Einar Volsett

I think for them it depends a little.

So you have to understand a private equity company that's mostly a value buyer can pay higher multiples for tokens.

So they might come in and they say, okay, we bought a $15 million ARR company and we paid 2.75x revenue.

We're feeling great about it.

Now here comes a company that ARR is selling and it's doing $1 million.

And maybe it's growing at 50, 60%, but it's an amazing fit.

Strategic, and then it sort of becomes semi-strategics.

And at that point, those guys will pay more.

But typically not for a platform, no, I don't think.

Sure.

So, you know, Marlin Equity, Inside Partners certainly are.

Axial KKR will pay for growth.

Yeah, there's a lot of them.

And then sometimes...

Yeah.

Or like shit you've never heard of because it's really old school on-prem software who are like realizing that shit, they're losing all their customers to this, this, this company that's run by three dudes in Utah and they need to buy them immediately.

I'm not going to give you GMV total.

We've done, let's say, dozens.

Well, fucking COVID, but probably somewhere between four and six.

Oh, years ago.