Overview Key strengths Key risks Good market share in the content services platform (CSP) space with highly vertical solutions that cater to multiple end markets, such as health care, government, education, and financial services. We expect the company to derive about 15% of its revenue from perpetual license and professional service sales in 2022, which are more volatile. The transition to cloud-based solutions could also negatively affect its retention and short-term revenue stability. Highly sticky client base provides good revenue and cash flow visibility. Acquisitive strategy will cause leverage to remain high. Above average profitability and low capital intensity support solid free operating cash flow (FOCF) generation of consistently above $115 million. Operates in a highly competitive and fragmented industry.
