Retention Rate, page-2

The vast majority of revenue has been acquired from enterprise customers- the contract durations are 3-5 years (see last investor presentation). Given 3 major customers the churn rate is technically 0- but ANZ is the anchor client and they in fact renewed the product last year (so essentially 1/1 enterprise renewal after end of long term contract, I don’t have a reference for this but if you read the announcements you can figure this out).
With the new sales team and the mid market strategy the average contract duration should shorten to 1 year and we may get a better idea of the new churn.

I *hope* this is a case of one of those companies that have taken a lot of time to get product market fit right and that now the investment in sales can cause a meaningful acceleration. The current EV (less so after recent share price appreciation) minimises the downside risk in case they don’t execute particularly well. Let’s see how it pans out.