Update: After slightly better analysis of likely growth here, the current price (9.8c) would take into account ~25% growth over the coming 5 years, which with the current trajectory could be possible but I think it's on the higher end of possibilities. 15% I think is likely and if allowing a margin of error here, I'd be tempted at closer to 6c. Lesson learnt here: valuation is key, even if the most recent headlines are impressive.

TZL is a software technology developer in the 'Smart Locker' space, incorporating package delivery and pickup, personal storage, and ecommerce click and collect.

They operate internationally with the majority of revenue coming from the US and are are currently undergoing a transition from hardware to a SaaS model and are currently 50% of the way through that transition, with September 2023 being the end date for all existing perpetual software license customers. The company is reporting positive feedback from those already transitioned to the new model.

What peaked my interest was that revenue was up ~24% in FY22, the first year for positive net income, and they are so far on track for 50% growth in monthly recurring revenue this financial year.

The most recently launched product was is OPeL, a software platform able to piggyback on other manufacturers existing hardware, as well as two new releases this year of their new software 'TZx' and hardware system OPeL 2. They also have a partnership with Ricoh.

Overall, a company just hitting profitability with a transitioning model to what I consider to be a growth area. Adding the SM portfolio.