SaaS education
InVision (DE:IVXG) is a leader among European software-as-a-service (SaaS) companies with its workforce management (WFM) software for small and medium-sized call centres. The Call Center School (TCCS) is also an early leader in the market for online training for call centre agents. Both markets are expected to grow strongly as adoption rates increase. On a multiples basis, InVision stands at a significant discount to other SaaS plays and the scenario implied in our reverse DCF analysis is not demanding.
SaaS pain now passed
The transition to SaaS and exit from legacy business have suppressed the reported top line as legacy businesses have been exited and upfront licence income replaced by ongoing subscriptions. However, InVision is now well positioned to grow. The majority of target users still use in-house solutions for WFM and traditional classroom training, and management sees a combined €600m market opportunity in the shift to cloud-based application-specific software and online training.
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