Microsoft obviously acquired Wunderlist for a price between 100 and 200 million. Yes, it is a gorgeous app, and yes, it is more than a to-do list, but seriously: a tech company buys a service with 12 million active users and a technology that cannot be so complex that only a few people on earth would be able to rebuild? I always thought you either buy a team, a distribution (number of users) or a technology. For neither I can see a 100mn value. What am I not seeing there? Why did Sequoia bet 19 million on Wunderlist 18 months ago?