1) How old are you looking at?2) Definitely a deep DD is always...

1) How old are you looking at?
2) Definitely a deep DD is always a must for any buy out
3) There is a significant moat around companies like this due to the mastercard processor - this has been supported by the mastercard $1mill payment and official stamp of approval - Most companies aren't doing payments as they don't have the Mastercard or Visa approval that they need. Similarly getting the AFSL is not easy. This provides this company with the moat we always want to see.
Once they have the AFSL, and already having debit cards approved in NZ should allow an easy scoop of low hanging fruit in the form of tier 2/3 financial institutions in Aus/NZ.