I think the Telstra deal gives them a fair bit of credit to...

I think the Telstra deal gives them a fair bit of credit to having a working and saleable product. If it wasn't Telstra wouldn't sell it, I know they sell a lot but nothing in this space and I am sure they do a lot of work on companies and a lot don't pass the test. Telstra mention secure state as well, so probably another tick you can give.

The personal are good, I think they have just been caught out with how the market works and the time frames for raising etc. they are commercially minded but maybe just initially lacked market experience. Now with ESA helping out they can do the leg work for the next funding round, which I believe Australian investors won't get a look in. We all had our chance, now hopefully the US can get on board. The exciting thing about IWG, is that they are revenue ready, it isn't 2/3 years away, Telstta is making revenue and will increase and the other deals can be fast fowarded with the injection of more capital, which will be the selling point to US investors. $100M market cap seems big but in the tech space it isn't really when you have something selling and ready to ramp up.

The past presentations talk about $1b market cap, which everyone hopes it gets too. The scary thing is with IWG they can get to that market cap without even gaining a fraction of the global IT security spend. I do believe their technology is different to what is out there and over time can be used against the bigger boys like Cisco. But i as I have said they are commercially savy, the guys behind it want to make a profitable business then hopefully sell it off with lots of 00000s, at the end. The registry is tight, against popular belief it is pretty tight. Shares actually tradable I would put it too 5-10% of the register the rest escrowed or in long term hands. So the quicker the story gets out and gains traction it will pop. I assume the US guys are learning about it now with ESA and they don't won't it too move just yet as they would want to get set at these lower levels, but hopefully the domestic interest may drive the price up, before the big boys take over.

An update would be good, hopefully it surprises, but I wouldn't be disheartened if it doesn't purely because it is only just starting. Remember UK announcements might be out soon, and some more US updates. Interesting times folks just get set if you haven't already and be patient.