Ann: Operations Update, page-7

In the May Presentation 2018 they were at 250,000 users and ARPU of $1.245, which is around the time they signed up UOL and started the heavy ramp of email backup users. In the September Investor Presentation they had 750,000 users with ARPU $0.92. So UOL has got a bargain price for the email backup considering they they have not signed more than 100,000 users (now that we are back at 350,000 users).

I foolishly thought that this company could grow to 2 million users by mid 2020 and be valued at over 200 million market cap. I've revised this down following UOL debacle and have a target of 500,000 users mid 2020 but at $1.80 ARPU, which should see us back at 15c, or hopefully we get bought out at 100 million, which would not be surprising giving the consolidation in the market with Kaseya acquiring Spanning Cloud backup solutions and Datto acquiring Backupify.