@edgescape , from an investment perspective, at this point, I have no cause for concern on powercloud as:

• The level of disclosure on (1) the technical solution (none) and (2) post acquisition performance (none) and (3) expected future contribution from the acquisition (none) is completely consistent with how HSN announces, updates and then stops the updates on ALL of its prior acquisitions. 
• HSN has delivered the 3 things it told the market it would do - (1) investment spend (showing up in 1HFY25 numbers) (2) stripping out costs (mostly done) and (3) EPS accretive - it is reported that they are now.
• The powercloud acquisition was (A$49.0m) compared to Enoro (A$96.0m) and Sigma Systems (A$166.2m) - other than not being EPS accretive from day 1 and the need for some investment, from a corporate risk perspective, it really is only a medium-sized acquisition, is relatively standalone as a German operation, and is not in itself, large or significant enough to change the shape/trajectory of HSN or alter its corporate risk profile - I don’t see it as warranting any special attention, more so when management has mostly addressed market concerns on the acquisition
• HSN announcements, particularly in the past 3-5 years, do not always indicate which solution is being deployed with each new contract, so trying to extrapolate the “success” of an acquisition by contract, is a futile exercise - I tried but got nowhere.
• HSN’s track record in integrating acquisitions has been a good one - there is nothing to suggest powercloud will be any different.
• I see HSN's competitive equation to be “HSN Suite, including powercloud” vs the competition, as this is how I think HSN goes to market. I do not see it being a “powercloud vs competition” issue at all. 

I think the market’s response (so far anyway) and my reaction to the results is that:

• While the 1HFY2025 headline numbers don’t look great, my read of it is that there are a lot of timing-related issues with license revenue, which is mostly driven by customer demands for up front licenses vs a SAAS deal, I see this as simply accounting issues - at the end of the day, the revenue will be booked, and the cash will be received. The one learning from this result is that license revenue is lumpier than initially thought
• Then there are delays with customer upgrades into 2HFY25 - I get why this has to happen as a customer, the work is inevitable/imminent rather than an “if”
• Jan’s results give confidence that full-year guidance can be met
• Powercloud has turned around slightly quicker than anticipated
• They continue to win contracts, including the giant VMO2 deal, which now must be implemented.

I thus did not see any thesis breaking issues, either with powercloud or with the 1HFY2025 results, requiring action to be taken, and so I remain invested. 

Only time will tell whether my ongoing conviction is/was a good or foolhardy one!

@jcmleng I agree they addressed the profit concerns on the acquisition. However it is easy to cut costs and headcount. But I can't see where the double digit revenue growth comes from when I don't know much about the product and strategy other than rolling out compliance. I would still press Hansen on uploading more product demos or guides if I was and investor.

I think people are buying Hansen because it is just a cheaper version of Gentrack