The Exchanges

Q do you think we are overestimating adoption in the short term for some of the largest companies in the world? You mentioned some names earlier. I'm thinking European incumbents who still don't know what Slack and Notion is, let alone are adopting AI first principles. Do you think we are overestimating adoption in large enterprises or not, given what you just said there about the speed of those customers joining?

A So it's, it's, it's actually a good question because there is nuance there. We're seeing a lot of large enterprises now after two years since ChatGPT came out finally say, okay, we got to do something and we want to do something. But I think that there is still a very long journey in terms of the true change management and the integrations and the leveraging of these capabilities throughout their entire business workflows. So, you know, I was on a panel the other day and someone asked, you know, what do you think we're going to be talking about in two years? And I said, from the enterprise standpoint, exactly what we're talking about right now, which is, you know, the adoption curve and getting things in and moving things along. Um, again, we've seen this where customers absolutely are ready to go, but just their own internal processes may take six, nine months. You get the approval, you then start the implementation, you roll it out to a subgroup, and then it goes from there and there. So, so I think that We are seeing that transformation. It's just happening slower, not because of the technology. To your point, I think technology is there, but it's a people problem. I think change management is a very real thing that I think we underestimate, and I think it's where startups and companies like ours have really focused our attention in trying to help these organizations really …

AI assessment note: “It's just happening slower, not because of the technology.”

Q do you think we are overestimating adoption in the short term for some of the largest companies in the world? You mentioned some names earlier. I'm thinking European incumbents who still don't know what Slack and Notion is, let alone are adopting AI first principles. Do you think we are overestimating adoption in large enterprises or not, given what you just said there about the speed of those customers joining?

A So it's, it's, it's actually a good question because there is nuance there. We're seeing a lot of large enterprises now after two years since ChatGPT came out finally say, okay, we got to do something and we want to do something. But I think that there is still a very long journey in terms of the true change management and the integrations and the leveraging of these capabilities throughout their entire business workflows. So, you know, I was on a panel the other day and someone asked, you know, what do you think we're going to be talking about in two years? And I said, from the enterprise standpoint, exactly what we're talking about right now, which is, you know, the adoption curve and getting things in and moving things along. Um, again, we've seen this where customers absolutely are ready to go, but just their own internal processes may take six, nine months. You get the approval, you then start the implementation, you roll it out to a subgroup, and then it goes from there and there. So, so I think that We are seeing that transformation. It's just happening slower, not because of the technology. To your point, I think technology is there, but it's a people problem. I think change management is a very real thing that I think we underestimate, and I think it's where startups and companies like ours have really focused our attention in trying to help these organizations really …

AI assessment note: “We are seeing that transformation. It's just happening slower”

Q to the acquisition, then they could go with someone else, one of our competitors as the partner, and so we're almost strong-armed into an acquisition because we are so reliant on that partnership. I guess, respectfully, was that the case here? And what would you advise me advising this founder on how they should approach it, given they are very nervous? If they don't say yes, that partnership could go.

A Yeah, so slightly different story for us. I mean, you all know my last company, Refresh, was acquired by LinkedIn because we were using a lot of data from LinkedIn and Facebook and these sorts of deep web databases, right? And so that was sort of probably more like what you're describing where, you know, you sort of have to, you know, it's an IQ test of what decision to make. So for us, though, we have been building this platform as an independent service across all these different systems. And so we want to, we've been supporting ServiceNow, but we're also supporting Jira, we're supporting FreshService, we're supporting Microsoft, we're supporting all these other services. And even though we have customers that use ServiceNow, they're also using all those other products too. So we will continue to support and expand the reach of our platform with this, even, you know, past this acquisition, because that is where the gap is in the market. That's where people want something that interoperates with everything. So, you know, in your scenario, I don't know the details, but, you know, sometimes there is a situation where that is very true. Uh, but in our case, you know, ServiceNow was one of many deep partnerships that we had, um, across the enterprise ecosystem. They, they were just a company that I admired a lot. I mean, what Bill McDermott has done, they're one of the most underr…

AI assessment note: “Yeah, so slightly different story for us.”

Q Was there any concern for you about the regulatory approvals? We've seen, obviously, quite a stringent regulatory environment. I'm just intrigued when we look forward out over the next 12 to 24 to 36 months, whether that plays into founders' mindsets as to the willingness whether to engage in processes or not. Did you think about that? Were you concerned about that? How did that play into your mindset?

A It was the first time I've been through kind of something like this where that, you know, factored in. So, um, you know, I took the counsel of, you know, our, our experts and, um, folks involved, but, you know, I think we do see it as a very beneficial thing for the market, and, uh, we've already seen the benefits. You know, a lot of times you don't know because there's no prior, um, but we have a lot of customers who have Been very excited about working with both of us who've proven that. And I think that, um, you know, obviously I've got to let the regulators do what they do. Uh, and they'll, they'll make that, that final decision. But look, I think, you know, with any sizable deal, um, all these factors go into it, but, you know, ultimately as a founder, you have to do what makes natural sense. And for us, I think Moveworks can become a worldwide phenomenon, and I think this was the best path to get there. So, um, we'll trust that the regulators also, uh, will, um, do what they need to do to ensure that this is configured the right way. But, um, it isn't the primary thing that we, you know, uh, start with.

AI assessment note: “I took the counsel of, you know, our, our experts”

Q to the acquisition, then they could go with someone else, one of our competitors as the partner, and so we're almost strong-armed into an acquisition because we are so reliant on that partnership. I guess, respectfully, was that the case here? And what would you advise me advising this founder on how they should approach it, given they are very nervous? If they don't say yes, that partnership could go.

