When you get a CEO who doesn't buy add on businesses that have remote chances to be profitable, and doesn't spend piles of money hopefully integrating them, then you do have discipline IMO. We will see whether there is discipline exhibited over time, or just talk.
Really buying Locate and Waddle and Planday etc is a sign of extreme over-confidence, as they are very unlikely to be successful and need a lot of focus, and could be partnered with anyway. They certainly are not accounting software businesses. (Even better - partner with one of the successful competitors of these businesses). IMO
Ann: Xero program to reduce costs and drive disciplined growth, page-21
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