27 Jul Acquiring Minds: 60% Concentration That Killed an Exit
Raj Mahajan acquired SuperSalon in 2015 through a traditional search fund and transformed it from on-premise software into a cloud-based SaaS business, growing annual recurring revenue to $11 million. In late 2019, just weeks before a major exit, the deal collapsed when SuperSalonā€™s largest customer announced a competing product. What followed was a brutal test of concentration risk: a whistleblower, a lawsuit during COVID, and a difficult settlement. Raj reflects on leadership, hiring, resilience, and culture under pressure, and explains why heā€™s now searching again for another business to acquire.
