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A friend works for them, and I can appreciate the value of this type of service, which I feel breaks the rules of traditional company servicing and ticketing systems. Development is often pushed back and back to deal with other things, which is for their end users. They have a competitive advantage over those in-house products because of this specialization.Yes, the current valuation is high. It is a 10-20 year play form these price levels, but it might never come down substantially. Considering for my real money port.(Opinions are my own, not those of my employer, see profile for info.)
They are replacing the old IT Service Management vendors like BMC, CA, and HP. While do so they are providing value to their clients by allow them to provide more business services to the organization. The are more than a Help Desk. They are a real enterprise solution that once "in" can replace other on-premise vendors past Service Management.
Even as a strong performer, the market isn't big enough to support the valuation, which will show up in the long term. Dilution also presents a threat.
The ground up SAAS technology is sound, the people are stellar and the product is a paradigm shift in the ITSM market. Look for product diversification, based on the development platform at the core of NOW's current products.
Cloud-based IT services will continue to be important.
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