Some fair points there. Seems the NetSuite licence valuation was...

Some fair points there. Seems the NetSuite licence valuation was set by an independent valuer. No doubt Stratatel paid for the valuation.

Goodwill of $4m does seem high for this type of transaction.

For this all to stack, I would expect @ least a 25% ROIC for the whole JCurve transaction. So looking for an NPAT contribution of $1.5m. So synergies are one thing but it will need plenty of revenue and margin growth from where we are today. So it comes down to your view on the product. I like the potential of the product but it is coming from a very low base given it is not even washing its face.

I like the roll-up potential here with a couple of high profile and well connected Board members. But you want the next one to be @ 3-4x EBITDA ... otherwise lets pass.

No idea what the creditor is but it explains the deterioration in working capital @ the head stock level.