Ann: Pushpay 2019 Annual Results Announcement, page-8

Thanks Jogo

Cost of Azure seems to indicate cloud computing is not cheap and also why MSFT & AMZN are making so much money in that space.

The TAM was always a question in the back of my mind, and although they have some way to go, the slowdown would seem to indicate it is quite fragmented and comprises a lot of small churches to increasingly harder to maintain growth and capture market share. I do think however there is a market for this in the charity sector, and wonder why they have not look to enter that market.