Ann: AGM Presentation, page-19

Excellent disclosures.

Negative was that they're already at c. 12% of their immediate addressable market which I must admit was more than I expected. in saying that clearly new rev. opportunities to execute on.

The massive opportunity relates to their unit economics. Despite a 14 mth payback period (which shows the slow sales cycle compared to other SaaS products) customers are extremely sticky and have enormous expansionary opportunities over the long term. I.e. once we win a customer they stick around for many many years and underpin long term earnings potential. They say their churn is 10% a yr which is best in class and on an MRR basis I assume it is negative (as in the existing customer base grows and outweighss cancellations). I also note that the LTV is fully loaded with support, retention, sales etc. etc. VERY POSITIVE. At a very basic level, for every $100 we spend on acquisition we get back $800 over a 10 yr period (breakeven after 14 mths).

It's just about patience and timing on this one. A MASSIVE LONG TERM HOLD.