LivePerson, Inc. (LPSN) provides online engagement solutions (e.g., chat, marketing campaigns) and analytics. LivePerson's stock pulled back following first quarter results that missed management's expectations due to several enterprise customers cancelling the service. While we had been patient with the company's challenging transition from single product (chat) company to an engagement platform provider, we decided to exit our position as the large customer cancellations were inconsistent with our investment thesis. (Gilad Shany)
From Baron Funds second quarter 2013 commentary.