Hi @Balki, really appreciate your patience with Expleo over the years. I am evaluating it for a fresh entry at these levels. I must admit that I got interested when you mentioned that Marcellus LCP clients own Expleo too, and the valuations seem to suggest good margin of safety.
However, I don’t have a very good understanding of the IT space, and especially the QA space, both of which I am trying to read about. I was hoping you could throw some more light on the above statement you made. How have the contours of QA changed and what is the extent of the paradigm shift in business outlook? Are there any estimates on whether the addressable market has changed significantly, or how the opportunity size has evolved for companies like Expleo. Also in large order dependent businesses, what do you feel are the strengths (moat) for Expleo to be competitive, as many of the large IT firms are also into / getting into testing solutions. I understand that the management is top notch and Expleo has some good tech development, but at the end of the day how will they beat the big fish with larger financial muscle?
Apologies of the questions sound naive but I didn’t get concrete answers from the rest of the thread, so thought I’d rather ask directly. Thanks!