If you've been watching AI disruption headlines and concluding this is a terrible time to sell, the actual deal data tells a different story.

2026 has started out significantly better than 2025, and 2025 was the strongest year for enterprise SaaS M&A since 2021. Q1 of 2026 was up 78% over Q1 of 2025 and a whopping 121% from Q4 of 2025 (on a dollar volume basis, and all of this is adjusted for the $250B X.AI acquisition). While founders were processing AI displacement fears, buyers were executing. PE funds held approximately $2 trillion in undeployed capital as of December 2025. Enterprise SaaS was the deployment destination.

The mechanism is counterintuitive but not complicated. Compressed public multiples make take-privates cheaper for sponsors already holding record dry powder. When software stocks fall sharply, a sponsor's acquisition cost drops commensurately. The asset hasn't gotten worse. The price has gotten more attractive. Global PE deal value rose 59% in 2025 versus 2024.

But this is not a rising tide. Seventeen mega-deals comprised more than 75% of Q4's total deal value. Capital is concentrating, not flowing indiscriminately. High-quality companies with strong Rule of 40, gross dollar retention above 85%, and a defensible AI position are getting the deal activity. The “SaaSpocalypse” didn't kill M&A. It filtered it.

One in five strategic acquirers walked away from a deal in the past year specifically because of AI disruption risk to the target's business. Not a valuation gap. Not diligence surprises. AI risk. That finding, from Bain's 2026 M&A Practitioners Survey of 303 executives, should reframe how every founder thinks about what it means to be deal-ready.

Buyers aren't asking "do you use AI?" They're asking something harder: could an AI-native competitor replicate your core value proposition in 18 to 24 months? If the answer is yes, or if a founder can't make a confident case for why the answer is no, the deal is carrying a structural liability before the first management presentation. McKinsey's State of AI found that only 6% of organizations qualify as true AI high performers. In diligence, that distinction is the dividing line between a premium signal and a yellow flag.

Founders entering a sale process need two things prepared before the first management presentation: a displacement defense and proof of adoption. Not a roadmap. Feature lists don't survive diligence. Workflow evidence does.

Three out of every four PE buyouts right now are not new platform acquisitions. They're add-ons. That single fact reshapes who the most motivated buyers in the market actually are. Most founders haven't updated their mental model to account for it.

The mechanic is straightforward: PE acquires a platform company, then layers in smaller, complementary businesses to build scale. When the combined entity sells, it commands a higher multiple than any individual piece would have on its own. PE firms are currently completing roughly 2.7 add-ons per buyout on average, backed by over $4.63 trillion in global private capital dry powder. They are not doing this for sport. It works.

The practical implication for founders: the buyer universe for your business is not primarily firms looking to establish new platforms. It's hundreds of PE-backed platform companies already operating in your category, actively looking for their next addition. Understanding who those buyers are and getting in front of them before a formal process starts is market intelligence as much as it is exit preparation.

Strategic corporate M&A in enterprise SaaS surged at the end of 2025 (up 168.5% in Q4 2025 alone). PE sponsors were active. Strategics were dominant. Most founders building their exit thesis around financial sponsor math alone just got handed a reason to reconsider. 

Strategic acquirers do not buy your business in isolation. They buy what your business enables inside their own organization: revenue acceleration, capability expansion, data infrastructure, and customer access. That logic may not appear in a DCF, but it often appears in the offer. PE sponsors are constrained by LBO math, while a strategic buyer with a real capability gap in your category can rationally pay above that ceiling.

The right question is not just what a PE firm would pay, but also which strategic buyers have a capability gap your product fills and what your business is worth inside their ecosystem. For well-positioned companies, the strategic answer is often materially higher.

The Nasdaq Composite is down more than 21% year to date, and public software stocks have shed roughly $1 trillion in market cap in 2026. If you’re a founder watching those numbers and wondering what they mean for your exit, you’re asking the right question. The answer may surprise you.

PE-backed software M&A is running at a record 11.8x median entry multiple, per Bain’s latest report, even as public markets re-rate software downward. The reason is structural: approximately 24% of global PE buyout dry powder has been sitting undeployed for four or more years, according to S&P Global, and the GPs holding that capital have LP commitments that don’t pause for a Nasdaq correction. When motivated buyers compete for a narrowing pool of credible assets, quality gets priced at a premium regardless of what the index does.

