Some issues to be aware of:

They recognise revenues as soon as the contract is signed (up to 5 years in advance), on the basis that their contracts are non-cancellable. Recent accounting standard changes will negatively impact this, and they cannot offset lost revenue recognition against R&D expenses which are already capitalised.

 40% of their debtors can be outstanding more than 90 days which amountsto 60% of  assets.

They capitalise all their R&D”

Average revenue per customer is $76000 (including consulting).