Zendesk Inc

[http://lightstreet.com/ZEN/Light_Street_Letter_to_ZEN_BoD.pdf](http://lightstreet.com/ZEN/Light_Street_Letter_to_ZEN_BoD.pdf)

![Image upload](https://cdn.commonstock.com/40366a3a105cd99a9b9a7a5d47ae4a1f362ab307d532941d17e9055adee7df7c-1418x957.png)

Watch out for this one if you are a SaaS investor, this board is corrupt.

Really interesting. I wonder where the Founder-CEO fits under all of this. Whether he's with the rest of the board or wishes to keep running the business. I think the operators ought to have the most important POV in this context.

Zendesk is best in class software for what they do, and there's a strong argument to let them just keep growing and compounding. Valuations have been punished enough in SaaS as it is and that 77.50 price doesn't compensate shareholders with a sufficient premium at 5x NTM sales.

Abstract Investor

http://lightstreet.com/ZEN/Light_Street_Letter_to_ZEN_BoD.pdf

Lightstreet taking on $ZEN board and Hellman & Friedman should be fun

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