$AOF (ATOSS Software) is down 40% in 7 months, yet its CEO bought €19M in Feb following €15M in Q4 2025.

While these recent purchases signal accelerating conviction, Hertford Capital detailed the long-term thesis in their Q3 2025 letter:

🔹 The Strategy: A transition to 75% recurring revenue (targeting 80% by 2030) and a 16% software CAGR.

🔹 Operational Upside: High-margin scalability in HR/Workforce Management with 5+ live AI-powered services and agentic AI in development.

🔹 The Valuation: Hertford targets €400M+ revenue by 2030. At current levels, they see potential for annualized returns in the mid-teens to low-twenties.

Full thesis and Hertford Capital Q3 letter here: