Emmanuel Chalit

It's really small today.

Like two people?

Two AEs and one CSF.

That's certainly one way to approach it.

I think we're also trying to push more and more the fact that employees are going to do that work for us.

by pushing more and more collaborative features so that actually at some point it's that company calling us saying, wow, I now have, you know, a third of my staff using Dashlane.

I want to get that in a more centralized fashion with more control.

Can I get, and I want to pay for it.

in, you know, one subscription rather than having 30 people expensing it.

No, and here I can't go into details, but let's say that in our case, we were able to negotiate really attractive terms because of the nature of our cash flow and that none of what we have agreed to is

is tied in a hard way to, you know, revenues or confidence or anything.

It's really, we were, I think our business was sufficiently attractive that we didn't have to get there.

No, I don't think I've done enough research.

detailed research myself.

I talked to the top firms we were engaging with.

One of them we retained, the other ones we didn't.

No, I'm not sure at this stage, but I can give you another perspective, which is that I think one thing I heard from many of these firms is that

When you get to later stage rounds, you're often constrained by things like minimum check size, which then force you to either accept a lot of dilution or a very high valuation that may turn against you if the markets go in the other direction.

In our case, we needed capital, but we didn't need an extremely high amount.

And I felt it was bad for the company to take more than we needed.