I don’t know the specifics in this case, but it’s possible the valuation is “low” because it’s really easy to compete with this company (just hire your own juries). So the company might provide a lot of value but not be able to extract very much of it for itself.
It’s not easy to compete because there are network effects. If you hire your own jury than you are responsible for picking jurors which means that people have to trust your decisions about how to pick jurors.
The more active jurors you have the harder it is to manipulate juries in your favor.
I don’t know the specifics in this case, but it’s possible the valuation is “low” because it’s really easy to compete with this company (just hire your own juries). So the company might provide a lot of value but not be able to extract very much of it for itself.
It’s not easy to compete because there are network effects. If you hire your own jury than you are responsible for picking jurors which means that people have to trust your decisions about how to pick jurors.
The more active jurors you have the harder it is to manipulate juries in your favor.