For founders of vertical SaaS companies with strong retention, workflow-critical products, and clean Rule of 40 metrics, the current environment is not a reason to wait. It is a window. The businesses that understand how to position themselves in the premium tier, and run a process that forces PE buyers to compete, are collecting the outcomes the headlines say aren’t available.

More than 40% of global PE dry powder has been sitting undeployed for two or more years, according to McKinsey's February 2026 analysis. That's not just a market statistic. It’s a negotiating condition, and most founders have no idea how to use it.

When a PE fund ages past year four of a typical five-year investment period, the GP faces a convergence of pressures: late LP distributions, weak fund performance metrics relative to capital committed, and a next fundraise that depends on showing realized returns from this fund. That pressure doesn't make buyers reckless. It makes them motivated in ways that show up directly at the deal table: faster movement, more flexibility on structure, and a genuine urgency to close before the fund clock runs out.

The information founders need to identify which buyers are in this position is largely public. Fund vintage years are traceable, portfolio cadence is observable, and behavior in process is a tell. This post explains exactly how to read those signals, and how a well-run process turns that asymmetric information into real leverage.

The SaaS M&A market looks stable in aggregate. Median multiples held through 2025 and deal volumes stayed solid. However, the median is averaging two completely different markets into one number, and the distribution underneath is pulling sharply apart. Baker Tilly's “H2 2025 Software and Technology M&A Update” found "A" assets drawing intense buyer competition even as the broader market stayed uneven. This is flight to quality: the dynamic that follows every major market correction and every tectonic technology shift, where capital concentrates at the top and the gap between premium assets and the average ones widens fast. The dual drivers this cycle are the post-2022 rate correction and the arrival of AI as a structural threat to software business models that haven't proven their durability.

The premium cohort is shaped by three of the most influential factors currently driving valuation: Rule of 40 above 40, Gross Dollar Retention above 85%, and proven AI moat or adoption. Rule of 40 signals that growth and profitability are operating together, not trading off. GDR isolates the revenue base before expansion, revealing whether the foundation is solid or leaky; AI proof separates the 6% of companies McKinsey identifies as genuine AI high performers from the 94% that have adopted AI without demonstrating it changes how customers actually work. Behind all three sits a harder question every sophisticated buyer is pressing: what does this company have that an AI-native competitor couldn't build in 24 months?

For founders considering a raise or exit in the next twelve to eighteen months, flight to quality changes both the target and the timeline. The premium cohort is active, well-funded, and rewarding preparation. The right conditions already exist. The question is whether your company is positioned to access them.

In February 2026, software stocks shed $2 trillion in market capitalization in one of the largest non-recessionary drawdowns in decades. The catalyst was a one-two punch: Anthropic's new AI automation tools and the viral rise of OpenClaw, an autonomous AI agent capable of executing enterprise workflows without human supervision. Investors panicked. They sold everything with a SaaS logo.

Private equity firms did something different. The same week the selloff accelerated, Thoma Bravo closed a $12.3 billion take-private — all cash. Its managing partner went on record calling the moment "a really exceptional buying opportunity." With $1.2 trillion in buyout dry powder sitting on the sidelines, much of it aging past the four-year mark, PE firms with deep software expertise weren't mourning the dislocation. They were accelerating into it.

The takeaway for founders: public markets panic indiscriminately. PE firms don't. If your company has durable retention, embedded workflows, and predictable ARR, this market is not a warning—it's a window. But only if you enter it with a process designed to create competition—not respond to inbound.

If you’ve felt a change in how customers buy software, you’re not imagining it. Sales are taking longer to close, renewals are being questioned, and buyers are asking harder questions about what a product actually does for them.

The issue isn’t that companies have stopped spending on software. More often, it’s that budgets are being reallocated. Spend is being pulled away from “nice-to-have” tools and concentrated into a smaller set of top priorities.

In this environment, every product that isn’t essential is being forced to prove its value or risk getting cut.

Deciding whether to raise capital is one of the most defining choices a founder must make. The decision shapes how quickly a company can grow, how much control the founder retains, and which strategic paths remain available. This article explores the key reasons founders pursue outside investment—from accelerating growth to accessing strategic partners and enabling selective liquidity—as well as the equally compelling reasons some choose to remain independent. Drawing on real case studies and the firm’s advisory experience, Peak Technology Partners outlines the market, financial, operational, and ownership considerations that influence this decision. The result is a practical framework that helps founders evaluate which capital strategy aligns best with their goals, capabilities, and long-term vision.

