I am a bit confused with a few things @domen1993 All the points...

I am a bit confused with a few things @domen1993

All the points you mention would have been known last year before going through all the work of switching to Class....?

Also i thought Class without discounts is $250 per fund? And with volume discounts it could get down to $213 per fund. This compares with BGL at $170 per fund (incling feeds)

as @Leveraged mentions, this software has very high barriers to entry. Not only the capital cost of a potential start up would be very high but they also have an innovative competitor quickly gaining market share with a highly functional product and strong accountant relationships. Not to mention a limited market size of 600K SMSF's. It is a great little niche to have high barriers of entry to.

Class only has 4K portfolio accounts in Aus so i reckon it wouldnt have even crossed their mind about overseas and nor should it have. The SMSF software can obviously not be expanded overseas.

Class portfolio maybe a tough slog. It has low barriers to entry (as opposed to the SMSF side), www.sharesight.com/au is a competitor that i know some accountants use. Sharesight has 60,000, If this is what Class could have in 3-5 years it could double in price.

Right now Class trades on 26x 19eps, thats pretty good I reckon