New World is a mixed bag of both opportunity and risk.
It's an opportunity because there is a lot of growth in this area as both platforms and applications mature and become more accessible/useful to a wider range of business types and sizes. We also have the advantage of Australian Privacy regulations that require sensitive, private information to be stored either in Australia or in a place where equivalent protections are implemented.
It's a risk because we're minnows and there are whales out there and there aren't a lot of competitive moats to help us defend and increase market share. All the major international players who are operating in the Australian market have the regulations covered.
I believe that we're well positioned to grow our offerings to existing customers and increase our customer base. We should see some economies of scale as existing facilities are more fully utilized.
Nevertheless I believe that while we should see some improvement in margin over time, it will always and forever be under pressure.
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