“There's a bunch of CSS aggregators in our report. They're buying these companies up for multiples. They're giving founders liquidity. If you're generating EBITDA and you're saying I'm done, I want to go off and do something else — I think I can get 20–30 million in my pocket — that's a pretty good option instead of raising a VC round and then having to sell for 100 million.”

CSS aggregators are now a real exit path — profitable apps can sell at EBITDA multiples today

A new class of 'Berkshire Hathaways of the App Store' — European-led aggregators like Bending Spoons — are systematically acquiring profitable $5–15M revenue CSS businesses at EBITDA multiples. For indie founders who built profitable apps and want liquidity without a VC treadmill, this is now a fully viable exit path. Crowley expects this trend to accelerate as institutional capital flows into the aggregator model.