Looking at Bigtincan is like looking at all the acquisitions they have done. This is quite a mouthful, but bear with me (these are all the acquisitions they have done soo far); 

1. Contondo - After listing, the acquired Contodo on 27 November 2017. The amount, I actually cannot find it in their presentation decks. Did they get them for free? There were mentions on it, but I have no clue how much they paid for it. It's an Israeli company that integrated into Bigtincan's data science team. The Contondo platform has plugins with Salesforce and Microsoft Dynamics. The acquisition is strategic in nature to build the data science team. 
2. Zunos - 31 July 2018, where Bigtincan paid $3.25M in all cash. Bigtincan gains expanded presence in the West Coast and Midwest regions in the USA and add additional Channel Partners including Telstra in Australia. At this time there was 12 fortune 100 customers. There is an $11M cap to be paid based on recurring revenue earned from the Zunos platform in FY19 and FY20. Hence another $7.75M to be paid. I think this part of the reason why they did the SPP recently ($7M raised to cover working capital costs to support recent wins and transactions).  
3. Fatstax - 22 November 2018, where Bigtincan paid $1.8M in all cash. They also gave a $1.4M performance fee if milestones were hit, payable in Q1FY20. Bigtincan paid $1.4M in performance as FatStax has achieved contracted annual recurring revenue in excess of 120% of target. Hence $3.2M paid for the acquisition. 
4. Veelo - 25th July 2019, paid $1.8M in cash and brings ARR ~1.1M from the USA. The transaction complements Bigtincan’s existing North American footprint with teams centred in Portland, Oregon with remote team members in Minneapolis, and throughout the USA and Mexico. 
5. Asdeq Labs - 4th September 2019, paid $0.49M brought ARR ~ $0.40M. This acquisition is strategic for product development. Their product AsdeqForms ensures secure and automatic delivery of documents and data collection on-field employees’ devices. 
6. Xinnovation - 30th September 2019, paid $4.5M. They have 15 customers that bring ARR ~ $3M. XINN is a sales enablement and document automation platform that serve financial services customers. 8 of the top 15 investment managers in the world use XINN, hence a  very high retention rate.  
7. Agnitio - 8th October 2020, paid $3.3M and will pay another $1.65M based on target revenue and subscription revenue earned in the 6 month period commencing 1 October 2020. A Danish company founded in 2001 specialises in sales enablement for the life sciences sector primarily in Europe. Agnitio has estimated they bring ARR of A$1.6M from 3000 users across 45 countries. This acquisition works well for Bigtincan as they bring 20% of revenue from the life sciences sector. With Agnitio, Bigtincan should aim to increase revenue per existing life science customer.        
8. Clearside - 23 December 2020 Their largest acquisition to date. They will pay A$23M at a 3.1x ARR (US$5.2M). It is a "strategic" acquisition - it better be you are paying $16M from shareholders pocket. Some major customers Clearside have are NBC Universal, The Economist, Aflac, web.com and Comcast Spotlight. How Bigtincan aim to increase revenue from those customers is a big question mark.
9. Voicevibes - 15 January 2021 Paid US$2M based on just the technology. No meaningful revenues. Only the tech, which is "automated coaching and sales guidance". Shocking, to say the least, and is the final straw for me. Burning shareholder capital with this acquisition.       

They raised $35M last year from institutions of which $17.5M is expected to use for future acquisitions. Looking at the report card, around A$25M went towards acquisitions. I cannot trust this management with future capital raises. I attached a graphic below showing what the current landscape looks like for the sales enablement market. I counted 16 companies there excluding Bigtincan and Clearslide, which to me signals 16 more acquisitions. That is insane, as they are burning shareholder capital in the process.  

The acquisitions that make sense are Zunos, Fatstax, XINN and Agnitio. Those acquisitions increase market share and enable cross-selling to large customers. The others do not make sense to me. Buying Asdeq to enhance product development, surely they can use $400k to build it internally. Same can be said with Voicevibes. As mentioned in the previous version of this straw, Contondo we still don't know what happened, no mention of them in recent reports. More importantly, Bigtincan does not show revenue breakdown from each acquisition. They quote the total ARR which is ambiguous as we have no clue how they got that. It has to come from acquisitions but which acquired company generated that revenue? This is a massive red flag for me. 

The volume of acquisitions does my head in, ARR has grown but they are burning shareholder capital left, right, centre. Their reason for all these acquisitions would be to "own" the sales enablement market. There are 16 more competitors to go after so many more capital raises for shareholders to foot the bill. Notice management guidance is purely topline, nothing for the bottom line. With the latest spree of acquisitions, a J Capital type of report is getting more likely. The reason being, with all these acquisitions, there might be some accounting tricks involved to make the numbers look better than currently reported. There is no transparency on the revenue driver for the business or which subsidiary drove the revenues? Shareholders have shown a lot of loyalty to the company with last year's SPP. This is the last straw for me, as Bigtincan is using the same strategy as WiseTech and it is not how I like to invest.