Welcome back to the EUCVC Summit Talks, where we bring you candid conversations with Europe’s leading founders, corporate leaders, and investors shaping the future of venture collaboration.
In this episode, Andreas Munk Holm sits down with Kasper Hulthin, serial founder now at Future Five (and co-founder of Peakon, Podio, and others), and Heini Zachariassen, founder of Vivino, the world’s largest wine app and marketplace. Both have experienced firsthand what it means to be acquired by a corporate—and they don’t hold back on the reality behind the headlines.
From culture shock and governance friction to the trade-offs of autonomy versus scale, Kasper and Heini share the inside story of what happens post-acquisition. They also reflect on when collaboration works, how to preserve founder spirit, and what corporates must do to retain the trust and agility of entrepreneurial teams.
This is essential listening for any corporate venturer, founder, or investor navigating M&A.
🎧 Here’s what’s covered
00:05 – Introduction: Startups dream of exits, but what happens next? Kasper and Heini discuss acquisitions, culture shock, and the reality behind the dotted linekasper transcript.
01:00 – Two Exits: Kasper shares his founder journey: Podio sold to Citrix (2012) and Peakon sold to Workday (2021).
02:00 – How Acquisitions Start: From making noise in San Francisco to building partnerships — why Citrix fell in love with Podio and how Workday became a strategic buyer.
04:00 – Timing the Sale: Peakon’s $700M+ exit during COVID, high multiples, and why the deal made sense for both sides.
05:00 – Life Inside a Corporate: From founder to mid-level manager — Kasper’s experience of Citrix’s “Project Zeus” and how startups risk dying in big-company bureaucracy.
07:00 – Retention & Integration: Why Podio stayed semi-independent while Peakon was integrated fast — and how that shaped employee retention.
08:00 – Success Rates: Not every acquisition works: Podio’s limited return vs. Peakon’s strong trajectory. Culture clashes, corporate HR shock, and mismatched priorities.
09:00 – Risk & Strategy: Startups bet everything on growth; corporates spread resources across portfolios. Why this clash makes integration so hard.
You can listen to Kasper Hulthin & Heini Zachariassen’s full session from the EUCVC Summit 2025 on Apple Podcasts and Spotify.
✍️ Show Notes
Post-Acquisition Reality
Day one can feel like a culture shock: slower decisions, legal guardrails, and corporate hierarchy.
Founders often underestimate how mid-level inertia can stall momentum.
Strategic Alignment
Mission alignment is easy to talk about pre-deal; harder to live post-deal.
Success requires shared KPIs, incentives, and operational roadmaps.
Trade-offs & Headwinds
Autonomy vs. scale: corporates bring reach and resources, but can smother identity.
“Too many cooks” in governance—risk, legal, compliance—all with veto power.
When It Works
Acquisitions succeed when corporates protect founder autonomy, incentivize A-teams, and integrate channels thoughtfully.
Some structures enable collaboration without killing speed—flatter integration and transparency matter most.
Advice to Corporates
Earn founders’ trust by giving them space, shared incentives, and transparency.
Don’t treat startups like departments—treat them like growth engines.
Founder Legacy
Beyond product, legacy is about culture and spirit embedded in the larger company.
Success is preserving the startup’s DNA while scaling with corporate resources.
💡 One-liner takeaway:
Acquisitions aren’t just financial outcomes—they’re cultural collisions. The winners are corporates who protect founder autonomy and founders who know which trade-offs to accept.
