When the average customer is paying IHR $25k per year and not...

When the average customer is paying IHR $25k per year and not leaving, i think that's a big vote of confidence in the product.
I don't think the HR space is very fluid. Big organisations will take exponentially longer to transition than new startups or small businesses.
Also a lot of businesses might choose more established names in the HR SaaS space.

I don't think it reflects on the IHR product in any way. And i do believe once the company is more established it will be worth far more than the current market cap.