Software developer for midsize enterprises

- Strong longterm growth prospects with healthy margins and an expanding Cloud business
- Great financial health - no debt, no capital raisings
- Sticky customer base with ongoing support and recurring licensing revenue
Unlike larger software vendors, they take full responsibility for implementation and consulting  services. The enterprise software is intricately embedded into the client’s technology infrastructure

From the client's perspective, cloud software removes the need to acquire multiple software licences from a range of vendors and effectively outsources IT departments resulting in material cost savings.
- Outstanding management with incredible history of consistent and reliable earnings growth (more than a decade)
- Above average commitment to R&D investment in next-generation cloud platform. The P/E ratio will underestimate profitability

Summary: High price for high quality. A great long-term buy and hold that is currently out of favour.