I was caught up with work so didn't make the deep dive meeting but just listened and some comments on what was discussed:

On the merits of the buyback - RUL used recent private market transactions to argue that RUL was undervalued - noting many of those transactions were at top of market. Deswik was acquired last year (completed early this year) by Sanvik ($26B swedish company) for around $700M. Deswik had 79M in revenue (with only 45% I take to be recurring SAAS like) for over 10x revenue. RUL was trading at less than half that obviously with advisory revenue so not all 'SAAS.'

On terms of the stickiness of the software and organic v organic growth it seems it is very much depends on the module. I think this can be seen as a collection of software solutions to different mine problems rather than a single software like XRO. It seems that at the moment miners use many different solutions from different providers - RUL is the first to now have 'end to end' solution but not all is best of breed.

Another note is that often have RUL staff sit in with miner tech teams for some of the customisaiton and implementation to train them and solve any issues.