At $271.6M, BigBear paid 10.9x Ask Sage’s projected $25M 2025 ARR and booked $192.7M of goodwill. You’re underwriting user-to-contract conversion: the 2025 10-K cites 100,000 DoW users across 16,000 teams, while today’s release dates only BYOM for dedicated tenants, Q3 2026.

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