Just watched the presentation, and whilst there was nothing new it was valuable to hear it from the horse's mouth: Straker is pretty cheap right now.

It is certainly not a true SaaS company and will probably never be one in its entirety, but I suspect will end up one day predominantly charging in a similar fashion to SaaS companies (ie a mix of volume based and subscription based). This was mentioned during the interview and could easily provide a significant increase in margins.

Also, the company is in good hands - the closing comments were to my mind highly reassuring - the same group of Managers/execs have steered the ship from listing 5 years ago, to a 50m+ revenue company, and are all shareholders. They know the company and the industry inside out and have a clear vision of where they are going and how to effectively get there.

I hold IRL and strawman. And am just off to top up a little more!

I’ve copied the headline points of their latest update below. Straker never seem to have attracted much attention in the SaaS space (possibly because they are part of the way in transitioning to a SaaS model) and trade on a lowly multiple despite increasing evidence that they are executing well. It ticks many boxes for a lower risk SaaS company suited to these times!

You can get exposure through BTI as well as buying directly

Q3 FY 2022 FINANCIAL HIGHLIGHTS1

• Revenue of $15m, up 99% vs pcp (up 101% in constant currency) and 26% vs

Q2;

• Annualised run-rate2 of $60m;

• Approximately 50% of run-rate increase driven by organic sales growth;

• Positive adjusted EBITDA;

• Operating cash is positive with an inflow of $34k driven by increasing sales and

good cash collections, moderated by expansion of global sales & marketing

capability and operational support to the IBM contract;

• Strong balance sheet with no debt and cash of $17.5m