Ann: Update on Senetas subsidiary, Votiro, page-63

I did some research to understand the pricing model of Votiro. Genuinely interested for an advice business i an associated with . The costs per user is just under 20 dollars per user USD . Now the size of this business is between 500-1000 employees so I imagine bigger business would get better pricing so let’s assume half that .
So how many employees would your average large bank have ? WBC in Australia has 40k employees . Global banks much higher. Govt depts the same . So we we assume 50-60 mid to large business for a total of 1 m users at say 15 USD average per employee . One can see how Senetas revenue could easily double with the incorporation of Votiro .
1 m is a starting numbers achievable over 12 months IMo. 5m is not a big number across 100 -150 large multi National employers . As with all SAAS modules, the revenue is sticky and margins very large . The economies of scale grow with expansion . The market knows that, so even Votiro doesn’t turn a profit for a year or two the market will reward Senetas once the consolidated revenue shows a material increase in yoy revenue.
Sentiment - strong buy