I don't use Chef, nor am I familiar with the segment it's in. But I'm wondering why a software company with a $70m ARR would be acquired for only $220m?
That's a horrible multiplier. Were they running out of money? Not growing fast enough? Investors tired of waiting and just wanted an exit and return of any kind so decided to take the first offer that came along?
Anybody know the inside story or have some good theories why they were acquired for so cheap compared to their ARR?