The S3 of compliance-grade content.
Headcount 1,900, down from 3,400. Gross margin 81%, because there is almost no product left to build. Revenue flat in nominal terms, which in this industry now counts as growth. You pay a dividend. Three analysts cover you. Nobody writes about you.
Every omni agent in the enterprise calls you for the files it isn't allowed to hold itself. You are a relationship with a regulator wearing a REST API. It survives.
Plumbing survives because it is standing, not software: retention, legal hold, the audit trail an agent can't be trusted to keep. You kept the standing and let the software go. The thesis predicted this layer exists. It didn't predict it would be fun.
One path that gets here
A · Ship the agent as a per-seat add-onB · Reverse. Open the store to every agent and stop pretending Box AI is the front doorA · Accept it. Price like a utility. Cut 40% of headcount. Run for cash