Just like with almost everything Photobucket was sold or raised money from investors throughout the years repeatedly.

That money they want back!

From somewhere, any way, pimping the EBITDA and ARR numbers to the expected one for the 5-7 years resale cycle or such. ARR needs subscription, and if you have user lock in - well, otherwise you wouldn't buy some trivial service like this wouldn't you? You counted on the lock-in, that is central to you 'business model', or more like exploitation - then try cash it. Now! You can alienate people down the line? Let that be the problem of the next owner of the product, you will cash out soon anyway. And next PE look at the price/ARR ratio mostly, anyway, it will be a fine add-on to some other PE target at least, if the ARR ratio is fine.

PE is shitting where it eats.... and others eat too ... ruining it for everyone. Don't care. Why don't they buy oil or beef farms or whatever, why they need to ruin the internet too?