Looks like a great play fundamentally – margin expansion story with scale should play out. Increasing share of SaaS is a big positive for long term investors.
My concerns currently are:
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Macro slowdown in EU/US and the impact it may have on BFSI tech spending. Would it lead to an impact on Intellect’s topline growth? Temenos’ stock (a key competitor) has seen massive correction on the back of macro concerns whereas Intellect has remained largely steady
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There are new competitors coming up in the segment – such as Mambu – who are giving a tough fight to Temenos. With relatively smaller size of Intellect and thus smaller R&D spend – how is Intellect able to compete effectively (for the long term)
Overall still looks interesting but would love to hear if anyone has thoughts on these points.
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