It seems like the management was and am asleep at the wheel and are unaccountable to their shareholders as a publicly traded company. The board of directors are not doing squat either perhaps it's best to sell the company off to an organization with management who knows what they're doing. Private equity comes to mind who'll rein in the costs and get rid of the deadweight to force it to show value.
Good point by @XVdQjz7-1rhim.
I heard in speaking with someone who is a VC and chooses to remain anonymous that Cisco is negotiating to buy them at which time it'll be a slash and burn situation as Cisco does quarterly layoffs. The executives under the CEO will be replaced with internal Cisco management. Shhh don't tell anyone.
Sell them to Oracle and let Mark Hurd decimate them.
Oh no selling the company now would admit failure of CEO Doug Merritt and the board of directors. They'll just double down and try to blame it on Brexit or China trade war to deflect on their shortcomings in not planning ahead. Meanwhile, they'll cut the twice weekly food giveaways in offices and reduce travel costs and on the sly layoff staff globally. They're a one trick pony just selling a syslog application although works great is expensive.
The execs then will no longer be on the gravy train to gorge on their RSUs if sold to Bain Capital or an Opentext where companies go to die. Don't say it's not possible just look at HPE who sold their entire portfolio of software products some of which were iconic to Micro Focus a couple of years ago.
If they got sold to Cisco it would be the easy way out and best case scenario given the other alternatives mentioned above. Lol.