With the power of hindsight, this makes interesting reading......
https://www.asx.com.au/asxpdf/20170728/pdf/43kyzw30g052g1.pdfI don't want to sound like a broken record but I will, as per this announcement the company was growing revenue and clients, they had put on two support staff, who along with Charles were tasked with on-boarding new clients, the company had set up a first class offshore solution, at a time when the industry was focusing on cost savings and efficiency gains. It would be interesting to know how many new clients were put on between this announcement and the commencement of the pilot with the CBA, what went terribly wrong that by that stage they were executing a hail mary. Okay the landscape had changed but the number of advice practices seeking an offshore solution was increasing.
At this time we were having 100% of our SOA's completed and a significant number of admin tasks, the work was of a high quality and very competitively priced, you can argue that the company would not reach its milestones simply through the traditional offshore solution so money and time had to be spent in developing the software. Having quite a bit of experience with BOOM2 in the early days, i am not sure that positioning the service based on the software was a successful one, I only speak from experience in saying that I believed the software was still at a stage where in regard to practical usage and the implementation of automated SOA's it was well short of something we could use, so at no stage did we consider integrating it into our business. However I was last familiar with the software well over 12 months ago so have no experience of further development. I can only give you a my perspective around the time of the announcement.
In regard to the comment about CBA and intellectual property, I again wouldn't have a clue, but a question to ask would be during the pilot program were the CBA making use of the functionality of Boom2 or were they having their work completed the traditional way, i guess that is a long winded question regarding what would have been attractive about Boom2 for them to go down that path, personally i think the idea is ludicrous.
So I just wanted to stick my head up and offer some balance to the discussion, take my thoughts for what they are purely my own.
(20min delay)