others.
With the growing interest in online training, now that more employers are managing a displaced workforce, this company was positioned well for sale with interest from both private investors and strategic buyers.
They just sold their company to a Texas-based e-learning company HSI.
Why is this important? Because the ways in which women-led technology companies invest in growth is paving the way for companies behind them.
“This is an important moment for each of us. This is a huge win and it feels great, but even though it was our baby and we’ve put everything into it, we also want to be a good steward for its growth trajectory,” Herring said to Richmond Times Dispatch who reported on the sale.
We asked their co-founder and CEO, now Chief Learning Officer, Claire Herring a few questions about the sale.
Blue Ocean Brain co-founders, from left to right, Laura Howard, Gemma Brooks and Claire Herring.
Q&A With Their Co-Founder
When starting with two co-founders you went through LightHouse Labs, an accelerator program. How far were you in the process of launching?
We had a beta version of the Blue Ocean Brain learning platform and about 10 clients during the accelerator.
What advice would you have for founders considering a program like that?
We would advise that founders develop some specific goals they are aiming to achieve before entering the program. Some are searching for advice, or help with fundraising, while others may be looking to develop a go-to-market strategy and build new technology. Knowing what you need will help you invest your time with the right mentors.
Until this sale, the business was self funded. How did you resist the urge to take capital early on?
We struggled to raise capital in Richmond – I think that is changing but early on, there were fewer opportunities for early-stage companies. We attempted to raise money and were unsuccessful, and now are very thankful we were able to bootstrap and secure a couple loans in the early days.
You worked with an acquisition firm to negotiate the sale, what did it feel like to have over 50 entities, companies and private investors, wanting to own the business you built?
We are grateful to the team at Transact Capital for the process they took us through and the way they helped Blue Ocean Brain enter the market. It was affirming to have lots of great high-caliber private equity and a few strategic buyers demonstrate strong interest and intent. We were fortunate to have an opportunity to vet these companies as much as they were vetting us.
Why did you decide that now was the time to sell?
Market conditions were ideal to secure a growth partner that we believed could take BOB to an entirely new level including significant global expansion.
How did you and your co-founders narrow down the offers and ultimately make your decision?
Our focus was creating a sustainable path for people that offered growth and opportunity. We also looked for an organization that believed in the work with do at Blue Ocean Brain and would continue to support a high level of service for our clients.
The sale was announced almost one month ago, how did you celebrate and what has changed?
We aren’t great at celebrating personally but we had an amazing holiday gathering with all our Blue Ocean Brain people. Seeming them excited about the future is the perfect way to celebrate our success!
