IDOX

Idox PLC

Technology First-pass screen £338m

420/1000 Overall fit

AI beneficiary 35% 25

Operating leverage 25% 60

Valuation 25% 30

Downside protection 15% 75

First-pass take

Defensive public sector software business with strong recurring revenue (62%) and order visibility (£96.8m), but lacks AI strategic positioning despite internal exploration. Revenue grew 20% while Adjusted EBITDA grew only 7%, signalling negative operating leverage. Conservative leverage (0.4x) and no customer concentration provide downside protection.

Flags

no-valuation-datano-ai-positioningdefensive-public-sectornegative-operating-leverageacquisition-dependentmicro-cap