Earnouts have become an increasingly common feature in technology M&A because they help bridge the valuation gap that often exists between buyers and founders. When buyers are unsure whether projected growth will materialize, or when founders believe the business is positioned for strong future performance, an earnout provides a structured way to share risk and reward. This article offers a clear and practical explanation of what earnouts are, how they function, and why they matter in today’s market.

Due diligence is the defining stage of a SaaS transaction, where buyers validate the strength and durability of the business. The key areas of scrutiny include recurring revenue quality, cohort retention, unit economics, contract integrity, and the foundations of the product and IP.

Many SaaS companies stumble over inconsistent KPI definitions, disconnected systems, unsupported adjustments, and incomplete documentation—all of which slow buyer workstreams and suppress valuation. A structured sell-side approach addresses these risks through four core areas: financial and KPI readiness, customer and revenue validation, product and IP clarity, and a well-organized data room.

With disciplined preparation, founders can present a cohesive, defensible story, build buyer confidence from day one, and ultimately create competitive tension that drives higher enterprise value.

In M&A, identifying the right buyers is both an art and a science. This article examines how investment banks build targeted, confidential buyer lists that drive value and competitive tension in the sale process. From understanding a company’s unique positioning to managing outreach, NDAs, and data rooms, it highlights how disciplined execution can shape valuation and outcomes. The approach reflects Peak Technology Partners’ commitment to precision, discretion, and strategic insight in every transaction.

Strong margins and capital efficiency attract buyers, but only clean, verifiable financials close deals.

In this piece, we explain why disorganized books are one of the biggest threats to enterprise value during due diligence.

Learn how messy financials erode buyer trust, trigger valuation discounts, and extend deal timelines, and how founders can turn financial clarity into defensible, bankable value that holds up under scrutiny.

For bootstrapped founders, exit timing is everything. This article explores how shifts in the M&A market cycle — driven by interest rates and corporate confidence — directly influence valuations, deal volume, and buyer behavior.

Drawing on data from PitchBook and Grant Thornton, the piece breaks down the dynamics of seller’s and buyer’s markets, explaining why profitable, capital-efficient companies thrive across cycles if they prepare strategically.

It also outlines Peak Technology Partners’ framework for helping founder-led companies navigate these shifts: assessing valuation readiness, positioning strategically, and ensuring due diligence preparedness so deals close quickly before market windows tighten.

Whether the market is booming or contracting, your profitability story deserves to be told in the language acquirers value most — and the best time to prepare for that story is before the cycle turns.

In a striking market snapshot shared at a Bloomberg event, a KKR partner revealed that there are now roughly 19,000 private equity funds in the U.S.—outnumbering McDonald’s locations. The stat is more than trivia; it signals a structural imbalance reshaping outcomes for founder-led software companies.

This piece explores how demand (capital) has far outpaced supply (high-quality tech assets), fueling intense buyer competition that supports valuations even amid mixed macro signals. It breaks down the $2.5 trillion in global PE dry powder—including $1.2 trillion in buyout capital, with nearly a quarter sitting idle for over four years—and how that “aging capital” is amplifying pressure to deploy quickly and flexibly.

The takeaway for founders: process quality—how you craft your story, target buyers, and manage sequencing—has never mattered more. In a market where not all capital is equal, a disciplined, competitive process converts abundance into advantage.

Bootstrapped founders seeking an exit often encounter the Expectation Gap, where their personal valuation clashes with a buyer's objective analysis.

This article highlights the key risks that lower valuation: treating years of dedication as an asset (The "Sweat Equity" Fallacy), and prioritizing high revenue numbers over retention and margins (The "Gross vs. Quality" Revenue Trap).

To successfully close a deal, founders must adopt a Private Equity mindset, focusing on building a GAAP-compliant infrastructure and tracking measurable KPIs. By de-risking the business and focusing on verifiable EBITDA, you can ensure the final offer meets your personal minimum

The sale of your company isn't the finish line—it's the start of the crucial integration phase. Success hinges on preparing your leadership team for the abrupt shift from startup autonomy to corporate governance.

