Terrific outcome for $ENA $ENA.AX shareholders. Equates to a value of ~28c/ENA share. Upside uncapped if the $PSI share price moves higher. If the PSI share price moves down, the difference is paid in cash.

For the 1st time in its history, $WDAY (28x Fwd) now trades below $SAP (43x Fwd) and in line with $ORCL (27x Fwd), despite stronger growth and a purer SaaS profile. Could represent an opportunity if Workday’s margins and AI story can start to catch up in the next 24 months?

$XRO's acquisition of Melio is circa 13% of its market cap. Ranks even larger than $WTC's acquisition last month to buy Texas-headquartered competitor e2open (in its biggest ever acquisition). The market for tech M&A definitely seems to be heating up.

the SaaS to AI transition is going to be lot messier and less straightforward than people will admit the CRM to AI CRM trope sounds really nice on paper, but the reality is a lot more complex but because people like digestible narratives, those are the ones that persist 🧵

“Big tech CapEx as percentage of EBITDA is now running at 50%-70%, which is similar to AT&T’s 72% at the peak of the 2000 telecom bubble and Exxon’s 65% at the peak of the 2014 energy bubble…” - GQG Partners (Sept, 2025).