I’m not a holder at this point (you don’t really need to be in...

I’m not a holder at this point (you don’t really need to be in this early). The new CEO has a strategy that makes sense but it’s not going to be easy coming back from 2-3 years of malaise. If they get it right there is no reason why there shouldn’t be 1 Portfolio subscription for each Super subscription through the accounting channel.

I would say this is a 2 year story as an investor. There is going to be close to a year of development required to build product customers want and then realistically it will take a year to get real sales traction. That said the multiple isn’t too demanding and the yield is ok so getting in now and putting it in the bottom drawer isn’t crazy I guess.

The fact that the new CEO has identified the right way forward quite quickly and is willing to put the Company’s strong balance sheet and cash flow generation to work developing product that will generate growth is very encouraging.