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TSI International is a software company growing at about 50% but has a relatively new product, Mercator, that is growing at 90% and is comprising a much bigger portion of revenue. This product is used for application integration. The most popular flavor is Mercator for R/3 - used to link R/3 to legacy systems and starting to be used by AC and others. The company has potential for accelerated growth and expanded margins. Operating margins have doubled over the last 4 quarters and are likely to expand further. |