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  • feedwordpress 22:09:50 on 2021/08/30 Permalink
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    Frontity to Join Automattic 


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    Since Frontity launched their open source framework, they have been making the integration between React and WordPress easier. Their proven drive and experience with clean technological solutions will benefit our efforts as we continue to make the block and theme APIs a joy to use and WordPress the best development platform on the web.

    The next step in the growth of this relationship is for Frontity and its team to join Automattic and contribute to core WordPress.org as part of our commitment to Five for the Future.

    I believe there’s still a lot that we can learn from decoupled systems and we can incorporate those learnings into WordPress itself as we emphasize performance, flexibility, and ease of development. I look forward to Frontity joining WordPress and channeling their efforts into the WordPress APIs, documentation, and Gutenberg’s full-site editing tools.

     
  • feedwordpress 17:22:40 on 2021/08/16 Permalink
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    Funding, Buyback, and Hiring 


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    In February of this year, Automattic closed a new primary funding round of $288M, bringing in some great new partners including BlackRock, Wellington, Schonfeld, and Alta Park. Existing investors ICONIQ and Aglaé (Bernard Arnault) also participated. This round was common stock, and like all funding since 2011, included a proxy assigning me the right to vote the shares

    Automattic was very busy during this time frame, as we were working on what would become the Parse.ly, Day One, and Pocket Casts acquisitions, our investments in Element and Titan, plus more acquisitions and partnerships we haven’t announced yet, so we haven’t mentioned the February funding round until now. And while we are a bit surprised the fundraise did not leak to the press, it’s now been an awkwardly long time since February and I’m pleased to formally announce it now.

    And since then, Automattic has continued to grow at a rapid pace and we recently took the opportunity to do a $250M share buyback at a $7.5B valuation that just closed last week. The buyback was primarily targeted at current and former employees. 

    We’ve grown and increased our valuation at a rate higher than most other alternate investments available to investors. However, some of Automattic’s employees and former employee shareholders have been part of our journey for a very long time. Selling a bit of their equity holdings could have a significant impact on their lives. 

    Automattic was founded 16 years ago and is still private, so it’s important for us to try to provide liquidity to any shareholder who wants it. We do the same with our internal A12 stock plan where we let our employees buy our shares and also offer an opportunity for all holders to sell them back to Automattic, every quarter. (I need to do a longer post on that.)

    One interesting thing we’ve been doing in these buybacks is holding the shares as treasury stock within the company instead of canceling the shares at purchase. This allows us to buy shares that come onto the market, and then when an investor comes and wants to put a larger quantum of capital into the company, we can re-sell the treasury shares that the company bought earlier. In effect, we are providing both a sell-side and buy-side for Automattic stock, serving previous and new investors and making money on these trades since we bought and took the risk earlier. We’ve established a logical valuation methodology, which is based on a simple multiple of the last twelve month’s revenue, so shareholders can track and anticipate performance.

    All of this has been a lot of fun and we’ve seen a great amount of success, but it’s not all smooth sailing; we still have our share of challenges, probably the biggest being hiring. We have significantly scaled up our ability to find and hire great folks, with 371 accepted offers already in 2021 and it’s only August. However, with the growth of WooCommerce (hiring a Head of Payments) and our enterprise business, WPVIP, in particular, we need to move faster to keep up with the opportunity. For me and many other of the most-tenured Automatticians within the company hiring is the top priority. To that end, I’m also looking for someone to partner with me and our top executive group (which we call Bridge) in Creative Talent Development, an executive recruiter to help craft the highest performing teams of executives for each of our businesses. 

    We have a multi-decade opportunity ahead of us to create the best solutions for the open web platform of WordPress, and WooCommerce is doing the same thing for commerce; growing together over the long-term with people passionate about the same mission is my favorite part of my job.

     
  • feedwordpress 13:49:33 on 2021/07/07 Permalink
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    Open Insulin 


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    One of my big themes is that open source will transform every industry, with key examples being WordPress in web publishing, WooCommerce in online commerce, Wikipedia in reference, and Bitcoin/Ethereum in finance. Medicine, though, has been relatively unscathed so far. Here’s a great video introducing the Open Insulin project, which for the past 6 years has been developing their own method of manufacturing insulin and is going to open source its process to the world for anyone to recreate.

    It also reminds me of the What If? article in the Economist a few days ago about mRNA self-biohacking. Hat tip: Riaan Knoetze.

     
  • feedwordpress 20:53:06 on 2021/06/14 Permalink
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    Day One at Automattic 


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    I’m not sure when I first came across the critically acclaimed Day One product, which is the best private blogging and journaling app out there, but I began seriously using it daily in 2016 when my father was in the ICU and later passed. Having a private, safe place to write what I was going through kept me sane and helped me process everything.

    Writing has always been a salve for me, and I’ve had local or private WordPress installations pretty much since 2003 to capture and archive writing that wasn’t fit for the public web.

    Day One not only nails the experience of a local blog (or journal as they call it) in an app, but also has (built) a great technical infrastructure — it works fantastic (when) offline and has a fully encrypted sync mechanism, so the data that’s in the cloud is secured in a way that even someone with access to their database couldn’t decode your entries, it’s only decrypted on your local device. Combining encryption and sync in a truly secure way is tricky, but they’ve done it.

    This is a long intro to say, as you can read from Day One’s founder and CEO Paul Mayne, from Eli at WordPress.com, and on Tumblr, that Paul and the team are joining the team at Automattic. For many years I’ve talked to anyone who will listen about my vision of making Automattic the Berkshire Hathaway of the internet, and Paul’s decision to continue to grow his amazing business as part of Automattic is a great validation of the way we’ve been building our culture and long-term orientation in our business. Day One is a beloved product, and bringing it into the fold is a responsibility I take very seriously and comes from a deep respect for what’s been built and a belief that working together we can create something for users better than we could working apart.

    Great software takes time, and the Day One team has been at it for about a decade now, I can’t wait to see what they accomplish in the coming decade and beyond. If you haven’t tried out Day One yet, please check it out in the Apple or Google’s app store.

     
  • feedwordpress 17:30:45 on 2021/06/09 Permalink
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    WCEU Open Thread 


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    I just wrapped up a fun session with Matias and Brian, and though we covered a lot of ground we weren’t able to get to all the questions from the audience. Scroll to 2:58 to see the start:

    So this is an open thread, if you have any question from the talk please drop it in the comments here, and myself or someone in the community will respond! We’ll keep this open for a day or so.

     
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