This is not one of my holdings, however, here is my thought bubble.
Linkedin is a weird place. We all agree. Right? Well CEO Brian Miller who is around 60 has only worked at K2Fly according to Linkedin. https://www.linkedin.com/in/brian-miller-k2fly/
Which is strange as he, by all accounts, had a successful career in the UK with AMT. He walked away with over 100M sterling. Why would you not list that? It’s on the company website (sans the 100M sterling detail) https://k2fly.com/board-members/
I have been casually following the business for a few years. Initially I thought it was a bit of a vanity project wrapped around a few mates delivering some consulting services to mates in Western Australia. Western Australians after all are a pretty parochial lot. No offence intended for any Western Australian readers. Apologies from ‘over east’.
It has been some time since I have looked at this business. They are sensibly pushing software and their IP. We all know there is no multiple for sell one, build one services businesses. But then looked at the four software solutions. After reading the headlines, I don’t actually know what any of them do, other than assist with ESG.
As I didn’t understand, I went looking for more information. This video doesn’t help. All I took from the word jumble is K2fly get the consulting services from the software. So not a software business then. https://www.youtube.com/watch?v=OuOKTn4fFA8
ESG is getting more important, especially when the world’s largest miners cannot stop desecration of know cultural sites. Looking at you Rio. Can you build a business on ESG services?
The professional polish certainly seems to have improved. They have also bolstered the team, but some of these specialists must be coming at significant expense. Makes me wonder how they are paying them with revenue of only $1M per month.
You have to look at many to find the few. This one is still a pass for me.
