Flagging an early warning report filed by Intercap that states it’ll clear out Warburg’s $68M position, taking Jason Chapnik’s (board chair) stake to ~57%. Like we saw with Pet Valu, a block that big can weigh on shares if the market expects selling…

… so it’ll be interesting to see how it trades from here. It’s not the only headwind DCBO’s faced recently, with lost contracts and general pressure on SaaS names - but if its new FedRAMP authorization can bring ARR growth higher…

… another private player could start circling if shares don’t respond.