With today’s sale of Enterprise software for £5m cash, SmartSpace completes its transition to a fast growing SaaS business focused on meeting room and visitor management for the SME market. The new focused business has modest burn and is amply funded for many years to come (pro forma net cash c. £5.7m). SMRT also updates today that strong (c. 80% yoy) SwipedOn growth has continued in July and that the first SoftCat reseller Space Connect deals are coming through. We detail below our long standing belief that the constituent businesses could be worth well in excess of the current market capitalisation of £17m. We see a long runway ahead for SMRT which presents an opportunity for a stock that is still largely off the market’s radar.
