The risk factors you mention are all very valid, however I'll note the following:
Integration of Arte Mobile: Given management did this on day one, I'd say they had it in the pipeline for a while, and for a reason. They loaded up on the shares raised for Arte Mobile, and it's always good to follow the insiders
General economic climate: Yes, this may impact iSentric, but given the earnings relative to price, and CAGR of revenues/profits, even a recession would mean good cash returns on the investment.
(If profits drop 20%, P/E becomes 7.5... This implies 13.3% earnings on the money paid for iSentric)
I will note 1 item - there are a few major customers listed in the initial spin-off that you haven't noted (i.e. single client risk). But it's not major and some contracts are written in an opt-out fashion; meaning, unless the client says no, the contract is renewed. Far less likely they'll cancel the contract like that.
ICU Price at posting:
16.5¢ Sentiment: Buy Disclosure: Held
