Ann: Appendix 4C and Commentary, page-11

Despite the financials the chart does look bullish with an opportunity to buy around 53c a few weeks ago. Clear customer wins and potential synergies between all the acquisitions may scale the business better than we expect.

I don't think the market is concerned about the losses at this point. Strong organic revenue growth of 35% is decent, even if revenue was only $20m last year. Given their penchant for acq's, this could increase even further. They still have about two years' worth of cash if their cost base stabilises.

Seems like when applying a basic assessment of a business this doesn't scream buy, but the market likes its story so maybe we're underestimating their revenue growth, or the fact that the market loves a business that has almost all their revenue as recurring.