In late 2011, SAP announced that it was buying SuccessFactors for a cool $3.4 billion. Consumer tech blog TechCrunch panned it as the most boring tech story of that week. Check out the link if you think I’m exaggerating.

In the last 18 months, there has been significant merger and acquisition activity in the HCM space. That part is not a secret. What might be more of a mystery is why we view merger and acquisition activity in general much differently than an industry analyst or investor would.

I don't know if you heard, but we bought a building and moved into our new HQ this week. Oh, you did hear? Cool. Good to know. Well, we can't really help but talk about it — I know I bought a house six months ago and I still find a way to discreetly tell someone every day.