[lumost]

One concern I noticed when talking to late stage B2B SaaS was how many of them are doing massive scale consultancy work to drive growth. At The extremes, I wouldn't be surprised to see a few unicorns have their valuation chopped up when they try to turn what are ultimately consultancy deals profitable.

[codefreeordie]

Yes, there are lots of service businesses that are currently hanging on to software multiples by making themselves look like SaaS plays when they're really just b2b service businesses.

Those companies might not fold if they're profitable, but their owners are going to get hurt.