I'll admit, an IT services business didn't immediately excite, let alone one that is growing via acquisition -- but I'm certainly more interested after speaking with the CEO.

It was interesting to note:

• They are only acquiring 'niche' players that are well known for excellence in a specific area.
• They are NOT looking for cost synergies, but rather to broaden the service capability
• They are NOT looking to be everything to everyone, and are staying away from the more commodified areas of the sector.
• Half their growth has been organic
• They might look offshore, but really the focus is Aus/NZ where there remains a lot of opportunity
• Great to hear Stephen push back on some of the suggestions from analysts
• A big focus on effective reinvestment
• Strong industry tailwinds
• Recognition that reputation is everything, and good to see strong client retention
• Operating margins expected (hoped) to grow closer to 20% at maturity
• Good inside ownership and retention of acquired staff

All up, it seems a business that is keenly aware of its areas of strength and looking to focus on those.