ING

Ingenta PLC

Technology First-pass screen £14m

370/1000 Overall fit

AI beneficiary 35% 25

Operating leverage 25% 50

Valuation 25% 30

Downside protection 15% 55

First-pass take

Legacy publishing/media software with zero AI exposure. Strong balance sheet (£4.7m net cash, 89% ARR) but high customer concentration (34% from 2 customers), sector structural decline, and flat revenue growth preclude investment thesis.

Flags

no-ai-exposureno-valuation-datacustomer-concentrationlegacy-businesssector-declinemicro-capflat-revenue-growth