I have to rush off, but just some high level thoughts after today's meeting with Mike.

I'll admit it, I'm somewhat seduced by the business model -- at least in principle. I mean, it's a capital light software business that has the potential for the super strong network effects that often accompany marketplace businesses. Also, I often love companies that are well placed to benefit from a structural shift within an industry (in this case, towards a Cloud based procurement and contractor management) and that enjoy an early lead over competitors.

At the same time, they don't always hit the necessary critical mass and can bleed cash for a long time before any real scale is achieved. And I think it almost certain that Felix will raise again soon.

I think the partnership model is the way to go for offshore expansion, and the fact Mike reckons offshore revenue will be 90%-plus of the group total within 5 years is very interesting.

It seems that the story here is (potentially) -- good tech, and good base of banner clients that they have fought hard for, but to date the earlier expectations for revenue growth haven't been as strong as perhaps the market was expecting (maybe due to some overzealous guidance provided at the time of listing) and shares have bled off when coupled with the expectation for further dilution. BUT, the market potential is exciting, as is the industry tailwind. And there does seem some decent traction with contractors. These things -- especially at the enterprise level -- always takes much longer than most people expect.

Shares are roughly 3.8x revenue.

Adding them to a watchlist for now