Good point crystalblue the catch up factor has been an ongoing...

Good point crystalblue the catch up factor has been an ongoing problem in many sectors over the course of time, take bunnings & what happened to Masters hardware store. Woolworths threw plenty of dollars at that & just couldn't compete. I think the software side of nearmap is where the inovation is up to at the moment.  
Looking at spookfish they jumped into bed with a bigger newly aquired business that cost the new owners plenty not sure how much dept that mob are in. As well as paying Royalties  to spookfish & spookfish loose out handing over control. Also the option deal means they end up with less over time. I know what horse I'd be backing and thats Nearmap NO DEBT &  have control of the business & have a bloody good product. That keeps on getting better.