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> I'd make a joke about innovation, but not sure how innovative Square has been the last five years.

Honestly, isn't that a great match for PE?

Once a company has run its innovation sprint, convert it to keep-the-lights-on and cut costs.

In return, PE gets to buy a revenue stream.

The unsaid thing is that the customer signed up to squarespace is going to get less value for their dollars. Profit has to come from somewhere, and it aint innovation as you said.

Flip side is that PE-owned companies probably run leaner than public, as they don't have to show growth.

We're all familiar with the gut-and-life-support PE examples.

But there are a lot of trim-the-fat PE examples too.

Squarespace, very different company, though they do compete to an extent.

I’ve seen a lot of changes from Square, though half of them were bad.

Squarespace.

Different company than Square.