Ann: Spenda announces strategic acquisition of Limepay, page-211

It has become very clear that what you are saying is correct. How many implementations are they currently working on? Two maybe three if you believe ebev. To make SaaS profitable you need something like 20 clients. You also need to be able to roll a client out in 6-8 weeks and start them paying licence fees. CC and Cap are taking years not weeks. That simply means each implementation is a bespoke build off a framework Spenda has developed. That is a perfectly reasonable business to run but software companies that use a framework as a basis for bespoke builds trade at relatively low multiples due to the time and risk with each build. Spenda is clearly not SaaS or they would have more than 10 live clients by now given the elapsed time since launch. The company just uses terms like SaaS to get the multiples. Just like they call lending revenue ARR. This business model cannot sustain the money they are burning and will continue to burn. Trading at 10 times revenue is a market outlier which will eventually correct.