We believe Fineos possesses investment merits that are not typically found in so-called profitless technology companies. We think the market underestimates the revenue potential stemming from the adoption of cloud software by insurers and the increasing loyalty of Fineos' insurer customers. Fineos is well-positioned to secure new business, bolstered by long-standing customer relationships and referrals. Although the company is not yet profitable, it reinvests to strengthen switching costs with its loyal customer base, acquire new business, and maintain its competitive edge. We anticipate share gains from offering more products per client, acquiring new clients, and expanding into new regions and adjacent markets. Additionally, there are opportunities for cost efficiencies through client transitions to the cloud, automation of manual processes, and hiring in emerging economies. We expect Fineos to self-fund its future growth.
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