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Hacking Your Way to a $22 Million Exit

Oct 28, 2022 |  

About this episode


In 2015 Nick Santora founded Curricula, a cyber security awareness training program that helps companies defend themselves against hackers. Santora created fun, cartoon training videos in contrast to the dull content that existed at the time.

Companies happily embraced Santora’s approach. By 2021 he had grown Curricula to just over $2 million in annual recurring revenue when he accepted an acquisition offer from the cyber security giant Huntress for $22 million. In this episode, you’ll learn how to:

  • Know when it’s time to expand beyond your niche.
  • Utilize the “free chicken” conversion method.
  • Implement a freemium model that converts.
  • Avoid a typical blunder made by founders when raising money.
  • Choose the right acquirer for your company.
  • Create competitive tension between acquirers to attract a premium offer.


Check out our article on How Thinking Like An NFL GM May Help You Sell Your Company.


Check out our full M&A Glossary

Show Notes and Links

Why Huntress Acquired Curricula Video

Official Press Release

Practical Founders Podcast

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Due-Diligence: Due diligence is an investigation, audit, or review performed to confirm facts or details of a matter under consideration. In the financial world, due diligence requires an examination of financial records before entering into a proposed transaction with another party.


Letter of Intent (LOI): A letter of intent (LOI) is a document declaring the preliminary commitment of one party to do business with another. The letter outlines the chief terms of a prospective deal. Commonly used in major business transactions, LOIs are similar in content to term sheets. One major difference between the two, though, is that LOIs are presented in letter formats, while term sheets are listicle in nature.


Product-led growth (PLG) is a business methodology in which user acquisition, expansion, conversion, and retention are all driven primarily by the product itself. It creates company-wide alignment across teams—from engineering to sales and marketing—around the product as the largest source of sustainable, scalable business growth.


Confidential Information Memorandum (CIM): A confidential information memorandum is a document prepared by a company in an effort to solicit indications of interest from potential buyers. The CIM is prepared early on in the sell-side process in conjunction with the seller’s investment banker to provide potential buyers with an overview of the company for pursuing an acquisition. The CIM is designed to put the selling company in the best possible light and provide buyers with a framework for performing preliminary due diligence.


About Our Guest

Nick Santora

Nick Santora founded Curricula, a cyber security education company that helps organizations defend themselves against hackers. Nick sold Curricula in July, 2022 for $22M. Nick and his team created a fun way to use storytelling to educate thousands of businesses across the globe stay safer online.



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