The company couldn't keep growing and then use its public stock to acquire other companies. It does seem like there was some sort of a product road block inside the company, where they just couldnt new features out. There was no real competitor, except for microsoptems to come out of this hip Chat gave up and wound up selling to them....
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Referenced in this episode:
Salesforce Is in Advanced Talks to Buy Slack Technologies | WSJ
https://www.wsj.com/articles/salesforce-has-held-talks-to-buy-slack-technologies-11606326392?mod=searchresults_pos1&page=1
Salesforce deal to buy Slack expected to be announced Tuesday after market close | CNBC
https://www.cnbc.com/2020/11/30/salesforce-deal-to-buy-slack-expected-to-be-announced-tomorrow.html