[bane]

It's surprising how frequently businesses switch out their benefits and HR services as well. This is a very crowded space.

> The company said it’s on track to hit annual recurring revenue of $100 million by January 2016, and hit $20 million in annual recurring revenue in January this year.

So it sounds like they're actually worth around $100-400 million at this point in non-imaginary money, which is impressive for being so new and in such a competitive space.

> Our sources previously told us that the company expects to lose more than $100 million in 2015

ouch.

I guess their sell point is that this can be considered recurring revenue. So if companies they contract with grow, or don't switch to some other vendor, this turns into lots of money. But their customer acquisition costs are insane right now.

How we value companies is clearly completely broken.