This guide details three critical areas founders must address: merging distinct company cultures through proactive communication; mastering the acquirer's metrics and operational language to gain immediate credibility; and adapting to new decision-making matrices and processes to ensure accountability.

Read on to learn how to empower your leaders to preserve value and drive the strategic success of the acquisition.

Chasing fast growth can feel exciting, but the difference between building a lasting company and becoming a cautionary tale often comes down to what happens when the pressure hits. Customer churn, rising costs, and unexpected market shifts can quickly expose weaknesses if the foundation isn’t strong.

If your growth feels like it’s running on borrowed energy, take a step back. Revisit customer retention, review your sales structure, and make sure margins are healthy. The companies that win long term aren’t the ones that grow the fastest in the short term — they’re the ones that compound strength over time through credibility, loyal customers, and a product that continues to deliver value.

A company’s valuation isn’t set in stone—it’s shaped by how buyers perceive its potential. That means business owners have more influence than they realize. By widening your pool of qualified buyers, creating competition, tailoring your pitch to investor priorities, and telling a powerful business story, you can significantly elevate your company’s value. With the right strategy—and the right advisor—you’ll be positioned to secure the best possible outcome for your sale and your legacy.

Artificial intelligence has become more than a buzzword—it’s now a valuation catalyst for technology companies.

Investors are rewarding businesses that embed AI into their tech stacks with higher growth projections, stronger competitive moats, and valuation multiples often a “turn or two” higher than non-AI peers. Recent data shows AI-focused companies commanding 25×+ revenue multiples, compared to ~7× for traditional SaaS, and nearly half of all VC mega-deals in 2024 went to AI startups. Even incremental AI applications—like smarter customer support or workflow automation—can materially impact enterprise value.

The message is clear: revisiting your product roadmap through an AI lens is no longer optional. Companies that do so are positioning themselves for outsized returns, while those who don’t risk being priced as laggards.

In mergers, acquisitions, and capital raises, financials tell only part of the story. The real driver of deal success is psychology—how buyers perceive value and how sellers manage the emotions of the process. This blog explores why valuation is shaped by perception, how experienced advisors help craft compelling narratives, and why balancing numbers with human dynamics is the key to achieving the best outcomes.

Donald Trump’s proposed “Liberation Day” agenda represents a sharp pivot toward economic nationalism—anchored by sweeping tariffs, stricter immigration controls, and regulatory shifts.

While positioned as a manufacturing-first policy, the implications for SaaS are immediate and material. From rising infrastructure and hardware costs to challenges in global talent sourcing, software companies will face a new layer of macroeconomic complexity.

SaaS founders should proactively evaluate supply chain exposure, pricing strategies, and geographic dependencies as they navigate a landscape increasingly shaped by deglobalization and policy-driven volatility.

Term sheets are non-binding agreements that outline the key terms of a potential investment or acquisition before final legal documents are drafted.

For software company founders, understanding the difference between an Indication of Interest (IOI) and a Letter of Intent (LOI) is critical, as is knowing which provisions are typically binding—like confidentiality and exclusivity.

Key areas covered include valuation methods, deal structures, funding sources, management roles post-transaction, and the due diligence process.

A strong grasp of these elements empowers founders to negotiate better terms and avoid costly pitfalls in M&A or fundraising scenarios.

When a SaaS founder considers an exit, they typically choose between two primary paths: a full sale to a strategic acquirer or a majority recapitalization with private equity.

Each option offers distinct advantages and trade-offs. A full sale provides maximum liquidity but relinquishes future upside, while a majority recap allows founders to cash out partially while staying involved in the company’s growth. Factors like risk tolerance, cultural fit, tax implications, and long-term goals play a crucial role in choosing the right strategy.

This guide breaks down the nuances of both options, helping SaaS founders navigate their M&A journey with confidence.

Customer retention is one of the most critical factors influencing SaaS company valuations, M&A attractiveness, and long-term success.

High retention rates signal strong customer loyalty, predictable revenue, and reduced acquisition risk—key elements that drive premium multiples in M&A transactions.

Metrics such as Gross Dollar Retention (GDR), Net Dollar Retention (NDR), and churn rate provide deep insights into a company's stability and scalability.

Founders who prioritize retention strategies, minimize churn, and maximize customer lifetime value position their companies for sustainable growth and lucrative exits. In the competitive SaaS landscape, retention isn’t just a growth metric—it’s a strategic advantage.

