Raj Agarwal

So Localytics is a mobile engagement platform.

There's two sort of major parts to it.

There's the analytics part where we're helping mobile apps collect data on their users.

What are the behaviors?

What's working?

What's not?

And then we take that data and we use it to deliver personalized and targeted messaging across a variety of mobile channels, including push notifications in that messages, as well as email and content personalization.

So the way that we make money, it's a SaaS subscription business that's based on the volume of the app.

You mean the app downloads?

Well, specifically, we base it on the number of monthly active users that you have.

So basically, as an app grows, forget about downloads because we think that's a vanity metric.

It's not a very helpful metric.

But how often are you bringing users back to your app?

How big is your audience?

And based on how big your audience is, there's a subscription fee for different modules of the product, for example, the analytics, the push notification service, etc.,

The average tends to be in that $50,000 to $100,000 range.

That's annual ACV.

Got it.

So we've, you know, our biggest customers are well over a million dollars.

And that's increased a lot over the past five or six years as we started probably more SMB mid market and really moved up market over the past, particularly over the past three or four years.