You could also chalk this up to a global asset bubble. With all of these federal banks trying to keep interest rates down, money needs to be gambled on riskier investments in order to get any return. That's why it's now plausible for a company like this go to public. Have a look at ECOM. Almost the exact same story.

The sad thing is, a lot of pension money will probably be put into these "technology" stocks which are a lot of smoke and mirrors.

I am very familiar with ecommerce and SEO and hearing analysts and investors talk about these types companies is pretty astounding. The people investing tons of money in them have very little understanding of what they actually do.

I don't know where did you get that rule? There are a lot of public software companies without $100M ARR. For example Boulder darling Rally Software has been slowly growing from $30M to $75M in yearly revenues over 4 years https://www.google.com/finance?q=NYSE%3ARALY&fstype=ii&ei=Xn...

In SaaS it's about $60m ARR with 40%+ CAGR, actually.