1/ In the DJCO meeting today Charlie Munger talked about how much harder selling bespoke software solutions is than a software platform business. He reminded me of Brer Rabbit saying to Bret Fox: "Oh, you don't want to enter the court software automation business. It's too hard!"
2/ An analyst wrote about the opportunity Constellation is harvesting:
“Our analysis of software vendors indicate substantial fragmentation with approximately 38,000 VMS vendors spanning more than 12 vertical markets."
Hard to scale but can be sticky!
3/ What's to like about a bespoke business like court automation software?
"Software contracts are better than first-lien debt. We get paid first. Software contracts are better than first-lien debt. [The client's system] can’t run without our software.” https://www.google.com/amp/s/25iq.com/2018/03/23/business-lessons-from-robert-smith-of-vista-equity-partners/amp/ …
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