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This is stunning although I have to say not surprising. I speculated all along that this was what they wanted, as no other motive made sense. Thank you for sharing, Lucretuis.
I wonder if it would serve PCI-Pal to make this public...
I personally own over 1% of the company and would certainly reject any offer under 150p.
Interesting point in Eckoh's results. Wonder if we'll see it drive out more of the in-house solutions that some merchants use.
"New updated PCI DSS v4.0 standard effective from April 2024 will increase complexity and cost of compliance for merchants, which is likely to drive higher levels of sales engagement for Eckoh's solutions"
Looks like PCIP are doing a little restructuring. Not a total surprise in the current market.
https://www.linkedin.com/posts/kaylahilton_openforwork-b2bmarketing-saas-activity-7126225993526034432-wq9x?utm_source=share&utm_medium=member_desktop
I wonder if the not so subtle paragraph in PCI-Pal's release yesterday about defending their IP was aimed at the Sycurio team... Maybe PCI-Pal think Sycurio is actually infringing their patents. Now wouldn't that be something!
Welcome Adam. You're in good company. I've owned since early 2021. I've added a decent amount more today as well.
A fair valuation for this would be more in the ball park of 6x ARR, and frankly even that would be too low. PE could take this and make it very profitable. Which is the irony and hilarity of the whole Livingbridge/Sycurio situation.
This market never ceases to amaze me. The whiff of an appeal and we're back to where we started. Slight downgrade to next year's numbers but those results are fantastic in the wider context of the macro (that has affected all SAAS) and management distraction from the case.
I had a bit of a sparring match with ChatGPT to figure out the cost reimbursement question. Seems to me as though, once the judgement is made on cost reimbursement, PCIP can claim the costs immediately, regardless of the timing of any appeal. Good news and just makes Sycurio's position seem even more nonsensical.
Thanks for the summary, as always, Lucreitus.
At some point, we have to reconsider Sycurio and Livingbridge's motives. This is clearly a losing situation, but on they go. Are they trying bleed PCI-Pal dry, beat down the shares and acquire them on the cheap? Stranger things have happened.
Question: Would the £1m of cost reimbursements to PCIP, if it's deemed appropriate, happen before the appeal takes place?
Interesting. So, latest state of play:
PCI-Pal seem to have successfully argued why the patents are nonsense. Sycurio agree and are trying to amend them before the judge's decision (perhaps why it's taking so long?). PCI-Pal are pointing out that this is ridiculous.
Viewed through admittedly a somewhat biased lens.
PCI-Pal triple nominated. No competitor presence.
https://www.payments-awards.com/awards/shortlist23.php