mVISE’s core competencies are IT infrastructures and integration, combined with data management and analytics. With over 160 full-time equivalent (FTE) staff, mVISE supports digitisation projects and offers cloud products such as the integration platforms as a service elastic.io and SaleSphere.
mVISE is continuing to make progress on its three-year 2018+ strategy. Recent interims saw headline revenues rise nearly 7% y-o-y and 12% organically. With new white-label partners now marketing elastic.io, a big acceleration in product and associated (high-margin) consulting sales is expected in H2, allowing the company to maintain its FY19 guidance. We see the shift to cloud-based, big data-driven platforms providing an excellent long-term growth tailwind. In our view, these prospects are not reflected in a consensus FY20 P/E of 11.9x.