@ArrowTrades, great thread. This has been on my mind of late also. A few ideas to start:

- Xref, market leading product and ticks the main points you allude to. I think there are some other factors too -- scalable and lots of opportunity ahead of them in various markets. I think they are attractively priced at present.

- 8common, perhaps not as attractive as Xref due to scaling issues and lack of profitability, but they are well embedded in sticky government and have valuable IP that is clearly sought after.

MSL, similar to the above, have accumulated an impressive customer base. But their financials more similar to Xref than 8common.

Tyro is obviously experiencing takeover interest, and while the main opportunity here might have been missed, I think there are some key lessons to learn to assist in trying to identify tech stocks that have been whacked. I think the main benefits for Tyro are market share capture and a general liking for their product. Yes there are lots of competitors but Tyro has steadily grown transaction volumes for years now. Customers aren't leaving them in droves, even after they raised prices. This suggests some level of pricing power and general satisfaction with their service. You would think it would be easy enough take some of the fat (costs) from them, embed them in an established business, and make it profitable. The banking licence might also be an easy win for someone outside the big 4. I think 8common present a similar case study here.

Who else?

You might want to also consider companies that have had interest in the past.

Smartpay (SMP) comes to mind. They were previously going to sell their NZ business to Verifone for NZ$80 million. Maybe a similar deal could be in the offing, or maybe with a couple of extra years of execution the whole business would be seen as attractive.

Another that fits the bill is Smart Parking (SPZ), who are generally very cash generative. Their board rejected an offer at 28 cents in 2019. I would note that at the time it represented a 150% premium and roll forward to today and they're now trading around that level, so maybe the lack of compliance by the board and likely premium PE would have to pay would scare some off.

I'd agree with XRef (XF1) and 8common (8CO) though unfortunately. Maybe a Kynatico (KYP), was CVCheck (CV1), too?

Apart from PE it could also be an opportunity for further consolidation in the Telco space. Companies like Vonex (VN8), Symbio (SYM) and Spirit Tech (SP1) come to mind.

[Holding SPZ, XF1 and VN8]

Don't forget some of the big ones of the last 12mths:

• Ramsay Health Care (RHC)
• Altium (ALU)
• Oz Minerals (OZL) - in progress round 2
• Perpetual (PPT) - in progress
• AGL Energy
• Origin - in progress

Anybody bidding for Magellan?

Well it looks like OZL has received another request from BHP

I'm guessing that is why CNB is down despite the drill results today?

If OZL gets taken out, wondering what would happen with all their equity investments including CNB?

On another note CMM (Capricorn metals) was also subject of takeover with RRL.

I put my hand up for buying CMM at around $1.30 after the recapitalisation hoping RRL or someone could come back and take them out.

However I doubt it will happen this time. So now it could be a long hold for me now it is in the ASX200.

FYI: $1.30 coincidentally is the same price I bought Northern Star. Must be a good luck price on buying goldies for me - not a recommendation of course!