I'm very sceptical of TAM numbers in general. However, i like...

I'm very sceptical of TAM numbers in general. However, i like their approach in mapping to M365 customers.

The major oversight is who are their competitors.

Whilst positioning themselves as non/low code intranet, the competition is weak and evolving. In terms of the functions and functionality LVT performs, they are competing with HCMs like SuccessFactors/SAP, Oracle and Workday and service management businesses like BMC and ServiceNow.

These are all businesses with enterprise plays and high-level strategic relationships in the core target market. Whereas LVT has 1% penetration, and as point solution, they will, therefore, have 1% commercial engagements in these accounts. Those vendors will have established relationships in 80-99% of the enterprise market and chasing those same dollars