Can twilios client survive without twilio? You will get your answer if you answer that
Of course, communication as platform is a commodity.
Every client can survive without a specific vendor, provided they have the resources to overhaul.
They built a good platform as so far it is still bathe best quality in terms of deliverability. But that platform is not necessarily a good product as the margins get squeezed (was never good but nobody cares in the last 10 years). There is also not much growth left. Your best hope is some infra company like google or Amazon wants to buy it. It has lots of overlaps though, but imo, still possible with some units spinnednoff.
It is a good product but not a software company margins because their expenses also grow proportionally with the scale as they need to depend on telecommunications companies. If you buy based on software company valuations then you destined to lost the money.
They can be a lot more successful if they are less woke, tbh.
Slightly red and contemplating whether or not to simply hold or DCA longterm