A Yeah, so slightly different story for us. I mean, you all know my last company, Refresh, was acquired by LinkedIn because we were using a lot of data from LinkedIn and Facebook and these sorts of deep web databases, right? And so that was sort of probably more like what you're describing where, you know, you sort of have to, you know, it's an IQ test of what decision to make. So for us, though, we have been building this platform as an independent service across all these different systems. And so we want to, we've been supporting ServiceNow, but we're also supporting Jira, we're supporting FreshService, we're supporting Microsoft, we're supporting all these other services. And even though we have customers that use ServiceNow, they're also using all those other products too. So we will continue to support and expand the reach of our platform with this, even, you know, past this acquisition, because that is where the gap is in the market. That's where people want something that interoperates with everything. So, you know, in your scenario, I don't know the details, but, you know, sometimes there is a situation where that is very true. Uh, but in our case, you know, ServiceNow was one of many deep partnerships that we had, um, across the enterprise ecosystem. They, they were just a company that I admired a lot. I mean, what Bill McDermott has done, they're one of the most underr…

AI assessment note: “Yeah, so slightly different story for us.”

Q Was there any concern for you about the regulatory approvals? We've seen, obviously, quite a stringent regulatory environment. I'm just intrigued when we look forward out over the next 12 to 24 to 36 months, whether that plays into founders' mindsets as to the willingness whether to engage in processes or not. Did you think about that? Were you concerned about that? How did that play into your mindset?

A It was the first time I've been through kind of something like this where that, you know, factored in. So, um, you know, I took the counsel of, you know, our, our experts and, um, folks involved, but, you know, I think we do see it as a very beneficial thing for the market, and, uh, we've already seen the benefits. You know, a lot of times you don't know because there's no prior, um, but we have a lot of customers who have Been very excited about working with both of us who've proven that. And I think that, um, you know, obviously I've got to let the regulators do what they do. Uh, and they'll, they'll make that, that final decision. But look, I think, you know, with any sizable deal, um, all these factors go into it, but, you know, ultimately as a founder, you have to do what makes natural sense. And for us, I think Moveworks can become a worldwide phenomenon, and I think this was the best path to get there. So, um, we'll trust that the regulators also, uh, will, um, do what they need to do to ensure that this is configured the right way. But, um, it isn't the primary thing that we, you know, uh, start with.

AI assessment note: “it isn't the primary thing that we, you know, start with.”

Q felt the same. That's why I bought them a month ago, and now I'm down 25%. I'm like, ah. But yes, I totally agree. Bill is incredible. Can I ask, how was Bill as a negotiator? When you're, when you're discussing the deal with him, what was that like? He is a generational leader. How was that discourse into play, and how does one come up with a price today?

A Well, I mean, I, I, you know, obviously, you know, private conversations, I, I won't, uh, you know, share, um, you know, what, what shouldn't be, but I will say this, you know, Bill is someone who is exactly like you see him. He is very warm, very generous, very, um, very honest, and what he says, he sticks with, and, you know, I think that I've, I've learned a lot from just, you know, being around him and watching him over the years, but now, More closely. And, um, you know, I think it's, uh, it was a very welcomed and warm conversation if you want some color around how these things got done for us. I don't think all of these types of conversations happen that way, um, you know, across the industry, but, but for us, um, the partnership was already kind of there in many ways and, and, and, And so I think that, uh, we could both speak each other's language on the first conversation. Uh, what he says is often stuff that I've said, and vice versa, and so I think that, um, it was a, it was a real treat to spend more time with him, and, and then of course, there's Amit Zaveri, who's now leading, he's their president and chief operating officer, um, who worked very closely with us on this as well, uh, really thinking about how to bring This agentic layer to every corner of the business. Um, so I think the, the two of them have really had a strong thesis around where they can take Ser…

AI assessment note: “obviously, you know, private conversations, I, I won't, uh, you know, share”

Q felt the same. That's why I bought them a month ago, and now I'm down 25%. I'm like, ah. But yes, I totally agree. Bill is incredible. Can I ask, how was Bill as a negotiator? When you're, when you're discussing the deal with him, what was that like? He is a generational leader. How was that discourse into play, and how does one come up with a price today?

A Well, I mean, I, I, you know, obviously, you know, private conversations, I, I won't, uh, you know, share, um, you know, what, what shouldn't be, but I will say this, you know, Bill is someone who is exactly like you see him. He is very warm, very generous, very, um, very honest, and what he says, he sticks with, and, you know, I think that I've, I've learned a lot from just, you know, being around him and watching him over the years, but now, More closely. And, um, you know, I think it's, uh, it was a very welcomed and warm conversation if you want some color around how these things got done for us. I don't think all of these types of conversations happen that way, um, you know, across the industry, but, but for us, um, the partnership was already kind of there in many ways and, and, and, And so I think that, uh, we could both speak each other's language on the first conversation. Uh, what he says is often stuff that I've said, and vice versa, and so I think that, um, it was a, it was a real treat to spend more time with him, and, and then of course, there's Amit Zaveri, who's now leading, he's their president and chief operating officer, um, who worked very closely with us on this as well, uh, really thinking about how to bring This agentic layer to every corner of the business. Um, so I think the, the two of them have really had a strong thesis around where they can take Ser…

AI assessment note: “private conversations, I, I won't, uh, you know, share”