Why is all this relevant? If Microsoft cannot consolidate the client operating system market
, it cannot monopolize the cloud. It was the Windows monopoly that practically ensured the Office monopoly. If the cloud apps market is not an inevitable monopoly, by definition, many vendors are going to flourish, and there will be many opportunities to differentiate and add value. Microsoft has made it clear it is not going away; Google is not going away, and we want to be clear that Zoho is not going away. While the short to medium term impact of Microsoft's strong cloud showing is actually a positive for us, we strongly believe we have a really good long term opportunity here. Of course, it all comes down to execution, and we like our chances at Zoho.