2026.09.23 | TB | Software | Distyl AI Expert

Primer • 7 Sep 2026

Companies: PLTR US

Expert Former Executive in Strategy & Operations

Ojas Palled (Analyst) — Third Bridge Sector Analyst

Agenda

• Over 25 years' experience in the software development space
• Over one year of experience at Distyl AI (left within the last two years)

Introduction

Analyst: Please could you state I agree or I disagree to the following statement. You understand the definition of material non-public information and agree not to disclose any such information, or any other information which is confidential, during the Primer Interview today.

Expert: I agree.

Questions

Can you describe what Distyl AI does and its products and services?

Expert: Distyl is an AI services company that also brings a technology platform called the Distillery to market to streamline really complex workflows for Fortune 500 companies. That was the stated purpose of the company [in the past].

What is the value proposition of Distyl AI's products or services? What problem is the company solving for its customers?

Expert: It's not really a product. It takes some of the most meaningful workflows within a company and it does two things. One, see if it's actually suitable for AI to improve or two, if that entire process can be re-imagined in a new way using AI and then it goes and tackles that. Sometimes it does both, where it takes a really complex process like, let's say, claims processing at an insurance company and makes the existing process faster. That creates value for the customer or two, if a company is truly innovative, they might say, "I don't want to just make my current process faster. I want you to, from first principles, re-imagine what claims processing could look like in the age of AI and agents" and that's what it does.

What is the full range of industries and business sizes that could use Distyl's products or services? What are the different industries the company caters to?

Expert: Technically, it's a universally applicable product. It's just core AI at its nature. Any verticalisation is entirely the decision of the business, not necessarily its inability to serve an industry. Anytime there's a complex workflow or a process, Distyl or Palantir or any of these companies can actually go serve them. There's no limitation on the industry vertical.

Analyst: You mentioned that Distyl is sector-agnostic. What were the frequent industries that you saw Distyl catering to?

Expert: There was natural clustering. Some of this is public because they list them on their current website as well. The actual clustering was around telcos, healthcare and manufacturing when I was there.

Analyst: How much of Distyl's revenue might be coming from telecommunications, healthcare and manufacturing in percentage ranges?

Expert: At that time, close to 100% because those were our first customers. During the early days of the company, we had fewer than 10 customers at that time.

Analyst: How much of Distyl's revenue does each industry contribute in percentage ranges?

Expert: Probably healthcare was 21-30%, telco was 41-50% and manufacturing was 0-10%. Manufacturing was very small for us.

Analyst: What are the different sizes Distyl catered to? How would you break down its client base into small, medium and large customers?

Expert: We were exclusively focused on Fortune 500s [in the past]. We would not operate outside Fortune 500s.

Analyst: Were they just large-sized firms?

Expert: Yes. During my tenure.

Can you profile Distyl's typical target customers within the range of industries and business sizes? What is the company's ICP [ideal customer profile] or target customer sweet spot?

Expert: It's not necessarily who they target. I think your question was more about, do they target B2C companies or B2B companies? The qualifying thing for an ideal customer for a company like Distyl or Slalom or any of these guys is, is the workflow complex enough and is it automatable by AI and agents? That was more of the qualifying thing, but for us we had another lens. If, by solving a workflow or a business process, unless I could impact USD 100m in value created for the customer, we didn't take them on as a customer. That was our disqualification or qualification criteria, however, you want to think of that. Basically, if a business had an existing workflow that cost them a lot of money, there was a lot of manual effort involved and if it was suitable for AI and automation, those are the customers we took. Naturally, those industry sectors we talked about- manufacturing, telco, healthcare, all of them have complex processes. In the Fortune 500, some of these processes cost the company USD 1bn-2bn and if you were to automate them, you would create tremendous value for the customer. That was the qualification criteria.

What are the key regions Distyl derives revenue from?

Expert: US-only [in the past].

Analyst: What would you say were the top three states in the US that you saw revenue coming from?

Expert: Texas, Georgia and Washington. There was a small sample size, so it's not pretty meaningful.

What are Distyl's core revenue-generating product or service segments?

Expert: They didn't have different products or services they offered. All we did was provide AI and agentic automation of complex workflows. That was it. It's basically bespoke solutions for each company in the sense that we had a platform and we had forward-deployed teams and we go solve a problem. Again, 100% of the revenue from the platform plus the forward-deployed team. There's no new product we offered. I mean, if you go to their site, the platform is called Distillery. Every customer purchased Distillery and a set of services from us. That's it. There are no product lines. We didn't have product lines.

