Ansarada is one of the cheapest tech stocks on the ASX, page-5

Not the worst opportunity, strong brand / market leader, but probably difficult for market to give it SaaS multiples (hence the share price trading sideways), the churn rates are unconventionally high, not sure anyone wants to have a perpetual VDR even though that's what they are trying to sell (M&A guys and gals just want to close one deal and then think about the next one) and not sure their governance stuff is as good as the VDR side of things.

M&A is also a bit cyclical, albeit we are in the right part of the cycle.

It is a pretty good biz though, but just not sure you will get your conventional 4-10x rev...that you normally get for your stock standard high-growth, low churn, high LTV/CAC type SaaS biz... might be easier for the market to value this one on an EBITDA multiple...

(I'm probably wrong so don't listen to me).