Hi ChagsyJust coming back to PPH, I think there is one further...

Hi Chagsy

Just coming back to PPH, I think there is one further consideration which we need to somehow factor in. Their organic growth is actually supplemented by any incremental processing volume the Church (their customer) achieves on the back of a more efficient, more professional and enhanced platform. They talk of the ‘engagement’ benefits with donors and the congregation at large becoming 24/7.

So, as they establish themselves, the model should deliver organic growth (internal to PPH) and then something akin to a royalty on the Church’s organic growth. If you follow them on Twitter, they have cited examples where subsequent to installing the software, a church has grown it’s processing volume by 25%.
Good luck factoring that into any valuation. Got a feeling we are going to see a ‘compounding machine’ in motion.

Rokewa