Atlassian is acquiring The Browser Company

I’m not sure whether I find it more worrisome or fascinating that we live in a world where a company that, as far as I know, has never generated a single dollar in revenue has managed to exist for over five years, employ more than 100 people, and still get acquired for this amount.

This isn’t criticism or sarcasm — I’m genuinely impressed, but also very curious about the rationale behind it.

Agreed, to make it even more interesting Browser Company discontinued Arc earlier this year. So not only did they do all of the things OP listed, but also didn't have a current product when acquired.