Ann: 1st Half FY19 Results Announcement, page-121

My respected fellow investor kinda agrees with you Kain. Another comment he made about Hendrix was that he would be astonished if others are not working on this or even have similar products...it being such an obvious add on for companies in the conference and meeting software space. But, hey it costs LVT nothing, its a distribution agreement for a bolt on product , so why not? Nevertheless I looked at it this weekend and thought how I can think of how many meetings I would like an AI scribe taking minutes.

His thoughts on the economic moat for hyperfish are that; (i) its not an obvious product for the big well funded players, (ii) its unglamorous but highly functional (the kind of thing that Seattle does well but Silicon Valley finds boring) , (iii) you would need a really deep development relationship with MSFT and its the kind of thing that MSFT is happy to let a partner come up with a solution for. (iv) If MSFT blesses it as the recommended solution, then they will have a massive endorsement and credibility advantage. It is not a big budget item, but the customer will want it to be done right and you are going to go with the endorsed solution (v) Its not even a B to B product, its a B to IT product. You are selling it to the in house IT guy or their consultant. That takes a different type of marketing skill and a network of contacts within customers at the IT level. CRM software you are selling to the marketing guys. HR software you are selling to HR, Supply chain software you are selling to the Purchasing and Logistics guys . The CEO of a company can understand and get excited about spending money on integrated communication software or the latest update in digital marketing software...but have blank expression when someone tells him that the AD needs to be continually updated. Its really important but the person who knows this is a technical guy.