Ann: 2019 Full Year Results Presentation, page-22

Current Mkt caps (US$):

FVRR 1.09B

UPWK 1.04B

FLN 0.12B

Seems to be a 2 horse race... although unlike the 2 loss-making leaders, FLN is at least close to break even.

Options for FLN minority shareholders:

1) Takeover. With A$ being so low vs US$, FLN is looking that much cheaper to potential foreign buyers. Even say 2x current Mkt Cap is < 25% of the leaders. BUT depends on price MB & SC would take. That US$400m they reportedly knocked back from Japan's Recruit Co in 2013 must be looking good now.

2) Going private: With such a high % of ownership (~ 80%), record low interest rates make debt funding the balance (~20%) an option. BUT depends on what MB & SC want to do.

"Aussie Nasdaq" launches on the ASX on Monday, putting the local tech sector in focus.

DYOR