Thanks @mondyinvest, that was a long, short answer!
Good insights into your thinking though and worth all investors considering a similar process, patience is key.
On a couple of your key points, the call was recorded, I listened to it on the Quatr app last night, not sure if its available elsewhere.
There was a question about competition / moat on the call. The answer was competition is welcome, not overly concerned about pricing pressure, as Xref started this back in 2013 and competition validates and widens interest in market and they sit at the top with various features that set them apart. Importantly it was also pointed out, that while some are just starting out in reference checking, we are building out the SaaS solution with more features like end of employment surveys and pulse checks, so we are well ahead of the competition. The SaaS solution is a game changer for me.
On the call they mentioned testing the product in other international markets like Japan (they use LinkedIn a lot apparently) and Germany, so plenty of room for international expansion. Partnerships will help us drive this and the digital marketing means we can focus on different areas at different times.
Key for me is really the international growth now, if they get that firing, the market cap here will easily reach $500m in a few years.
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(20min delay)