If one is consider the SFND acquisition realistically, one would expect a few stages:
1. courting
2. acquistion
3. integration stumble
4. functional integration
5. synergy
at least one would expect such were this to be a sensible strategic acquisition.
It seems pretty clear that among the forces leading to courting and acquisition was BP, that while SFND was a partner and the products could have been cobbled together, it is likely easier under one roof AND, if BP wants the combination, so too will others.
Additionally, Wave's FIPS cert was SFND dependent, a cert they now own.
Migration to functional integration (a state where everybody is functioning at least at pre-merger levels plus normal growth) should be presumably pretty quick, and Safend segment reporting seems to indicate that Safend sales didn't collapse or anything (Wave's collapsed).
As I consider the synergy aspect a near given (as demonstrated by the market i.e. BP) and given the pace of this field one could g ahead and toss out a number like 1-2 quarters to get it all going together.
The thin use of the ATM seems consistent with the annual report CC where SKS stated rather directly that he is excited to see what sales brings home in Q2 from the integrated and trained WAVX-SFND sales force.
As weeks continue to pass without a brutal hammer of the ATM really crashing down, it seems that underneath SMB sales must be improving.
I know this is all very reiterative, and of course nothing of clarity will emerge from the SHM (and even if it does it would not be trustable clarity).
That said, unless the treasury is faking it and the soon go all ape-shit selling shares, it seems even from a technical perspective, that the equity is prepared to hold up 85-95ish till something new develops.
Russel is certainly a wild-card, and so far a rather sleepy one. I'm getting close to relaxing my 'don't touch it for now' stance on WAVX.
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