Jeff Horing

We don't even want him involved in the business.

And then the other was owned by a large insurance company.

which is now called Vertifor.

That was the first buyout I'm aware of.

There was probably a few others that were not done by private equity firms, but it was certainly one of the earliest buyouts in private equity in 2099.

We just started to see the other side of software as it got bigger when they started generating cashflow, which till mid 2000s, very few got to that scale where you actually saw the profits and the cashflow coming in.

That particular buyout was interesting.

We were high-fiving with two times leverage from a crazy hedge fund that believed in us.

That was considered a highly leveraged software asset.

Today, Vodafone probably has nine times leverage, very different world.

But that was the beginning of software buyouts.

And we made a series of bets through the mid 2000s.

And then we also started looking at taking control of really high growth companies.

We had a company that was in

Australia and the founders were ready to go surfing.

And we had a CEO in our pocket that was ready to take over.

And we're like, we'll take that risk.

It's a $5 million business, but we think we can transition to the new management team.

And we had the tech team sticking around.

And the more confidence we got that we could own control of something and not risk