From the comment in their annual report

I think their cash generation ability in advance and good cash balance currently will make sure they are fine. However, to get share price momentum, revenue needs to catch up with the cost increase - which I think will be a little difficult in FY24 based on economic conditions as well if they are migrating to a subscription-based model - that will hide their revenue. so I think the long-term story is intact but I wouldn't be very hopeful in the near term.

It seems like the price paid is very reasonable

As much as I like seeing organic developments of modules for software - this acquisition looks complementary to Xref's offering. The question would be how different the tech stack is for both platforms from an integration perspective and how incentivized incoming founders and employees to grow the business.

Although Job ads are going downhill month over month -- it is still above last year.