Seems lowly a rated stock. I know they have 27 modules, I'm...

Seems lowly a rated stock.
I know they have 27 modules, I'm sure some are more advanced than others.
But honestly how difficult is a salary payment module? The presenter opened with 'have you ever been incorrectly paid' statement. Well yes but very rarely. Is that really their main selling point? Hardly game changing.

My concern is that they are cobbling together aquisitions to aquire clients and that their software has no inherent moat or superiority over elmo's or IHR's or ADP's software.
If all their aquisitions are accretive and they can keep churn down perhaps it's not a major factor in the short term.

Any thoughts?