Basics - Grade A deal, $186M size at $16 mid-point, some secondary shares (23%), market cap $1.9B, ~10x current revenues, NYSE: NOW.

Interesting opening speech by the founder of the company. Notes that the most popular database is Microsoft Excel and that for most people things start with filling out a form. Points out that the IT management space is served by four large, old and uninspiring companies. A simple construct of "request-respond-fulfill" can scale up from the simplest tasks to the most complex.

Applications include incident management, change management and analyzing failures across nearly all industries. This basic approach means that many systems can be consolidated and streamlined. Started selling in July of 2005 when SaaS was still a very new concept and business model. Nice intro. "One of the best I did is bring in a real CEO..."

CEO is no-nonsense. Highlights growth, and what is described as a "super agile cloud-based platform" designed to be usable by non-IT experts. IT is under huge pressure, CIO tenure has shrunk dramatically.

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