The war-chest deployed on some attractive M&A When we last wrote, we highlighted that NET’s £34m net cash could be used on M&A to augment its proven organic growth engine (we forecast 11% y/y organic revenue growth for FY25). Today’s acquisition is exactly that, adding £3.4m ARR, increasing the UK council customer base by 31% and adding an automation product that presents cross-sell opportunities and makes NETs offer that much stickier. The incoming management team are well incentivised by a tw ....