SAAS

Microlise Group PLC

Technology First-pass screen £72m

410/1000 Overall fit

AI beneficiary 35% 30

Operating leverage 25% 55

Valuation 25% 30

Downside protection 15% 60

First-pass take

Profitable fleet telematics SaaS with 64% recurring revenue, strong net cash (£16.7m), and minimal churn (0.4%), but lacks any AI/ML strategy, EBITDA margins flat despite revenue growth, and 33% revenue concentration from one customer.

Flags

no-valuation-datacustomer-concentrationno-ai-exposureflat-marginscyclical