I'm not too surprised. I hope they stay privately owned! It's a lot easier to focus on "make good product" when you don't have investors/accountants/management/etc badgering you about "stock price needs to go up, make something shiny and get it out this month".

I left my last company (pretty large, ~1500 employees at the time IIRC) for a variety of reasons, but that was the primary driver. I'd joined on when they were privately owned by the guy who founded it. Then they got some private equity investment group to buy out part of the company. Then they did an IPO. Everyone was SUPER excited about the IPO. I didn't pay too much attention, I was focused on the product my team was building. ESOP was nice. But within a year we were being pushed hard to cut corners and get a half-baked version of the product out to market instead of building it to do the job well like we'd planned from day 1. Ironically, if we hadn't been constantly badgered and having our priorities flipped back and forth, I bet we would have had a useful, functional version of the initial plan out the door by the time I left, with the proper foundation to keep building and expanding it to solve the problems our customers were experiencing with the old system. But now the old system's problems are deeply embedded in the new system, because it was quicker to shove out the door that way.

On the contrary, the place I'm at now is a much smaller company, and the founder/CEO has stated in no uncertain terms that we'll never be sold out to investors because it would mean that we'd be beholden to interests contrary to building the product our customers want and running the company in a long-term sustainable manner.