The Evolution of Private Company Data

The original idea was to build a really nice data set of small company transaction multiples. It helps advisors and investors understand the valuation of the asset that they're trying to value. And then what we realized was, well, actually, those customers are using other tools to do other things like origination. This is our go-to for understanding valuations at the small end of the market. But also what we spend a lot of our time doing is finding our next deal. So more of a kind of just kind of whole-of-market company search tool.