They were apparently Twilio before Twilio and yet given the clear example of Twilio doing what they do better and years of opportunity to catch up they have fai

They were apparently Twilio before Twilio and yet given the clear example of Twilio doing what they do better and years of opportunity to catch up they have failed to do so. A company with a known growth trajectory that will be at best #2 in its market can’t command the same kind of multiples as one that still has potential as opposed to a track record, or one that has a much better track record.