Been reading through the prospectus and maybe I have made a mistake but I feel they have been a little misleading with their revenue numbers.
From the image wolf posted above this was compared to other software companies but according their financial statements, which I have included in the image below, the majority of their revenue is coming from the two IT service companies their are acquiring. It looks like the active port software part of the business has just started earning revenue this calendar year.
Would love to hear peoples thoughts because I still think it is an interesting software business with a low market cap, but if you are buying because of a low MC/Revenue multiple you are better off comparing it to IT service companies which typically trade on 1-4 times revenue.
