NSW Goverment Sailpoint software licence, page-17

Hi Jonkey.

Having spoken with Jeff about this numerous times about this I cant agree that TNT is any more a roll up story than VOR is. Jeff is just smarter saying we will continue to acquire when the target meets our requirements, but until that occurs we will continue to land and expand and grow organically.

We will also benefit from synergies of existing business units cross referring work to each other.

There are 3 very real targets we are currently doing DD on, and if none of them meet the grade then I am happy to trust Jeff's judgement.

The money to be made in VOR is not going to be made by buying shares and jumping out once it has gone up 20 or 30 or even 50 percent. Jeff and the operations team are Cyber Natives....they live and breath this space and this is all they have done. Finally the rest of the world is waking up to the importance of having this stuff right. We are well entrenched in both the very big end of corporate and in the Government.

I would be very surprised if we are not on the radar of some very large players that have been asleep at he wheel and haven't built out capability in this space.

We still dont know confidently if all this consistent buying that has been going on for 2 weeks now is a few smart players or 1 large predator. Picking VOR and its capability and its staff and operational management up for even $60m would be nothing for a number of decent players that are about, cashed up and hungry for growth.

10x