Ann: US Organisation selects Bigtincan for multi-year deployment, page-9

I hold up to about 30 positions at any one time with around half of these in unprofitable speculative stocks with tiny position size. That said I am still very much experimenting with my style which is partly why I have held so many companies in the past. I have recently revised my approach to investing in the speculative part of my portfolio so have churned a lot of those stocks in recent weeks. I have settled on two core principles but the application is still evolving.

1) I want to buy companies for less than they are worth.
2) My key advantage as a retail investor is my ability to quickly move in and out of positions without moving the price much, even in illiquid stocks.

In terms of whether BTH has a best in class product, the multitude of industry awards they have won speaks volumes as does their bluechip customer base and rapidly growing revenue:

http://www.bigtincan.com/about/awards/ - this is a bit out of date, most recently they won the CODiE award for best sales enablement platform in July 2017
http://www.bigtincan.com/about/ - their customer base includes a number of Fortune 100 companies and is predominately in the US which also points to a quality product

As for the guys running it, CEO David Keane founded Veritel Wireless which he grew within three years to be one of the largest providers of wireless internet in Australia before selling it to BigAir Australia Pty Ltd. Here is a webcast of him discussing the IPO which has been posted previously.



The ease of replicating the product is a little unclear but as with any enterprise software, once employees are used to using it and provided it works well then it is quite unlikely to be replaced. Whilst on the surface it perhaps does not seem to be the most deeply embedded software an organisation might have, it is never easy or cheap to replace software used by hundreds or thousands of people. An interesting aspect of the software is that it automatically measures and identifies which sales materials are most effective across the whole organisation and pushes these to users.

As you say $30m is pretty cheap for a SaaS company with $10m+ revenues growing at 30%+ per year that is the global leader in its segment. As for funding needs, the CEO has stated he expects the company to be cash flow break-even by the end CY2017.