I finally bit the bullet and took a starter position in STG (only in my personal portfolio as I have no straw man $$$). I have had it on my Watch List for a while. With a target of >50m in revenue for 2022 a significant increase on the 31.3m achieved in 2021 I felt now was the time to strike.

The company had a huge 2021 with the purchase of the US company Lingotek that adds a subscription revenue stream, the strategic relation with IBM, new customers in Nike, Zoom and Siemans meant 2021 was a watershed moment for this NZ company.

As they continue to look for bolt on acquisitions, invest in their platform development with a focus on growth it's hard to see this continue to stay under the radar with only a 118m MC (note low share count ~70m and top 20 holding 80% makes it fairly illiquid).

Should they execute and hit their medium term target of 100m in revenue then its share price could be multiples of where it is today. 

PS. BTI has a 12% ownership position in STG and as a holder of Bailador I feel I could do worse than following one of their picks. Note AEF is also a significant holder. 

NOTE. Director Grant Strakker sold a significant number of shares in the middle of the year which might have contributed to the retreat in the share price. It was a decent sale.