Asset Manager Investing in Global Technology Sector

We're an asset manager allocating 100% of our capital into public companies and cryptocurrency assets driving disruptive innovation globally. We serve as a family office of an Asia-based HNW family whose key members have made their fortune in the technology industry and are believers in technology as the key enabler of disruptive innovation. We seek to continue the family's legacy in creating and preserving wealth through technology investing.

Our small investment team is made up of diverse professionals who researches, identifies, and executes relevant opportunities. While we are not accepting outside clients and investors at the moment, we occasionally share some of our internal investment memos, market commentaries, and analysis here.

Friday, June 5, 2020

Q2.2020 - Five9: Strong Focus Comes At A Premium

  • The ~18x P/S valuation is reflective of Five9's strong focus and leadership in the contact center software market. It remains the only pure-play CCaaS today.
  • It is a profitable growth story with a deep moat in the enterprise market, driven by its strong channel partner go-to-market.
  • Despite the COVID-19 outbreak in Q1, the company maintained a +27% growth and signed a major deal with AT&T.

We are bullish on Five9 (FIVN), one of the leading players in the CCaaS (Contact Center as a Service) space. Since its IPO in 2014, the share price has appreciated by ~17x to ~$104 per share, to reflect the business' strong moat, fundamentals, and execution. Furthermore, it also operates in a highly attractive $24 billion market with strong positioning. We expect to see more upsides in the business as it continues to maintain its strong focus and execution in the enterprise CCaaS market.

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