turnaround story in the making, page-8

it&e (ITE)

Hi Gollum,

And when you look Gollum, ....at the size ...also of Reuters (indirectly in this sorta space) and QUIC also, Canadian firm, who are definitely also, in this space; and Fitch who own Algorythmics-- and Sungard-- one can see that these Four Big Bears -- who operate in this arena.... and of course, Other Related Areas-- are always looking for a competitive edge against each other....-- another ace... in their pack.... versus the other guys pack, ... so to speak....

To my mind, what might have set ....errrr....."just some alarm bells" tingling off..... at both QUIC, Algo (Fitch) and Sungard, is when it&e won back the NAB account from Sungard...

And possibly also similar currents of alarm tingles-- and such thought lines.... were happening at firms like Sungard, when (ITE) went live with HSBC, and also the winning by (ITE) of the second Tier One Asian Bank....

- Now lets take the logic a another very feasible, happening now, further step .... along...

If one, two or three ....of the four accounts.... we are now....awaiting cofirmation on; were won against firms like Sungard in competitive Tender situations;....and if one or two of those are Larger Banks-- (in Sungard and Algo's own European Back Yard, and North American Backyards), and then.... if say Sungard/Algo/QUIC etc... .....also knew that it is (ITE) who are also now.... up against them... on the other Deals in the 11 in the Pipe Line-- which they would possibly-- ??-- now be aware of; and know about....

At some point .... we are talking about .... a shift in market share ...and market power.... or at the least ... a threat.... to the established.... market share arrangements....

-Okay swing one more thought ....or three..... in.....just coz we have had time to have had a nice, Cold crownie

Yesterday it was announced, in the AFR; that a Private Equity Firm-- paid -- AUD $330 Millions to buy the Australian Software firm-- by the name of: Mincom.

-- Mincom had a profit., of 9 millions even....

That puts Mincom --as adjudged by a Private Equity Consortium player .... on a Valuation of: paid out of PE: 33 times --of Mincom's profit.. ... rather interesting set of numbers I thought.... and these are actual agreed upon... "deal done last week"-- actual real numbers.....

This commercial deal, was reported; in the Austn Fin Review yesterday; and all other Business sections.... of the Australian national Press..... ie: On the Public Record.

Think about that a little ....Mincom was a Australian Software firm.... till yesterday.....a apublic co, but not a listed one on the ASX .....

When the head of the Private Equity firm was asked; why they had indeed paid ..... $330 Millions for Mincom: his answer to ... the AFR and Press in general; ....was very simple.

(1). One -- the Proprietary Software Technology.

(2). Two:-- the Blue Chip Clients, that were of great interest and intrinsic Value.... in the assessment ....of the Private Equity Consortium .... in terms of real Value Offered. .. and why they paid the amount under question.

Okay then, where does this leave us....?

Well, maybe ....I'll let other forum members ....make their contributions.... with regards... to some of the issues ...that are involved here...

As we consider all of this now; it is an interesting result, to ....Wonder ....whether.... one of the Four Bears I spoke of .... (Reuters, QUIC, Fitch (ALGO), or Sungard),.... as described above; ....would like to be dealing with.... a multi-Billion Dollar Private Equity Player..... new to the Financial Markets Risk Management Software and IT Scene, or maybe prefer .... some other ... possible....course of action...?...

Interesting ....set .... of various.... possibilities....

Of course, the words: "competitive tension" --and; the existence of v. motivated multi/several agenda driven -bidders, .... in a relatively keen , "bidding auction" .. .... To get a Clear Market Edge, or a form of Marekt Ascendancy; does .... sometimes ...also vaguely pass through.... ones mind .!.. if you know.... what I mean....

Kindest Regards,

Robbo .

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