Raising capital is one of the most crucial decisions for software founders, requiring strategic evaluation of objectives, market conditions, valuation, and investor fit.

Founders must carefully assess whether to pursue venture capital, private equity, debt financing, or strategic investors based on their company’s stage and goals. Timing plays a key role, as market conditions influence valuation and investor interest.

Additionally, financial preparedness, governance considerations, and long-term exit implications must be thoroughly analyzed. While early-stage companies may raise funds independently, engaging an investment bank for later-stage or complex fundraising can optimize valuation, expand investor access, and streamline the process.

Ultimately, founders who approach capital raising with clarity, preparation, and the right partners will maximize their chances of success.

Selling a software company is a major milestone that requires careful planning and strategic decision-making. One of the most critical choices in an acquisition is whether to structure the deal as an asset sale or a stock sale—each with distinct implications for valuation, taxation, liabilities, and operational continuity.

Asset sales allow buyers to selectively acquire assets while avoiding certain liabilities, often making them the preferred structure for buyers. However, they present challenges for sellers, such as higher tax burdens, complex asset transfers, and potential disruptions to business operations. On the other hand, stock sales tend to be more favorable for sellers, as they provide tax advantages, simplify the transfer process, and ensure business continuity.

This article explores the pros and cons of both structures, helping software company founders navigate the financial, legal, and operational considerations of an acquisition. Understanding these key differences will enable sellers to make informed decisions and optimize their post-sale outcomes.

Quantum computing has long promised to transform industries, but practical challenges have kept it just out of reach. Microsoft’s Majorana chip could change that. By leveraging topological qubits, this breakthrough aims to overcome the instability and high error rates that have plagued quantum systems. If successful, it could pave the way for scalable, fault-tolerant quantum computing—ushering in a new era for business-to-business (B2B) software.

From revolutionizing data processing to reshaping cybersecurity, the ripple effects could be profound. As quantum technology inches closer to real-world applications, businesses must prepare for a future where quantum-powered solutions redefine how industries operate and compete.

Is your business ready for the quantum leap?

A Leveraged Buyout (LBO) is a financial transaction where a company is acquired using mostly borrowed funds, with the target company’s assets serving as collateral. Commonly used by private equity (PE) firms, LBOs maximize returns by minimizing upfront capital investment while using the company’s cash flows to repay debt.

Software companies make strong LBO targets due to recurring revenue models, high margins, and low capital expenditures (CapEx), ensuring stable cash flows for debt servicing.

For founders, LBOs offer equity retention and higher potential valuations, but come with risks like high debt burdens and reduced control. The right structure, guided by investment and legal advisors, is key to optimizing the deal.

Rollover equity allows a business owner to reinvest part of their sale proceeds into the acquiring company rather than cashing out completely. This aligns their interests with the new owners, creates potential for future gains, and offers tax deferral benefits. However, it also comes with risks, such as reduced liquidity and loss of control. For acquirers, rollover equity helps retain founders and lower upfront cash needs, though it can complicate deal structures. Successful outcomes depend on proper negotiation and tax planning.

As inflation continues to rise, software companies are facing unexpected challenges—from increasing operational costs to shifting customer spending habits. While inflation is often associated with physical goods, its impact on the tech industry can be just as profound. How can software entrepreneurs navigate these economic pressures, maintain financial stability, and continue to grow? This article explores key risks, strategic adjustments, and actionable steps to help your business stay resilient.

In the SaaS industry, revenue predictability is a key factor in determining a company's valuation. Traditional software models relied on one-time license fees and additional services—leading to unpredictable revenue streams. The shift to cloud-based, subscription models has introduced more consistent, recurring revenue—which investors highly value. This article delves into the types of revenue: recurring, reoccurring transactional, and non-reoccurring transactional and their impact on a company's market worth. Understanding these distinctions is crucial for SaaS businesses aiming to enhance their valuation and attract investment.

The Department of Government Efficiency (DOGE), led by Elon Musk, is transforming the landscape for government software companies. With a focus on modernization, cost-effectiveness, and automation, DOGE is creating demand for innovative solutions. While software firms will face increased competition, they’ll also see new opportunities to secure contracts, especially those specializing in cybersecurity and AI. However, the initiative raises legal complexities and ethical questions that companies must navigate. Additionally, small businesses may benefit from the increased opportunities for government contracting.

