AyLab
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One Identity, Five Tranches
Quest Software is a private enterprise IT company backed by Clearlake Capital, and its recent liability management activity has turned it into one of the clearest live case studies in the next phase of sponsor-backed LMEs. What this write-up goes into is how Quest was not a weak business on the verge of collapse but a large software platform trying to manage a difficult SaaS transition under a heavy LBO debt load.
1) A Software Platform at the Center of LME 3.0
2) How Quest Started Scaling
3) The SaaS Transition Collided With Debt
4) The May 2025 Deal Recut
5) The Sponsor Took the Pain
6) A Second Exchange 🧵

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We are witnessing with despair the iniquitous use of hunger as a weapon of war. Burning crops, stealing livestock, and blocking aid are tactics increasingly used by armed militias. As civilians languish in misery, political elites grow fat with impunity. It is time to sanction these abuses and hold accountable those who are responsible for it.
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@giannisathh Goodnotes, the MX mouse with side scroll , the Mac on the stand. This…is art
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Where is the 20000 word post explaining in exquisite prose and exhaustive detail the complete lineage of all the design features that go into the Logitech mouse? This has to be someone's on-spectrum special interest. This thing is the Sistine Chapel of consumer hardware, probably responsible for $80b in increased GDP. Where is the HBS study? Where is the LW sequence? Where is the loving YouTube disassembly and hand fabrication of all components?

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