AFR article, page-13

Yes, it hit my radar. It looks like a great business. #1 in a big global niche, trending toward global dominance. Blue-chip customer portfolio. Know a number of ACX holders who also hold WTC for many of the same reasons. Got a small number just to watch it, but haven't done the same detailed research. Like ACX it's as a multi-year play - not for the numbers this year or next year but - a bet on industry evolution toward dominance. Love the high % spend on R&D aiming to get further and further ahead competitors. It's got the advantage of being more P&L profitable sooner, though query this strategy with such a long way still to grow. Three slight negatives with ACX by comparison:
- it's not a collaboration product so doesn't have quite the same evolution path to naturally accelerating growth and eventual monopoly one day, which provides huge medium to long term upside for ACX
- much more dependent on the founder, so more key man risk and possible governance issues
- less liquidity (but this doesn't matter if buy and hold)