To answer your first question, of how this will impact the market, Jason, I'd say it depends on whether you come at it from the demand-side or the supply-side...
From the demand-side (i.e., a buyer's point of view), this is a net positive. For one thing, there is no consolidation here, so the number of choices remains the same. In addition, it does appear the combination capital restructure and infusion should make a strong player even stronger in terms of winning new business and supporting existing clients. That the price tag was low - 'a steal' as you pointed out in the Human Capitalist - could also be good news for customers and prospects. Without knowing the specifics of why a company of Authoria's size and growth rate sold at the price it did (e.g., existing investors needed to cash out, pending lawsuit), a lower absolute return expected by its shareholders could result in the company being better able to compete on price. This is a LONG SHOT, patient capital or not!
From the supply-side (i.e., a talent management software vendors' point of view), this is a net negative for the same reasons it's good for buyers. In additition, the low price tag could hurt the multiples of any competitors also seeking capital. In the meantime, they may be able to spin some fear, uncertainty and doubt amongst prospects by positioning Authoria as a company that needed to be rescued and whose future is questionable. Hopefully, these tactics will be kept to a minimum, leaving buyers to dig into the facts.
