I have exited this position, this was a mistake. Since it was...

I have exited this position, this was a mistake. Since it was announced on Jan 15th that Eon was pausing its roll-out of the GTK billing software, it's become clear that (1) the Eon contract is probably never coming back, and (2) GTK's competitive position in both Aus & UK is threatened.

The competitor software that appears to be eating GTK is Octopus' Kraken - it (instead of GTK) is doing the EON system roll-out, and Origin Energy recently bought a 20% stake in Octopus with the specific intent of helping it roll out the software in the Aus market:

1) https://www.eon.com/en/about-us/media/press-release/2020/eonnext-eon-and-kraken-technologies-form-strategic-partnership-for-eons-uk-residential-and-commercial-customer-business.html

2) https://www.originenergy.com.au/about/investors-media/media-centre/strategic_partnership_with_octopus_energy_to_transform_origins_retail_business.html

It might work out ok from here as GTK is still cheap relative to its contracted recurring revenue, and it's possible the GTK billing software works alongside the Kraken CRM system such that it's not a direct competitor. I just don't know, and the fact board members haven't bought on-market despite the low price leads me to assume the problems are long-term.