Like private equity, the price will need to keep going up. Bitwarden has financial targets to hit, they took $100M in VC money in 2022. LastPass is currently owned by PE as well (Francisco Partners and Elliott Management). As an investor, in this context, you're buying the lock in and inertia for customers who might take their time moving to other user secret and idp systems (because it takes time and effort to effectively move with minimal enterprise disruption).

Once these comments burn in after ~2 hours, we can of course revisit the thread in the future to see if this turns out to be an accurate prediction. I admit, I could be wrong, predicting the future is hard, but history is fairly clear how this turns out (to the point that "enshittification" was coined).

Bitwarden raises $100M - https://news.ycombinator.com/item?id=32735479 - September 2022 (497 comments)

Accelerating Value for Bitwarden Users - Bitwarden raises $100 million - https://bitwarden.com/blog/accelerating-value-for-bitwarden-... - September 6th, 2022