Spencer Scott Bought a $280K Co-Browsing SaaS Off MicroAcquire and Rebuilt Its Go-to-Market

The Setup Spencer Scott was not looking to buy a business. He was running a six-figure VoIP SaaS platform he had built with a dev team in India, and he had recently gone full-time on it after leaving a sales role in September 2020. He also owned a handful of rental properties, all under $200K, all cash-flowing. Real estate had trained him to think about acquisitions in terms of cash-on-cash returns and asset value, not growth multiples. While browsing Indie Hackers one day, he saw a post about someone selling a business for $20,000 on a new platform called MicroAcquire. He started browsing listings casually. No mandate. No thesis. Just curiosity. Then a co-browsing SaaS product caught his eye. It sat adjacent to his VoIP world, and he thought he could bolt it onto his existing platform. The Deal The product had been built in 2017 by two technical co-founders. It allowed websites to see and interact with visitor sessions in real time: no downloads, no installs, just a script on the page. Think screen-share meets session replay meets live support. The founders had run it for three years but never cracked $75K in annual recurring revenue. They could not sustain two people on that income. MicroAcquire listed the asking price at $280K, roughly 4x annual revenue. The listing itself was bare-bones. Back then, MicroAcquire had sellers paste numbers into what amounted to an Excel spreadsheet. Spencer signed an LOI to access the details. During diligence, he discovered something the listing had buried: the company had done $1.5 million in one-time enterprise purchases over the prior 12 months. Major publicly traded companies had bought the product. Spencer, who is not a developer and does not read code, used those whale contracts as his technical diligence shortcut. His logic was simple: if Fortune 500 engineering teams vetted this software and spent seven figures on it, the underlying tech was sound. He did not need to audit the codebase line by line. He did not count the $1.5 million as recurring or even repeatable revenue. He valued the business on its $75K ARR alone. But the enterprise deals told him the product worked and that large-company demand existed. The deal closed as an asset purchase. Spencer did not have the financing lined up when he made the offer. He figured that part out after he knew he wanted the business. Operating Moves The founders had built the entire platform around an API-first, partnership model. Other companies would white-label the co-browsing technology and embed it into their own products. That generated some impressive logos but left the brand invisible. The public-facing website was a single page with pricing. No content marketing, no inbound funnel, no brand presence. Spencer saw the core problem immediately: 99% of potential buyers do not have developer teams to integrate an API. They want a product they can sign up for and use. So he flipped the go-to-market from wholesale partnerships to direct B2B sales. The first three months...