Essensys is a leading provider of real-time IT provisioning and ERP software to the flexible workspace market. Its SaaS platforms allow flexible workspace operators to establish and run an efficient, scalable business, enabling the vast majority of IT tasks to be completed by non-technical staff. Founded in 2006, the group has benefitted from the dramatic increase in demand for flexible workspaces, a structural growth trend that shows no signs of slowing down. Its recurring revenue model features attractive unit economics, impressive SaaS metrics and excellent pipeline visibility, significantly underpinning our prudent forecasts. We expect 24% 3yr CAGR in recurring revenue to FY’21, supported by strong trading in FY’19, confirmed in today’s year end trading update. With an experienced management team in place, a highly favourable market backdrop and near-term forecasts well underpinned, we believe the group is set to continue its impressive growth trajectory throughout our forecast period and beyond.
