From Startup Struggle to $128M Exit: HiddenLevers’ SaaS Journey

Background

HiddenLevers launched in 2010 when Praveen Ghanta and Raj Udeshi could not find a market fit. They spent the first 18 months cold-calling investment brokers, media firms and retail investors without success. Finally, they discovered financial advisors needed a tool to measure the impact of oil price swings, interest rate changes and equity shocks on client portfolios. By focusing on this niche, they found the first 200 advisory firms willing to pay.

Early Challenges and Pivot

At first, the duo charged just $30 per month, a figure that barely covered hosting costs. But they soon realized that only serious firms would stick around if the price reflected genuine value. By late 2011 they had raised pricing to $300 per month, which helped cover R&D and support a growing feature set. That price hike did cause a few customers to churn, but it set a revenue baseline that fueled faster development.

Product Evolution and Pricing Strategy

HiddenLevers added scenario-based stress tests to respond rapidly to market events like Brexit and oil collapses. They also built an automated risk-monitoring dashboard that alerted advisors to unexpected moves in client portfolios. These features let advisors differentiate themselves and justify higher fees for portfolio management. A quick update cycle—often under 24 hours—kept the platform ahead of larger incumbents.

Partnerships and Growth

Key alliances with Carson Group and Focus Financial Partners opened doors to a wider base of firms. These partnerships gave HiddenLevers instant credibility and led to referrals among high–net–worth advisory firms. Rather than building an in–house enterprise sales force, they leveraged partner channels to hit 450 advisory users by 2021, while the total advisor headcount using the platform reached nearly 3,000—a more than tenfold increase from the early days.

Hiring Model and Cost Control

To keep overhead lean, HiddenLevers hired many part-time contractors rather than full-time staff. This flexible approach equated to about 25 full-time equivalents at peak, yet allowed the founders to scale support, engineering and product without hefty salaries or benefits. Their agility on costs and headcount protected margins and sustained 60% year-over-year growth for nine years straight.

Exit Strategy and Acquisition

In 2020, Ghanta and Udeshi debated raising capital or building an enterprise sales team, but decided the high-valuation market was ideal for a sale. With PJT Partners advising, they reached out to 40 potential buyers. Orion Advisor Solutions—already a long-time partner—offered a strategic fit. After tense negotiations where the founders refused to drop below their floor price, they sealed a deal valued at roughly $128M, representing a 16× multiple on their $8M ARR.

Integration and Impact

Orion retained the HiddenLevers brand under “Orion HiddenLevers” and integrated its risk tools into Orion Portfolio Solutions and Communities marketplace. Founders stayed on as senior managers for a year to guide rollout while the entire team transitioned to Orion. The acquisition strengthened Orion’s analytics suite and gave 2,200 advisory firms advanced stress-testing and proposal tools within one ecosystem.

Conclusion

HiddenLevers’ story shows that selling direct to a focused niche, pairing bold pricing moves with rapid product updates, and leveraging partner networks can drive massive growth without outside capital. By staying lean, building trust in the advisor community, and timing the exit perfectly, two founders turned a $30/month prototype into a $128M acquisition.