Context: I was the M&A lead for the purchase of Mailgun by Rackspace and I also spun a company (Jungle Disk) out of Rackspace so I know this situation well. If

Context: I was the M&A lead for the purchase of Mailgun by Rackspace and I also spun a company (Jungle Disk) out of Rackspace so I know this situation well. If you like how Mailgun has done things over the past two years (under private equity ownership after separating from Rackspace) you'll continue to enjoy using their service. I view this more like a Series C/D venture investment than I do what most folks consider a "traditional PE investment" though the early stage folks won't look at Mailgun because of the startup -> acquired by public company -> carve-out cap table.