Ann: Quarterly Business Update for Q2 FY23, page-31

Yep, I was on the call and am aware of all of those things. I disagree that they don't directly compete. Charif is the CEO of the company, it is his job to say that everything is fine and dandy, he is also a major shareholder. I think majority of companies would consider email backup = email backup, if they accidentally delete an email it can be restored with the click of a button and that is 99% of the use case. Microsoft are also extremely capable of providing secure backup and using a seperate company is not necessary IMHO. If it makes sense for MSPs to sell Microsoft backup instead of Dropsuite (i.e. it is more convenient and/or they make a better margin) I think it is likely they will do that. It's more expensive but it comes with added benefits. Perhaps MSPs will sell their clients both and take a margin from both? I'm not sure but Microsoft providing a backup solution has always been a major risk, Charif has said they are not interested in doing it, they prefer to leave it to 3rd parties, he was wrong, Microsoft are now offering data backup and archiving, which if utilised, renders Dropsuite obsolete in the eyes of many customers. Let's see if their growth and churn bounces back. I will be very happy to be proven wrong but for me it swings the risk/reward outside my comfort zone. It was also a very disappointing quarter for ARR growth and cash flows, although 1 poor quarter isnt so much of a concern, with government cloud offering having been requested by existing partners, it should have had a running start, sales and marketing has been ramped up, growth should be accelerating not decelerating and cash flows should have been much stronger with lower staff costs and rent than the prior quarter.