Joe Schmidt

They built this incredible business.

And I think it's just an amazing success story.

So that's really what they wrote.

And obviously, there's the architectural gap.

And then there's this other kind of backdrop that basically every leading enterprise software company of today rode, which was the shift from, hey, we're going to spend a bunch of money on CapEx and have a bunch of servers in some back office to, hey, we want something that's multi-tenant and kind of shifting that into OpEx spend.

And so that's what they kind of designed their business to do.

And that's what they did.

So now when you look at today, there is not, to my knowledge, someone that's built like an enterprise ready, right?

feature parity, HRIS or HCM.

There's just not someone that's done that for the enterprise.

I think you can actually do that.

I think you can build it.

I think it's extremely challenging.

But I think the reason for that is now companies can look at this piece of software and say, it can do things today because of the way agents allow you to work and the things that humans can do if they have an AI data piece of software.

It can do things today that the past versions of this couldn't do.

And so when you think about what it takes for a large enterprise to rip and replace some piece of core technology, the experience has to be very different.

The cost profile of it has to be different.

It has to allow you to save a bunch of money, grow, have a better, you know, employee or customer experience in a material way.

And so I think that's what we're seeing with other businesses across enterprise software.

We're seeing that in the other big categories that I mentioned here.