Orlando Bravo

And it's so important in cyber to buy the number one player.

You cannot go in and buy the number three, four, five.

I can talk about that all day, why that's the case.

And our second team's core competency is turning a great innovator, which those companies are, into actually a great business.

Taking that 20% growth of the company and innovation and market leadership and making it work for the shareholder when those companies were delivering zero cash, have them deliver 40% cash.

That way, our investors become fundamental investors in software.

Instead of depending on a revenue multiple exit, which is completely arbitrary and completely volatile,

they depend on selling the company or they're selling the company at a 25 PE.

Highly justifiable as a small premium to the S&P 500 for four times the growth and a much, much better business.

All recurring where cash flow is greater than PE.

We turn a revenue multiple to an EBITDA multiple.

WHAT HAPPENED IS AS THE SAS INDUSTRY HAS REALLY TAKEN OFF AND IT'S STILL AT ITS INFANCY, 50% OF THE SYSTEMS ARE STILL ON PREMISE, WE HAVE THIS ENORMOUS OPPORTUNITY TO TAKE THESE BEAUTIFUL COMPANIES AND TRANSFORM IN THAT WAY.

NOW, WE NEED TO KEEP PROVING

that we can generate the performance at the scale that we're doing.

And we've had some wonderful exits in the past at a big scale.

So it's nice to see somebody do a $55 billion deal because now we can tell our investors we're middle market and we do middle market only and we're really targeted and these things are really small.

We're like, you see, we told you these companies are, yeah.

Focus on the business.

Focus on your investors, but really spend most of your time cold calling all the companies.

Really focus on the business.