Ann: FY23 full year results presentation, page-7

Putting aside HFY, CCG, FSG all need to act. I do not believe HFY is heading down VN8 path they have been very measured with acquisition multiples and have achieved it without debt. HFY maintains a positive cash flow with over $5.2 million in net cash as of June and boasts high margins and formidable clients in the MSP/Telco sector, VN8 faces challenges. VN8's client base, which it acquired from MNF (Symbio), consists mainly of smaller customers with low average revenue per user (ARPU) and experiences high churn rates. This makes their financial position precarious with negative net cash. Given these significant differences in their business models and client bases, it might not be apt to draw direct comparisons between the two companies.

However, CCG has a closer comparison to HFY and I believe there would be significant synergies in finding common ground to merge these businesses together. It would be a good start.