Analyst: Was it just the platform, in a way?

Expert: Yes. Platform plus forward-deployed teams. That's the Palantir model.

Analyst: When you say the forward-deployed teams, you mean they assisted and worked with the platform and it wasn't a separate thing?

Expert: Right. It's all one price. We would offer them one price for all of this. We wouldn't separate platform and services. We were just responsible for the outcome and we charge you for the outcome.

Would you say that 91-100% of Distyl's revenue comes from the platform?

Expert: Technically, it should be platform plus FDE [forward-deployed engineers] or forward-deployed teams. Forward-deployed, or you can just say FDE. They will understand FDE.

What is the typical revenue model of Distyl's platform – transactional, reoccurring or recurring?

Expert: It's recurring in the sense that we forge long-term relationships with them, but it's not transactional for sure, so that's probably more accurate.

Analyst: What is the average contract duration?

Expert: Three years.

Analyst: What factors might be influencing if you were to bill a client today? You mentioned the complexity of the process. What are the factors that you look at before pricing a client, or is it like a fixed pricing per tier or something like that?

Expert: Yes. This is more philosophical. All companies in this sector are trying to figure out what the right pricing model is. More and more of them are moving towards value-based or outcome-based pricing. Meaning, if you are company A and I'm delivering you a solution that creates USD 0.25bn in value for you, you want to charge them 7-10% of that value. If you are company B, I'm only creating USD 50m in value. The deal size will be smaller. This isn't a finite math thing, but that's the thing towards which most companies are trending. It's nontrivially hard, so right now, in the absence of that, most companies in the sector just do fixed-fee or should do fixed-fee stuff. Time and materials is dead for this sector. No one does time and materials.

What might be a use case for the platform? How are the platform and FDE used by the customers? What is its purpose and what are the features available on the platform?

Expert: These are general-purpose agentic and AI platforms that can take any complex workflow in a business and modernise, automate and make it quicker, faster, better and more accurate, sometimes to remove human error, etc. Imagine your process within a company that today employs 1,000 people to, let's say, answer phone calls, customer care calls or do claims processing. AI can go in there, take the current existing standard operating procedures or documents and convert them into agentic workflows where agents can now automate 70%, 80%, 90% of the human effort and only kick out the 10% that needs human intervention. Thereby, you are able to reduce this 1,000-person team to a much smaller footprint and redeploy these people to do other important things or other more valuable things. Those are the use cases all these AI services companies aspire to solve, including Distyl. There's some great use cases on Distyl's website you guys should dig into, or just feed it to Claude and have it come up with the answers.

Analyst: Are there any integration capabilities on the platform?

Expert: Not on the platform per se, but the forward-deployed team does integrate with customers' existing systems, that's par for the course or sometimes we pull in the customers' own technology team to do the integrations while we orchestrate our platform, but there's hooks in there to call or tool calling and things like that. Meaning, you could call internal tools of a customer.

Analyst: Could you elaborate on the forward-deployed team and what is its purpose?

Expert: These technology platforms that these young companies build are fairly sophisticated and the customers' own technology team might not have the skill set to just take a piece of technology and implement their own solutions, so the job of this team, think of them as a cross between a traditional consultant and an engineer that will go use this platform, provided context, business context, meaning the knowledge, the guardrails, the tests, the evaluations to actually convert the customers' workflow into an automated process or an agentic process. Test it, evaluate it, make sure it doesn't suffer from model drift, etc. That's what the forward-deployed teams do. Sometimes they solve really hard edge cases. That's why these forward-deployed teams might occasionally have AI researchers as well to solve some hard problems, but they are ultimately responsible for taking an existing process and creating a more modern AI-centric version of that. That's their role.

What do you estimate Distyl's NRR [net revenue retention] rate to be – less than 80%, 80-90%, 90-100% or higher?

Expert: I'd say 90-100%.

What do you think are the key drivers of Distyl's NRR? What features does Distyl have that its customers keep using it over and over again?

Expert: It's very simple math. If you can actually deliver discernible ROI in the first six months, then you keep the customers. That's about it. There's no other math here. Because the hype of AI is enormous, but the impact and real impact of delivering value don't match up to that hype. Basically, if you were able to deliver measurable ROI in the first six months, we kept customers and grew with them, simple as that.

