"this is a little acknowledged but great Australian IT company"...

"this is a little acknowledged but great Australian IT company" - I agree. Evidenced by consistent profit growth over a sustained period and laying claim to having many blue chip companies as clients.

They appear to offer a 'best in breed" service offering in UC. I have to admit my lack of knowledge in this area leads me to make ultra conservative assumptions about their growth prospects and ability to maintain or indeed even grow sales revenue and therefore profits. After reading up on this company, I still only have a superficial understanding of what Prognosis actually does.

I would feel a lot more comfortable if the company sold their licenses for a definitive period of time or operated on a subscription model as is the case with many software/technology stocks. A one-off license fee leaves the company placing a heavy reliance on new sales to maintain profits and therefore exposed to volatility in earnings.

"this market is clearly at the early adopter stage" - Just wondering how you've established the market is still in the early adopter stage??

disclaimer: My understanding of license fees was based on a response from a previous poster. I have assumed they were correct in their response. The stock piqued my interest, however their license fee structuring didn't sit well with me and there were some other opportunities which I preferred so I moved on. I do however, continue to watch this stock with interest.