This company is actually operating under the guise of a tech stock private sale model. You can understand its valuation logic — it is not calculated according to the norms of a chip company, but rather priced entirely within the framework of a software enterprise. Its core strategy is to target software companies with extremely high customer migration costs for acquisition. Once customers are locked in, the stickiness is particularly strong, allowing for a considerably substantial valuation multiple. In simple terms, what is being purchased is not technology, but rather the barriers to user conversion.