Ann: Game-Changing UK Reseller Channel Partnership Agreement, page-6

I think that assumes some mid level kind of take up by all the clients of Cintra. Ofcourse not everyone will but it sounds like a large portion will. It's probably a minimal cost add on for Cintra clients.
I was keen to offload and move on but I am confused now.
Even if only half of that ARR comes through in the next 12 months, it almost doubles the ARR on this partnership alone. Once the normal growth from other avenues is taken into account, the ARR could be around $12 million in a years time - that should command a market cap of $240m but this remains to be seen. Most other companies that have a 20 x rev market cap have some kind of moat and I don't think IHR is at that level yet. Even so, a bare minimum of 10 x ARR should be justified and a market cap of $120m is still almost double today's market cap.