Analyst: Has Distyl proven that over and over again?

Expert: I mean, again, in the time I was there.

Could you specify the industry that best describes Distyl's core operations?

Expert: It's an evolving or new segment. I'll call it services to software because all these kinds of companies, this new cohort of companies, have a sophisticated technology platform that can be pointed at any business problem. There are other companies evolving that take the same idea, but only point it at a given vertical, like financial services or telco or healthcare, something like that. I loosely call them AI services companies, but these are technology companies masquerading as services companies in the sense that they all deeply invest in a technical platform that gives them a head start on the traditional system integrators. Meaning, they are leaving the Accentures and the Cognizants and those kinds of companies in the dust because they are able to do the same body of work five times, ten times faster with a much smaller footprint of people because the platform does the heavy lifting.

Analyst: Would it make sense to say the industry is AI for services and software?

Expert: AI services, but almost always with a technology platform or a harness, whatever you want to call it. AI services and software is fine.

Analyst: Is it also AI-driven digital transformation services?

Expert: That's too generic. Even Accenture does that, so it doesn't really mean anything. I'd call it AI services companies with a sophisticated agentic platform or a technical platform. That's what separates them from the Accentures of the world.

What has the AI services industry's AAGR been over the past three years – less than 0%, 0-5%, 6-10%, 11-20% or greater than 20%?

Expert: I think greater than 20% easily.

What do you think have been the key drivers of industry growth over the past three years?

Expert: The system growth tracks to the adoption of AI as companies start making massive bets into frontier models and they now need to bring in these service companies for last-mile AI diffusion. They bought these, whether it's OpenAI or Anthropic or Mistral or whoever else. Now, they don't know how to realise value from that and that's why they bring in companies like Distyl and so on and so forth. That's what's driving the growth and you'll see even higher growth in the next five years.

What do you think the industry's AAGR will be over the next three years?

Expert: Greater than 20%.

What do you think might be the key drivers of future growth for the industry?

Expert: Just the realisation that investing in AI tools doesn't yield real ROI. You need a set of teams or companies that have a technology platform, that have domain knowledge, that actually know how legacy systems work and can actually create systems in production to realise real value from AI and CEOs and CFOs are mandating that of their CIOs, saying, "Hey. You have made these monstrous bets on these frontier model companies. They are asking them, now what? You spent USD 0.5bn on Anthropic. Where is the value? You simply giving Claude code to all my engineers hasn't done for me, so create value for me now." That's what's going to drive the growth.

What would you estimate the current adoption rate to be for AI software solutions across the addressable market – 0-10%, 10-20%, 20-30%, 30-40%, 40-50% or higher?

Expert: Again, to understand when you say software, it's software plus services. I'd say 20-30%. The market is still early. There's still tremendous growth to be had. It's not for lack of trying, but AI in general is still in the early stages, despite all its hype.

To what degree do you think the industry is correlated to economic cyclicality? Is it very cyclical, somewhat cyclical, somewhat resilient or resilient?

Expert: I think this would be a resilient market. This is just my opinion. AI is here to stay irretrievably. It's a generational piece of technology that will re-imagine how companies operate. That's why I think Claude, or some other generational technology shift, is here to stay, which means these AI services companies are also here to stay for the most part. I also think maybe one of the reasons might be traditional services, which I think is a USD 4tn or USD 5tn market. I'm not sure of the exact number. That market will compress, but it'll concentrate on some of the more modern companies. The companies that have 0.5 million consultants like Accenture and Cognizant will have to re-imagine themselves as much smaller companies. Gone are the days where you need 50 people to come and go do projects like this. That's why I think for some of these nimble newer players, it'll be a very resilient market.

Based on public information, what impactful technological evolutions or innovations should we anticipate in the industry over the next 3-5 years?

Expert: No better thing than to just look for signals from the frontier models. I think this is a capability where you can unleash a whole bunch of agents that interact with each other, almost operate independently, sometimes without a human in the loop and recursively and repeatedly to achieve an outcome. Those things could be game changers. Also, there'll be a general upscaling of talent or counterintuitively, you might need less talent to go create agents and operate these agents, which means some of these younger companies might lose their edge in a sense that even a Cognizant two years from now might be able to do the same work that Distyl might be able to do because the models will do more of the heavy lifting. I wish I had a crystal ball to guess what this looks like, I don't. I'm not that brilliant.

