Wirecard neglected the former business and didn’t really add any value to it after they acquired it in 2014. So now that Change has acquired it from Wirecard, they need to ramp up headcount to support the existing and new customers that they bring onboard. Change has added several key people in the various markets to drive the customer growth. Looking at their profiles on Linkedin, they look like talented people with many years of experience in the payment sector. So they should bring a track record of being able to find new potential customers and have the experience to “close the deal”. It will just take some time for that to happen.
I’m not that concerned about the customer concentration. Larger customers provide a good reference benchmark to get other larger customers to consider migrating to Change or launching a new program with Change. The top 10 customers account for around 63% of revenue in the last fiscal year. That should change over time as they bring on more new customers and diversify the customer mix.
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