Disclaimer: This content is for informational and educational purposes only and should not be construed as financial or investment advice. Always do your own research and consult a licensed financial advisor before making investment decisions.
Disclosure: The author holds a long position in FIVN.
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Analysis
Thesis
AI-native CCaaS leader turning contact-center labor into metered software/compute via agentic AI; partner-led distribution (Salesforce/ServiceNow/Microsoft/Google) gives a non-linear path to outsized share by 2030.
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Thesis Critique
Growth Outlook
Average Implied Multiple (to 2030)
8.7x (from 1 most recent analyses)
Reasoning
Depressed ~$1.9B cap vs. >$1.14B 2025E rev; AI Agents + platform bundling can 3–4x rev to ~$4.2B by 2030. At ~4x sales and 25%+ EBITDA, cap plausibly ~$16–18B (8–9x today). Distribution + labor-to-AI spend shift drives non-linear upside.
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Simplified Growth Explanation