Analyst: Are the interactions between agentic AIs something that's currently being implemented? Is it in the alpha stages or in the beta stages?

Expert: It's in very nascent stages. It's being sandboxed and tested within the frontier models, but I think that capability will be a game changer. Also, both OpenAI and Anthropic release their latest models. Every model release has brought such new capabilities. It's difficult to predict. If I did, I'd be a VC and not an operator.

Are there any downside risks that you believe might materially impact market growth over the next three years, such as potential regulations or tech disruptions?

Expert: Actually, a lack of regulation might disrupt the industry. Right now, all these companies are able to command great prices because customers measure this impact relative to the spend that they already do in AI. If you are spending USD 0.5bn on AI already and a service company like this comes and charges X amount of money, generally your appetite for that is fine, but let's say there's no regulation and industries and companies start adopting open-rate models, which are dramatically cheaper than Anthropic and OpenAI, then there might be a general suppression on the price points. That's one thing people are keeping an eye out for and the second thing is the general upscaling of employees within these companies as well. As the employees get more sophisticated within a company, you might need fewer and fewer of these companies, or a smaller number of projects will be turned over to these kinds of service companies, because then companies will be able to do them on their own. Those are the two things I keep an eye on.

How fragmented do you consider the AI services industry to be? Is it a monopoly? Are there 2-5 strong players? Is it fragmented or highly fragmented?

Expert: Highly fragmented, with one slight behemoth in Palantir, but highly fragmented.

Who are Distyl's top three competitors?

Expert: Palantir, Tribe and traditional GSIs. Slalom.

What are Distyl, Tribe AI, Palantir Technologies and Slalom's market shares, in percentage ranges? You can even rank them against each other based on their market share.

Expert: Right now, given the size, I'd say Palantir is rank one. Then, we can come back to the others. Ranking doesn't really make sense because I don't know if any of them can claim to be. The GSIs still take a major market share because all these companies are start-ups and they have barely USD 100m in revenue. I would put each of their market shares at less than 5%. All three of them. Palantir is one. Palantir is absolute rank one. Palantir at 21-30%. All the others are all minuscule for the particular AI services industry.

What were Distyl, Tribe AI and Slalom's revenues for the last financial year – USD 0-100m, USD 100m-200m or more? Palantir Technologies is a publicly traded company.

Expert: USD 0-100m [for Distyl]. [Tribe], USD 50m-100m. I haven't looked at Slalom in a long time, but it is USD 3bn-4bn.

What were Distyl, Tribe AI and Slalom's revenue growth rates – less than 0%, 0%, 0-5%, 6-10%, 11-20% or greater than 20%?

Expert: Greater than 20% [for Distyl]. Tribe's growing greater than 20%. Slalom is slower. Slalom, 6-10%.

What has been Distyl, Tribe AI, Palantir and Slalom's growth driver over the last year? Has the growth been organic, acquisition-based or mixed?

Expert: Organic for almost all of them. Tribe did some small acquisitions, so maybe I'd [say] Tribe, mixed. Slalom, mixed, but organic for the other two.

In your opinion, what is the EBITDA margin for the players mentioned – less than 0%, 0-10%, 11-20% or higher?

Expert: It's going to be skewed by Palantir, obviously. That's why it's not a good measure. I would say they are all aspiring to be 41-50%. I suppose it is a good number, including Palantir. That's a safe number.

How would you rank each player's EBITDA performance? Has Distyl been performing above, below or in line with the industry average?

Expert: I'd say on industry. Palantir will be above industry. Tribe will be on industry. Slalom will be below industry.

How do you think the players differentiate themselves? What are their USPs? Let's start with Distyl.

Expert: Distyl goes with just having an extraordinary tech platform and tech talent. It's just talent. Talent is the differentiator there.

Analyst: Can you provide an example as to why talent is a differentiator for Distyl?

Expert: Elite engineers and an elite platform. They have spent a lot of time building a technology platform that gives them a leg up.

Analyst: Does Distyl have any additional offerings that it provides that the other players don't?

Expert: No. None. That's why this is such a fragmented area. They are all trying to distinguish themselves from each other. They all look and sound the same. The differentiation is that they have domain expertise. Like, Palantir has domain expertise in defence and all of the industries because they have been around for 20 years. Palantir's differentiation is a great technology platform, great people and also domain expertise. Tribe, Slalom and Distyl are general-purpose services companies. They all tell roughly the same story, but Distyl's differentiation is basically that they claim and we claimed back in the day, that we have an elite technology platform and an elite forward-deployed team.

