SAS has been a very successful software firm since it started in the late 1960s. Due, in part, to its early incubation in an academic environment, it has historically been focused on the quality of its technology rather than creating elaborate bureaucracies. It tends to have a relatively flat corporate hierarchy and has consistently ranked among the best places to work in surveys by magazines such as Forbes. People are motivated to join it because of the opportunities to do cutting edge work in software and because of the quality of its working environment. Another factor is that it is headquartered in North Carolina rather than California, meaning that the cost of living is far more affordable. Thus, even someone who was offered a higher salary by Google or Facebook might want to stay at SAS because, in North Carolina, they could afford a nicer lifestyle.
SAS was also a pioneer in offering features such as onsite healthcare and daycare. As well as having onsite recreation facilities, cafes, and other amenities, they encourage a 35-hour work week and work-life balance, making them an extremely attractive company for employees who want families.
As one of the few companies almost untouched by the dot-com bust, SAS has a proven business model. It can focus on creating extremely popular business software products and having an admirable record of retaining very capable employees. There is no reason for it to change. Going public might force the company into a short-term mentality focused on quarterly earnings, rather than on maintaining its very successful corporate culture. Basically, "if it ain't broke, don't fix it."
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