Having read their IPO prospectus, my reading - They buy a company which they feel has a sticky product for its loyal userbase and then integrate as many of its common services into its in-house platform e.g. data

They then fire nearly all of the existing new companies staff and think of all the ways they can maximally monetise the existing userbase. Growing the product via investing in it isn't a priority, revenue stream is.

They get a lot of stick, but in fairness they are up front about their business model; they don't hide the fact that they are going to fire most people, unlike traditional private equity firms who make false promises.