I am not sure whether this is good or bad for HashiCorp, given IBM's poor reputation with acquisitions, innovation, and keeping or attracting talent but good acquisition for IBM. I always thought HashiCorp had a differentiating set of products in a hot multicloud space. It's strange they're selling off their business in what seems like a desperate move. Is it just difficult to build a business around open source?
It’s nearly impossible to build a sustainable business around OSS. We’re literally giving away 95% of the product for free and expecting the customer to asymmetrically compensate us for the remaining 5%. This sort of worked when borrowing money was free, but the economy has turned. Cutting HCP spend is a no-brainer for most customers that want to reduce expenses right now.
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Thought hashicorp was having money problems
Not anymore. Liquidity crunch avoided.
Never had money problems. We were non-gaap breakeven last quarter. It's just that we missed growth targets, and customer acquisition slowed down.