DeepSeek represents a growing force in AI, particularly with its open-weight models. While American AI companies still lead in innovation, DeepSeek’s rise could challenge their dominance by increasing competition, influencing pricing, and reshaping global AI geopolitics. These developments underscore the dynamic and competitive nature of the global AI industry, with DeepSeek's innovations prompting significant considerations for American AI companies. 

President Trump's recent executive orders are set to reshape the software industry, particularly in AI and digital financial tech. Key actions include a shift toward deregulation to accelerate AI development, a $500 billion AI infrastructure project, and a focus on U.S. leadership in digital assets. Additionally, changes to TikTok's future in the U.S. and the removal of federal Diversity, Equity, and Inclusion initiatives could impact software companies' strategies. These shifts present both opportunities and challenges for tech innovation, regulatory uncertainty, and workplace policies. 

The M&A outlook for the B2B software sector in 2025 is robust, underpinned by favorable economic conditions, substantial private equity resources, technological advancements, and strategic corporate initiatives. Companies are expected to engage in strategic acquisitions to enhance their technological capabilities, expand market share, and adapt to the evolving regulatory landscape. The convergence of these factors suggests a dynamic year ahead for M&A activities in the B2B software industry.

The outlook for B2B software in 2025 is promising, with significant opportunities for growth and innovation. Companies that adapt to evolving customer needs, embrace emerging technologies, and prioritize both security and exceptional customer experiences will be strategically positioned for long-term success.

Building a software business is a pivotal time for any founder, and amid the many factors that arise during that period, a crucial element of your business strategy can be easily overlooked: an exit plan. A well-thought-out exit strategy is essential to realizing the value of your efforts in forming a successful business. Without a clear understanding of how to eventually sell a substantial share–or even the entirety–of your business, the fruits of your labor may never come to fruition. 

To help prevent this undesirable outcome, the PEAK team has developed a list of steps to prepare you and your company for an M&A exit. With these steps and a PEAK advisor by your side, you will be the most prepared of all.

We followed our moral compasses and built a firm we knew we would believe in, for the long-term. PEAK Co-founders Chad Harding, David Stevenson, and Dave Kirby share how bootstrapping helped them survive in the early days—and relate to their clients, their vision for the future of PEAK, and why team matters most. 

You should still hire an investment bank.

Highlights from 2023

Pencils Down Podcast with Finalis' CEO and Host, Federico Baradello and PEAK Technology Partners' Founder and Managing Partner, Chad Harding

Sometimes the highest cash offer isn’t the best deal. Other factors like team, equity, and the long-term survival of a company play a part in our decision making as well.

Hire an expert to maximize results. Through collaboration and dedication to crafting the right story for each unique buyer, we were able to secure a premium outcome in an expedited fashion using competitive tension and process expertise.

A strong mission matters. When it comes to finding the ideal investor for an impact-driven company, it’s all about the story.

It’s important to approach the buyer universe creatively and strategically, and to have a strong acquisition rationale for any individual buyer. Our ability to develop a strong acquisition thesis for a less-than-obvious buyer enabled us to create an optimal outcome for Jetlore.

Competitive tension ensures ideal outcomes. Even when we think we know the right option, we challenge ourselves to think creatively and explore unexpected scenarios—you never know what you’ll discover along the way.

Don’t take shortcuts. By spending time getting to know the business and understanding its value, we wrote a story that appealed to potential buyers, while also ensuring an ideal outcome for the Typhoon Data team.

Highlights from 2022

The outcome of an M&A process is important to a founder, and the process itself has inherent volatility. It can be a challenge to ‘stay steady’ day-in and day-out, but a strong relationship built on trust helps ensure ideal outcomes—and a better experience—for all parties.

How leveraging interest from multiple parties allowed us to close a deal with the right investor, on the founder’s terms.

Generate interest from multiple buyers, know where the synergy and scarcity value is between all the buyers and sellers, and be willing to walk away if you don’t get compelling terms, including valuation.

What does it mean to hire an investment bank? How will we help you sell your business? Will you give up control? How much work will you have to do? PEAK Co-founder David Stevenson breaks down the process and shares some stories about what to expect.

Highlights from 2021

Excerpt from David Stevenson’s 2021 interview with Axial.