Their last startup sold to VMware for $1.54 billion. Now, they're back with OneTrust, a privacy startup that's raised $200 million in its first-ever outside investment, valuing it at $1.4 billion.

"While the internet was invasive in our lives, the smartphone elevated that invasiveness," Dabbiere said.

"Look, larger rounds have always been a big piece of our business," Wells said."It gets caught up in this broader landscape, but we've been doing this for a long time and are going to continue doing it.""If I put out a glass of water and take a pitcher of water and dump it out, I'll fill the glass but I'll also make a mess," Wells said.

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