Subject: Re: 2026 YTD Performance
Hello Bill,
I was briefly talking to Charlie’s friend Monish Pabiri on Sunday. I realised after, I could have asked him about Journal Technology and the SaaS apocalypse. After, I noticed he bought Constellation Software recently and know he came from a software background. I would like to think I would not take his view too seriously anyway but would have been interested.

I know Steven Myhill-Jones was of a view, a couple of years ago that Journal Technologies would use new technology tools and get them working for the platform with the aim of bringing more customers into the network to get a momentum of better and better solutions and sharing that cost over a larger and larger customer base but that there are no guarantees. Certainly, we know other software developers are getting major cost savings from the new tools with drastically reduced timeframes for pushing through software changes. Then on the other hand you may eventually have less employees within the customer headcount, which means they need to increase the per user license fee. Then there is the threat of new entrants with access to new tools and an advantage of not having legacy software debt. Maybe Charlie’s points that switching costs are high with Journals Technologies customers base and the niche is not big enough for large software providers still holds. Have you heard anything recently about how Journal Technology is getting on?