What's in it for the smaller software companies in "refusing" to get bought up? Obviously, they have the opportunity to get even bigger and either IPO or get p

What's in it for the smaller software companies in "refusing" to get bought up? Obviously, they have the opportunity to get even bigger and either IPO or get purchased for a higher price... but they also have a risk of losing market share (and value) to competitors... or being acquired by a larger company might give them the funding, marketing power, business alignment, etc. to accelerate their growth. (Not talking specifically about Discord - I know almost nothing about their service.)