Stephen Schneider

So we'd sell it, they'd package it within their software application, and we'd get a maintenance stream, but it was more of a perpetual model.

Today, we're 95% all-term contract-based.

Well, so to me, the definition of SaaS is software as a service, right?

And we don't host anything.

We don't have any DevOps.

We have nothing hosted on our own internal cloud that we manage.

We have software that we ship.

They deploy it within their cloud environment, but we're not actually managing anything.

Typically, if they want to keep distributing it, they would keep renewing the license.

Well, so again, it,

The way we structure our licenses is to allow them to deploy it to new customers.

So as long as the business is healthy and they're still getting new customers or they're still wanting to deploy new upgrades and things along those lines, they'll keep coming back to us.

So every contract we map back to their business model.

It's not like a traditional transactional software application where here's the price and this is how we price it.

We first have to say, how do you license your software?

Is it per user, per site, per additional person?

Is it term or perpetual?

And then we have a model that maps back to their model.

So it really comes back to how do they sell their software is how we will ultimately continue to generate revenue.

So we raised venture capital in, I think, well, our first round series, a small round was in 2008.