[lsc]

hm. Interesting. From what I know of the industry, their size and pricing, I would have thought they would be profitable enough that raising this sort of money wouldn't be particularly interesting.

Does this mean that they are operating at a loss?

[carbocation]

There are many reasons to raise money. They may be operating at a loss but with growth in recurring revenue such that they expect to become profitable in a few years. But I wouldn't be surprised if they are raising this money to fuel an already growing fire, either by enhanced sales teams or even building out new capital projects that will open new revenue channels or create barriers to future competition.

[Mahn]

I would be surprised if they didn't have a positive cash flow by now. It's probably more about growing faster than about having money per se.