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Technology Stocks : Hummingbird Comm. (HUMC)
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To: jackhach who wrote (1942)12/20/1999 4:26:00 PM
From: Michael Watkins  Read Replies (3) of 2018
 
Jack,

I think we had this discussion a couple of years ago (about value of the large big named customers). Apprently they aren't that valuable or someone would have snapped Altris up. There are a couple of quick reasons why I think this is so:

1. Imaging solutions are most often point solutions. Particularily within a big organization, they often touch a very very small percentage of users. The value of that relationship therefore is much smaller than for example if you sold the org an enterprise resource planning app or something of that nature.

2. Altris customer base has to be heavily weighted to the engineering market. If this assumption of mine is true, they would only be interesting to an org that was interested in pursuing that market.

I can't see anyone paying up for Altris just for customers unless they have every intention and capability to continue to maintain and extend the Altris product lines. (ALthough I have not looked at Altris financials for some time now, depending on the maintenance revenue stream this may be a non issue either way).

Being more engineering focussed, its pretty much given that you'd have to maintain the product rather than buy the company's customer base with a view of moving them to your mainline product.

At any rate I just don't think it gels with what appears to be the focus of HUMC.

Perhaps FileNET would like to buy them and savage their base...
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