"43% of revenue coming from the two largest clients"
Where did you find that, neoteric? I know they used to be very concentrated on a few clients, but I can't find anything to that effect now, and they've highlighted their diversification between corporate/government/insurer clients - that plus the acquisitions, and that much for the two largest clients would really surprise me.
Some of the deferred consideration is contingent and they only briefly went into debt, so they ought to be able to fund further acquisitions out of cash flow (unless they're significantly larger than the last ones).
A 20% share price jump is a start, and I should really sell some (am stupidly overweight) but that result surely justifies a $50+ million valuation.
KKT Price at posting:
58.5¢ Sentiment: Buy Disclosure: Held