I don't read Drew's comment that way at all. He's pointing out correctly that they were well resourced, and had built a $.628 Billion revenue business (at the time). Well done.

Incidentally Since the change, they've grown to just north of $800M, so Elastic is still growing, but that growth is significantly slower than in years prior, so evidence supports Drew's assertion. Had Elastic done something different, they may have had more or less success.