Ann: Appendix 4C - quarterly, page-10

Interesting to know how much of the 30% revenue growth was from Blue Reef acquisition revenue. I guess we will never know.

The reason is that the Blue Reef acquisition was a one off type transaction, and the 30% revenue growth year on year may not represent a normal year for Tesserent. Tesserent will not be making 3 million dollar acquisitions which gives it an extra 150 customers every financial year.

This time next year, when the 4C is released, we should have a fair idea of the organic revenue growth, which I suspect will be closer to 15% year on year. That could be the reason investors are sitting on the sidelines - waiting to see the organic growth that Tesserent can generate for itself.