Analyst: What might be Palantir's differentiators?

Expert: Obviously, size. They are big. They have AIP. Their platform is a differentiator. Their approach. Their data ontology is a differentiator. Obviously, they have deep domain expertise in the industry verticals they cover because they have been in it for 20-plus years.

Analyst: What might be Tribe's differentiators?

Expert: I don't know a lot about Tribe. I know enough about Tribe, but not enough to speak confidently about the differentiators. I think they heavily rely on, more and more, the differentiation is becoming delivered outcomes at customers becomes differentiation. If I have successfully built public case studies saying I have delivered this outcome, that becomes the differentiation. Because every one of these companies will have a technology platform. Everyone will claim to have elite forward-deployed teams. Those things become less and less differentiable. Customer outcomes become the differentiation, but Tribe, like I said, I know the tribe team, but I don't know exactly how they sell.

Slalom is more general-purpose, in the sense that they compete more generally with the Accentures of the world. They have been around a lot longer than Distyl and Tribe. They will become an also-ran unless they reinvent themselves.

Analyst: What might be players' differentiators across the quality of service, pricing models, tech enablement or target customers?

Expert: Unfortunately, these four that I have listed, they go for all kinds of customers. Tech enablement. They don't quite empower their customers. Tribe does empower their customers to become self-sufficient a little bit more than others. Pricing. Slalom might be cheaper than others. Tribe is still priced at the high end of the market. Definitely, Palantir is priced at the high end of the market. Breadth of coverage. Palantir has the edge there. There's no simple answer to what the differentiation is. This is the holy grail of how do you stand out in an extremely fragmented market and they are constantly refining this.

Analyst: What might be Slalom's differentiators? You mentioned pricing-wise it's on the lower end.

Expert: It's cheaper. They have more people to deploy than Distyl. Sometimes Distyl can't. Distyl, it was sub-100 people [in the past]. Slalom has thousands of people, so they can sometimes say, "I can deploy larger teams, take on bigger projects, stay engaged a lot longer." They can use size as an advantage sometimes.

What do you think are customers' top three KPC [key purchasing criteria]?

Expert: They would love to see that you have delivered a similar outcome at one of their peers. I think that evidence of successful delivery is one of the top criteria. In the absence of that, they want you to, in the shortest time possible, actually show evidence of you creating a system in production. People call them pilots, proofs of concept. I don't call them pilots anymore because you are trying to stitch together AI to actually show real value. If you can do that in under 8-12 weeks, that is a strong reason why they buy. That's how we won most of our deals. Three, domain expertise. If you have context in the domain you are selling, that always helps. This is where Distyl struggled a little bit. I'd say those are the three.

Analyst: Might the KPC be delivered outcomes, having a system in production in a short time and domain expertise?

Expert: Sure.

Analyst: How does Distyl differentiate from traditional system integrators? You have Accenture, Deloitte or Palantir.

Expert: I'll give you the clearest example. Let's say there's a workflow at a given customer. Accenture would solve that with 50 Accenture consultants and might say, "It'll take me two years to do that and cost you about USD 50m." Because Distyl has a platform, they can say, "I will solve the same thing much more elegantly in a quarter of the time for a quarter of the price." That is the crux of it. Will Accenture someday build an agentic platform that will rival Distyl's? Maybe, but today, Distyl and companies like Distyl can go in and credibly claim to solve the same problem in a third of the time or a quarter of the time for a quarter of the price. That is it. That's the difference between service companies that also bring a technology platform and those that don't.

How important do you think price is to customers in the market? Is it commoditised, somewhat commoditised or not commoditised?

Expert: Not commoditised because they'll pay a premium for a guaranteed outcome. Because it's binary these days. People can either deliver results or they can't and getting you 60% of the way there doesn't do you any good.

What is the industry's average annual churn rate for AI software solutions – 0-5%, 6-10%, 11-15%, 16-20% or higher?

Expert: It's not crystallised enough to have any meaningful metrics, but 16-20% range because there's not as much switching cost between companies.

Analyst: Would you say there is no stickiness or anything and it is easy for customers to switch between the players?

Expert: Yes.

How do you think Distyl's churn rate compares to the industry average? Is it above, below or in line with the industry?

Expert: Below industry.

What do you think has been the key driver of Distyl's historical growth?

