Well they had to put in another 20M of funds to pay off debt...

Well they had to put in another 20M of funds to pay off debt owed to suppliers, so that's 1.4 x revenue tthey paid. Depending on the margin that revenue generates- I'd expect 15-20% that's say 7 x EBITDA.

I hope they can keep the talent they need to affect a smooth transition.

The HQ is in a small city in SW Germany so if enough of the 300 staff are well settled into the semirural lifestyle that may help avoid them being poached. For the younger ones who are perhaps mobile the opportunity to work in other countries with Hansen may appeal and it has to be more personal than SAP or Oracle, even though they are now a team of over 1700 all up, and will effectivley be a branch office rather than a HQ. This can be good or bad, but it's a big change.

Compared to the acquisition of the Canadian Sigma company the cultural differences experienced in integrating Powercloud may be more daunting for HSN to pul off.

I had a good hunt around the Powercloud website and it looked a bit stale or they have been not focussing on keeping it current or they haven;t book any noteworthy orders for a while. As a tech guy myself I was excited by the possibilities, but I know that ossibilities aren't worth much tl you turn them into product and growth orders.

I'll look forward to seeing what HSN do with it in the next 1-2 years.

Some big wins (new logo's) outside the DACH countries would be reassuring.

I was losing condifence and planning to exit after Andrew H was a no show at the AGM. At least he sat up late for the Announcement. I got the sense that Graeme T is a low energy person. That may be a good thing, as Andrew may be inclined to sell himself on things, and not used to having dry powder sitting around to deploy on some shiny new thing. I'd be happier if they could achieve some more organic growth of the existing business.