Reverse listing via TDY (thedocyard) seemed odd but maybe not surprising given the circumstances in which it happened - original IPO fell flat during Covid.

Still a new listing and combined entity only 6 months old. Microcap with Market Cap only ~$150m.

Some Glassdoor reviews were scathing of leadership, although this is not necessarily uncommon in fast growing start-ups. This question mark over culture needs to be monitored.

Difficult to get a handle on competition.

Fund managers / Industry insiders will likely have more of an edge than retail investors so pricing of AND shares could be relatively efficient?

Execution risk remains with more deployment of features planned.

Disc: Held

Ansarada provide virtual data rooms on a SaaS platform for M&A Due Diligence.

I have followed since Pre-IPO after being impressed with Sam Riley (founder CEO) partnering with and presenting at Wholesale Investor conferences.

Founder Management Built from scratch over 15 years and retain skin in the game (28.5%) including CEO (5.6%), named after founders – SAm Riley is the SA in anSArada I think?

Chaired by Peter James (also chair of MAQ & NEA), well connected Aussie tech veteran.

Numbers are from today’s (27-Jul-21) Prelim FY21 results webinar - Gross Margin 96%, Cashflow marginally positive in Q4, although marginally negative over FY21. Customer growth up 31% in FY21 and expected to continue apace in FY22. EBITDA up 78% YoY, Operating Cashflow up 31% YoY.

Still innovating and releasing new features with great customer feedback.

M&A volumes have been high and tailwind seems strong at the moment, which makes sense given the disruption from Covid and cost of capital being so low.

Disc: Held