What is happening, page-35

Good luck with that. My belief is they have the potential to become one of the major players, but their current management is not capable of achieving that. There is significant senior management turnover and their cloud product is a hybrid that still retains the same structures as their on-premise software. This makes it use significant band-width and perform slowly for companies with significant transactions. This is not something I learned from their advertising and media, but from their customers. They could completely re-write their software from the ground up and then it would be built for the cloud, but that is not the way they did their re-write for the CI Anywhere product. They are now talking about another re-write despite their CI Anywhere product still being two years from completion, which was meant to be completed two years ago. Do your research, it is easy to find their customers, just do a web search and as most of their customers are government related, you can find out who their customers are. My belief is that their customers are very loyal and have stuck with them for a while, but their patience is getting tested, and unless TechnologyOne fixes their development, HR, culture etc they will struggle moving forward. They have enough money, revenue, etc to fix, but they need to get their management sorted. I will re-invest once they get their management fixed, the price will probably be much lower at that point.