Zunos and FatStax and Revenue and ARR, page-4

Negative comments are always welcome and very valid points.

Nevertheless, benchmarking the growth ex acquisitions is approx 40% TTM, assuming organic ARR growth is in that vicinity 12 month forward ARR is likely to be approx 30m.

The question is is what other SAAS companies with gross margins >85%, with growth >30% and a solid balance sheet are trading at 3x forward ARR...the answer is none. Therefore BTH offers excellent arbitrage as a relative value proposition.

Moreover, if the business is actually market leading or thereabouts in a growing market (probably second to Seismic) then with these kind of figures you are actually looking at a good absolute value opportunity as well, itrrespective of market context (which is important because SAAS valuations are risky at the moment).

in short a very good asymmetric bet- very good chance of rerating and given not expensive there is low chance of significant losses.