They sell an enterprise solution for companies that sign thousands of documents a month, the market is huge as every co needs it. They hit the market hard and n

They sell an enterprise solution for companies that sign thousands of documents a month, the market is huge as every co needs it. They hit the market hard and now appear to have major market share, successfully turning investment dollars into contracts and therefore revenue. I don't agree with other commentors in that they have any sort of moat besides their existing client relationships and brand, same as any incumbent. Looking at the business, it looks like that of Canva, Figma or Shopify, the de facto leaders is newish software categories with massive markets. They aren't as richly valued (in terms of EV/sales multiples) compared to other enterprise software companies despite slightly above average growth rates and an R&D margin 10 percentage points lower than average. In this market, they actually seem cheap or fair-valued based on a quick glance at comparables. For example Asana, is trading at ~60x+ forward revenue, despite being in a more competitive space with much less stickiness (contract signing is more essential than project management).