Clate Mask

Well, no, those are, cause the users are not the paying account customers.

Those are, those are, you know, you have a, you have a customer number that has two, three, four or five users in the account.

Oh, I see.

Um, you know, it's about, it'll tend to be three or four or something like that.

Yeah.

The market shifted.

You know, we, we were, we were getting ready to do that.

Um,

Well, a couple of things.

What's happened over the last, call it seven years, is companies need to be bigger to go public.

Companies are waiting a lot longer to go public.

Can you quantify that, Clay?

$100 million, $200 million?

$150 is more like what it is today.

The contact went public at $27 million.

That kind of gives you a sense for how much it's changed in the last eight, nine years.

So what really is happening is private money is a lot easier to raise.

And a lot of times, what historically was the case where public valuations were better than private valuations, that switched for a number of reasons over the last few years.

And so late stage companies are able to raise private capital.

So we did that.