I also thought this looked interesting based on it being...

I also thought this looked interesting based on it being cashflow positive, having a supposed growth runway and praise from Merewether but digging into it some more:
- It relies on a mix of hardware and software; difficult for it to be as scalable / high margin / high growth as a pure software business. SKF and SP3 come to mind as similar in this respect, although SPZ's product is probably more essential to its customers
- There is no special IP. The business installs cameras, runs number plate recognition software, requests details of rule-breaking drivers and attempts to collect cash from them. Others can do this - in my city there's at least one other operator that appears to do the same thing.
- Contracts are not lengthy

- Aside from installing new cameras, there is little to stop carpark owners taking the best alternative competing offer once the contract expires.
Easy to imagine a scenario where SPZ and competitors have to pay up front or share revenue with the carpark owner.
- Regulatory changes are an ever-present threat

So overall I had no reason to expect that SPZ's revenues would be as sticky, high margin and inherently fast-growing as a pure software business. Other beaten down tech microcaps are more interesting. Happy to be proven wrong or shouted down.