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Don't forget that with Mcd's Plexure have a tremendous case study of how they've managed to start small and grow big in this pace. It's not a bad examination of their business, and in addition Mcd's bought stock to block competitors working with them.
It's prudent to consider the bear case and there is always is one no matter which company you invest in. But when you take into account potential an enterprise value 190m and around 30m in revenue per year, with gross margins nearing 80% and proven cost control to produce op cf three years straight, it doesn't strike me as risky as some other high flying tech companies.
The business' performance and prospects have risen since the founder exited and is understandably selling down his holding to fund other investments.
I agree they only compete in two categories currently but that market is worth around 2b from ASR and grocery specifically and Gartner had them as the top company in those categories. They're expanding into other areas as you pointed out in theme parks and I'm sure with $10-11m going to sales staff more will come on. They only take profitable contracts so they're not looking to gain market share for the sake of it. The chairman has experience with Xro in the early stages, the CEO has been CMO at some decent sized businesses and seems highly dedicated to it through considerable amount of his remuneration is in options.
All in all it's cliche but good we need to be a bit more patient to hopefully see some of these opportunities flourish.
