Couple questions

Been following M7T on and off for a bit, seems at an interesting juncture but wanted to get the thoughts of others who've done more work and are more familiar with things:

- Who were the prior owners of Client Outlook (was it all management-owned, or were third party investors in there)? Wondering in the context of the acquisition consideration being basically 100% cash upfront.
- Why hasn't M7T transitioned its revenue model to 100% recurring / transaction (i.e. pay-per-use), as PME has? Has M7T given any hints that they are thinking about this?
- Does anyone know when in its transition PME also went through the license/lumpy revenue transition, to 100% recurring (or has PME always been basically pay-per-use / 100% recurring)?

The transition to 100% subscription/recurring/pay-per-use is seemingly so obvious here - M7T now has the cash on balance sheet to forego the big upfront license payments for a few years in lieu of smaller recurring payments (and current maintenance/subscription recurring revenues cover ~70% of OpEx base), and blind, deaf and dumb Freddy can see the direct comp (PME) trades at much, much higher revenue multiples than M7T because PME's revenue is close to 100% recurring vs. M7T's which is approximately 50/50 split between recurring and lumpy/licence.

I have to assume that M7T management aren't idiots and they have observed the wildly higher multiples the market ascribes to software businesses with close to 100% recurring revenues, such as their direct competitor PME as well as others like OCL, ALU, RUL etc.

Thanks