Imagly
Auto generate brand images using API
I couldn't able to push for marketing and sales for imalgy though the technical part was done nicely, so few months back I decided to sell it.
I posted my product add on https://microacquire.com/ and got in contact with some potentially buyers, had some demo sessions and finally two weeks back I was able to close the deal for good amount which will definitely me motivate for my next project.
The deal is officially closed and buyer is really happy and has some nice plans with the project, which makes me happy. Also, this is the first time I have got a proper closure to my side gig.
Thats little story I had!
As a developer, I always see the problem for creating images/banners whenever I post some content online.
Even for simple designs I always needed to open figma or search online, so I thought of automating it, hence the idea Imagly is born.
I have also tried to pursue this idea last year, and now I'm going to continue building on top of my previous idea.
- Ramesh
13 Comments
Congratulations!
How did you manage to list on microacquire.com without revenue?
*A project I posted without revenue has been rejected.
For me too. It seems they accept few Pre-Revenue but not sure on what basis because I saw Pre-Revenue listing as well.
That's huge, Ramesh. Congratulations! On to the next project 🚀
Thank you @phillipstemann
Congrats!
May I ask you, if your app already had users and generated some revenue?
Thank you! Yes there were some users but just free users no revenue yet.
Congrats!
There is a huge value in "selling before revenue" - if you can find the right buyer, and they see the value of what you've created, then it ends up being a great situation for everyone (as long as the seller gets fair market value).
Sounds like the process for you, and you get to release yourself to create/develop other ideas. It's a tried-and-true method (house flipping comes to mind, but why not have a category for "intellectual property flipping"?).
Thank you! Yes it's true, now I can focus on my next project.
Congratulations! Sounds like a great deal if both parties are happy. How did you agree on the price? Did you already have some revenue?
What was the process of handing over logins, code etc. and receiving the payment?
Thank you! There was no revenue but the product was working fully & some registered users. Buyer is familiar with the technologies I’ve used & he is confident that he can scale it.
I had a price set on Microacquire, buyer requested for more info and shown strong intent to buy so we jumped on a call had tech deep dive and demo. After looking at everything buyer just offered a fair price and agreed on the term to do payment and transfer & signed LOI.
I then we created a shared working document for all the communications and logs for the completed todos from both side. This time, I had best experience overall. For faster processing we agreed to do payments on PayPal in two different parts. Overall process took about 10 days from signed contract but the delay was mainly because PayPal wait time on money & domain transfer and so on.
Great to hear that it went well. Splitting the payment in 2 parts sounds like a good idea to reduce risk for both parties.
Congrats! How long did you spend building the product?
Thank you! It's actually quite a story, I had hit by Imposter syndrome several times while working on it even during acquisition process as well.
The original idea was started in Dec 2020. But I was just building technical things and never launched it anywhere until middle of last year.
For building fully working prototype, I had spent 3-4 weeks side gig time. Then collectively about 3-4 months of side gig time to make it production ready. I have also lost a lot of time on unnecessary things which I realized only later.