Acquisition Unlock: €210m in 5 Years

So from your perspective, as you transition a customer, or we should really say one of their customers, one of the insurance company's customers from paper to digital, they're getting a tremendous amount of savings and, and you're, you're you're still getting margin, maybe even better margin.

Yes, correct. Correct. Yes. So you're seeing margin expansion and the aforementioned multiple expansion from the quality of revenue going from a print to digital. Yes, that's the idea.

We kind of stumbled across some of the, some of this as we, as we went along. We realized that there's a number of value levers that we're pulling here as we got a.

I suppose as we educated ourselves a little bit more on, on how businesses are valued and what might be interesting to an investor and, you know, the whole kind of equity story that we're building here as we're going through acquiring a business and transformation, transforming them over time. It's a pretty powerful model when it works. And that's why we don't need it to work 100% for every…

You know, and the it that we're referring to now is converting all their customers from paper to digital.

As long as you. The more the better. But it doesn't need to be 100% of their customer base, nearly 100% of their customer base for it still to be a worthwhile even. Worthwhile even interesting acquisition. Exactly.

Exactly. Like the, the third acquisition we did in Ireland that brought us from 20 to 33. We really bought that business for three customers and now all three of those customers are on our platform sending digital communications for that alone. It was, you know, it was worthwhile.

Even if every customer left, it would still be worth it for those, for just. For those three ac. Those three acquired customers. You are. No. Yeah, well, Nick, we're, we're bumping up on time here.

So let's close out with hearing about the acquisition of the UK business, the details of that acquisition and then kind of what the plan is, what the. What the big picture plan is here. So to that acquisition, what can you tell us about how it went down?

So. So we finished 2023, 33 million in revenue.

We were snooping around for acquisition opportunities. I was spending a lot of time in the States. If you had have asked me in December 20, 2023 where the next acquisition would be, I would have told you it would have been in the U.S.