Class Limited IPO

Has anyone else considered the upcoming float for Class Limited, CL1?

It is a cloud based self managed super fund administration tool with a growing rate of customers over the past few years.

Class is chaired by Barry Lambert - founder of Count Financial an accounting/financial planning group which Commonwealth Bank eventually bought for $373M. He is also chairman of Countplus, a listed professional services company that operates a network of accounting firms.

Class Ltd are offering 29M shares @ $1 per share equating to a Market Cap of approx 120M.

My main concern is that one of the main customers - AMP recently switched from Class to a competitor.

Class looks like it has room to grow but can it be overtaken too easily by bigger competitors?