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No. of Recommendations: 2
Sure, they boast "7 of the largest banks, 9 of the largest automakers, 7 of the largest insurers, 8 of the largest retailers, and 9 of the largest Telcos" work with them. But that all combined is 40 customers.

I think Epictetus makes a very important point. That 158% (which as Bert aptly notes is a large part of the investing thesis) means that the companies that are customers are drastically ramping up their usage. Especially the large companies. Great news of course...but is this also a threat? Once these 40 or so large companies have ramped, and are subscribed to all the services Pivotal can reasonably provide them, that 158% could drop pretty quick. Hard to know how far along the big companies are, but we know they didn't bring a ton of new ones on recently to take the place of the ones who may have already ramped.

If adding new customers turns out to be difficult, as we've seen with some other SaaS companies, revenue growth rate could fall precipitously.

SteppenWulf, do you work for a large organization? Have you seen increased adoption of Pivotal by your company each year, and do you think it will continue to increase? For how long? Do you think smaller organizations would have a need to use Pivotal to the extent your company does?

Bear
proceeding cautiously, though I did buy a few June call options
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