Think we will have some time to wait before we see the results...

Think we will have some time to wait before we see the results of the strategy playing out and with the Market being impatient expect further weakness. On face value the benefits of the integration look slow in coming. The wins aren't coming as quickly as they and other Industry participants (see NUIX (albeit a slightly different player) etc.) thought (surprising given the tailwinds to the Industry). But hopefully its because everyone is in catchup mode given COVID and we also know the government tender process is excruciatingly slow. The accounting issues are a red flag, especially given the company has been through acquisitions before so they need to get a very clean signoff. I am continuing to watch further dilution. I have no problem with option plans etc. but these options are struck at such low hurdles that its almost a straight dilution with little performance upside and that's going to put a handbrake on the share price performance. I'll also be keeping and eye on who is taking the chance to exit in the management/director group. Overall I like the prospects but short term its a bit messy so I would prefer they get the house in order before they launch their next phase of acquisitions and whilst I like expanding (especially at lower values) this management group haven't yet proven they can expand, integrate and thrive effectively. PS Most overseas transactions are value decretive in the long term (even for the big guys) so prefer they stay home.