IPOing today, looks good, page-35

KNO is a sleeper

The numbers of users is key here , the ANZ deal is the underpin , at the listing date I believe there was 14,000 seats , as this grows the income and profit grow

I believe the break even number is 20,000 seats

2 or 3 new clients and this number could be over 30,000 by June 2016

At $25 per month on the excess 10,000 users that isa profit of $3m per annum

There is no reason why KNO cannot have 50 large clients in 2 years , and 500,000 seats

Do the numbers , multiple the pE by 15 and you can see what I mean by a sleeper

Same business model as Atlassian sets times monthly fee = Revenue