First of all, thanks @GazD for putting ReadyTech on the radar. I'll admit, I wasn't that familiar with it but I can see why it has piqued your interest.

Marc struck me as humble, thoughtful and long-term oriented. He's been running things since 1998 and it's clearly a point of pride that they've grown to a >$100m revenue company while being profitable the whole way through.

I also liked how he is very focused on the opportunities that are right in front of them --- 70-80% of their target market here in Australia are on old legacy systems, so he didn't seem too rushed to expand into new geographies or verticals just yet (although they are clearly eyeing the potential longer term).

Of particular note was Marc's elaboration of adoption and the S-curve nature of things. Especially given their hard won onboarding of some great reference clients.

Likewise, he really seemed to understand the significance of capital allocation and associated trade-offs. He was cognizant of the need to invest in new features/opportunities, while remaining disciplined and cautious.

Shares are on a P/s of ~3x and a PE of ~42 -- although it doesn't seem inappropriate to use their underlying NPATA value (which takes out things like one-off acquisition/restructuring costs and amortisation of acquired customer lists etc) which gives you a PE closer to 21.

For a business that reckons they can grow to $170m in the next three years (all organically, with any acquisitions in addition to that) and at a cash margin of 20%, that doesn't seem like too high a price.

Anyway, as with every company, i'm sure there are negatives so I would be keen to hear any concerns from others who are more familiar with the business.