How MyFitnessPal grows

Under Armour paid $475M in 2015, pricing in future growth. Growth then slowed and the peak passed; when Francisco Partners bought it in 2020 the buyer paid for past performance rather than future growth. Guest's lesson: sell before you need to and before the peak, when you have alternatives and negotiating leverage.

MyFitnessPal acquired Cal AI not for its tech but for its top-of-funnel skill (Zach and team are strong distributors), aiming to keep new users coming in and eventually graduate them to MyFitnessPal's fuller feature set. Guest's reading, prompted by the host.