I don’t know anything about the industry, but my guess is that being a big VPN company puts a target on your back. Everyone pretends they care enough about privacy to use a VPN, but the vast majority of users commingle environments and identities to the point that, IMO, they can be tracked across VPNs.

VPNs are mainly for piracy and it’s only a matter of time until big media takes a shot at suing someone. No one wants to be that someone, so selling to anyone becomes attractive. I doubt there’s a lineup to buy a company who’s main talent is under assessing risk.