Expert: Most of the questions I should be able to answer in a fairly generic manner because these are my opinions, mostly from my time there. The drivers for our initial growth, more than anything else, have been the track record of the two founders who spent 10 years at Distyl, coupled with our asymmetric access to leadership of our customers. We knew boards and CEOs of companies from the network of the two founders or from the network of the investors. That's what created early growth for us.

How fast do you think Distyl could grow over the next three years – less than 0%, 0%, 0-5%, 6-10%, 11-20% or greater than 20%?

Expert: It has to be greater than 20%.

What could be some of the most interesting ways to grow Distyl? If you were running the company today, how would you look at improving its growth profile organically?

Expert: I'd just bet on two verticals. My verticals would be healthcare and financial services. They generally have highly complex workflows that are suitable for AI and they have lots of money to spend.

Analyst: What advancement changes would you make in the two verticals?

Expert: You just bring in people with domain expertise and I have access to the decision-makers, people that have spent 5-10 years in this industry and understand the core and complex workforce in this industry. If you can couple those people with the technology platform and the talent Distyl has, they would be unstoppable.

Analyst: Would you look to target any new regions?

Expert: Europe makes more sense after that, but there's so much headroom to grow in the US. I won't go to Europe for another three years.

Analyst: Would you look to do anything on pricing?

Expert: I think if you attack the right problems, you don't need to, you are not going to change, you'll change the pricing model to be fully outcome-based, but the biggest bet you'd make is not in your pricing model, but in picking the right verticals and the right problems.

What would you do differently to improve Distyl's margin and operational efficiency?

Expert: I'd invest in the technology platforms, so I'm able to deliver the same solutions faster and cheaper. I'd build a platform team. Can't trade off on talent and talent is expensive in California and New York.

Has Distyl made any acquisitions in the past?

Expert: Not to my knowledge.

In your opinion, could it make sense for Distyl to acquire, merge with or be acquired by any players in or outside the space?

Expert: As a venture-backed company, at some point, they will look for an exit of some kind, at least the investors will. All these companies, at some point, hope that OpenAI or Anthropic would buy them. Anthropic is not going to buy services companies. OpenAI is building a competitor to DeployCo. Is it likely some GSI will offer some exorbitant price for someone like Distyl? Likely, but I haven't spent much time thinking about this. Yes. It would make sense for them to merge with somebody or be acquired by somebody.

Analyst: What are GSIs?

Expert: Like Accenture or Deloitte or somebody like that.

Analyst: How do you see the synergies working out between a GSI company and Distyl?

Expert: Because they have unparalleled reach. While Distyl can get to 30 customers, they can get to 3,000 customers. All of a sudden, you take the technology platform that Distyl has and you are able to present that and the capability of these forward-deployed teams, so Distyl's forward-deployed teams would teach a lot of people at Accenture to become forward-deployed teams or better forward-deployed teams. Now, suddenly you are getting scale.

What would you say are the biggest risks faced by Distyl?

Expert: Failure to deliver outcomes. AI is still very, very brittle. If their early customers stop seeing value in the solutions that Distyl has constructed and those failures become public, it can kill a company quite quickly. That is basically an existential threat for all these companies, that's one. Two, what do the frontier models do? Anthropic has gone full. We'll partner with any service provider. Basically, they'll become an extension of Anthropic. That fragments the market further. OpenAI said that for the most complex deployments, we will handle those deployments on our own. They are building a services company within OpenAI. Obviously, if I'm a big customer, if I have made a bet on a model like OpenAI, I would trust the deployment company from OpenAI or Palantir because that's a safe bet. Those would be the two threats I would see for Distyl.

In your opinion, is there anything that the market does not properly understand about Distyl? Are there any common misconceptions about the company?

Expert: A little tricky to answer. People sometimes fail to place these companies on the spectrum. In the sense, if you put the Accentures, Cognizants and the behemoth consulting companies on one end of the spectrum and these pure-play product companies on the other end of the spectrum, Distyl sits somewhere in between those two. Where they place it is sometimes a challenge. The question is, they always say, "Are you a product company? Are you a services company? Are you both? What is the mix?" Again, they don't understand if it only serves a certain vertical, a certain size of customer. This is positioning. Distyl will soon hire a chief marketing officer and they will figure out how to position this company, but right now, the line between being a technology company and a service company is very blurred. Sometimes they call themselves a service company. Sometimes they call themselves a platform company. It's a little tricky.