RE: 52 week low-23p21 Dec 2018 09:07
Some good observations @Burnt
Starting with Tradeshift, they are the ghost of Christmas future. They have raised similar sums as Tungsten did when they IPO'ed and are similarly frittering away the proceeds on a number of acquisitions that are just distractions, and will lead them to the same working cap position as Tungsten.
The reality is that the EDI is as you pointed out a service that is now often ancillary to other services but Tungsten have done well to continue to sustain and modestly generate revenue there. However, their cost base has never turned this into the profit generator it could have been and they are actually servicing the wrong segment of that market (low value invoices) to offer finance products. The Tungsten usp of regulatory approval of the service was overtaken a long time back when Adobe gifted the pdf standard to the ISO and pdf's are almost universally accepted as legally resilient.
So, where can they go? With limited cash and tech that is probably outdated, the situation isn't good... and it's not really an acquisition target unless someone acquires who doesn't really understand the market. But you never no!!