“Software contracts are better than first lien debt.”Robert Smith, Vista EquityHello OpTrackers, Today I am covering an interesting potential investment on the long-side. Here’s a quick snapshot of the setup: Best-in-class VMS software business with durable 15-20% growth storyTrades for ~15x NTM EBITDA despite monopoly-like position in core market and significant pricing powerWeaker competitor in the same end-market was sold for 20x EBITDA to strategic acquirer in a competitive auction Insiders would be well compensated in a change of control transaction and large shareholders have catalyzed change of control transactions at past and current holdingsCorporate actions indicate the company is positioning itself for a sale Path to multi-year 20%+ CAGR as a standalone independent company or a near-term 50%+ return catalyzed by a sale of the business Business OverviewSubscribe now
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