Bain Capital was once involved in this company on the venture side. They know it well and could easily be looking at it on the private equity side. There are a number of strategic players that would love to augment their organic revenue growth with a 20% grower like this.
Obviously, they don't understand the business. A software company growing revenues at a 20% clip, with operating margins over 40% should trade at least at a 20x PE. Given the size of the company, it should probably be trading at a 25-30x PE. Yes, the license growth was poor, but the company is small in relation to the market opportunity and has demonstrated the ability to rectify execution issues in the past.
I would expect this to rebound to the low $40s in the next few weeks, if not sooner. I wouldn't be surprised if an activist shows up here or a strategic like IBM makes an offer to capitalize on the low valuation.