For all the shit that PE gets, what you described is probably the best outcome possible from the POV of shareholders. If done well it should increase earnings per share. It's perhaps the best you can hope for in a situation where the company has been in decline for 5 years and you have no levers to effect change as a small shareholder.

This only works profitably because the users let themselves be stepped on, of course. But then again users who put their notes into a remote company's computer are those kind of people.