Ann: Investor Presentation March 2015, page-25

Hi Fire Bull,

The two companies obviously operate in a similar markets, being mobile payments, content and to a lesser extent games, but the differences to me seem to be:
- B2B offerings - ICU seems to be larger in this market, although margins are not as good. Customers in this space seem to be stickier because of switching costs (it costs a bank a lot of money to move), but single client risk is then apparent
- Geographies - Indo/Malaysia vs Australia (to my knowledge, feel free to correct me)
- LT Incentive Plans - I took a look at management's share incentives... very generous to say the least
- Awareness of companies - MBE is far better known, but this is a home ground bias (Aus) and the fact that ICU was recently spun-off

I don't know enough about MBE to go into more detail, but the pricing of each drove my investigation/analysis to ICU rather than MBE.