I had mis-read the options, I thought there was ~10M...

I had mis-read the options, I thought there was ~10M outstanding, which would be 1/3rd of the float - which would certainly be a headwind on the SP if exercised (although, you could argue in that situation they'd be doing well, so it wouldn't matter).

On the revenue matter, adding a $19M line of business and getting a 3% drop through of EBITDA (~$600k) isn't an outstanding performance - again, could well be that the acquisition is still bedding down and the next quarter growth might be there - but we'll see I guess.

Small cap services businesses are hard, not sure that Joe and the team have Managed Services business experience, which is where the risk to the SP is given that's where most of the revenue comes from. In my experience, telco guys struggle to get managed services businesses - they're long tail sales opportunities that are difficult to replace - the polar opposites of telco businesses. This was proved out with IAB who were unable to monetise this business over their time holding it.