Picking an investment thesis is hard. We started out with one, ditched it, and are now re-thinking how we evaluate companies to buy or build.

 

We're supposed to be buying boring SaaS businesses that cash flow slowly and consistently. On the small end of the market, that's a little challenging to do. Often, the way that plays out is buying a small B2B enterprise SaaS company that does something pretty "boring." WorkClout was a great example of this. It sold to companies manufacturing things. Not even cool e-commerce things (mostly). When people first hear of our model and the term private equity, this is what they think we do. And they're not wrong, but they're also not quite right.