Ann: Appendix 3Y, page-28

Weird responses. Apparently FVRR is losing money by accident or mismanagement and will fall over soon, because no tech company has ever run at a loss to expand market share before. But at the same time, FVRR would be very prudent to splash out a sum about 8x their current net asset position (and about 6x what they raised last year IIRC) to buy a competitor with a single digit market share because FLN is magic.

I think it's an interesting collision between the "silicon valley" go-big-at-any-cost model and a more sustainable business model and am curious to see how it plays out, but the idea that FVRR can spend $2/share to buy FLN is really odd.