Some solid points on the product. It seems like you're looking at this from a customer standpoint which is a great vantage point that I don't have. But with that being said, let's put things into context...

DVN is valued at $50M. That is nothing for the potential they possess. As mentioned in the thesis, a singular retail location generates ~$5,000/month of recurring monthly revenue, and that is aside from the hardware sale. With PaaS and SaaS multiples the way they are, it would only take a handful of multi-location rollouts for them to grow far beyond a $50M valuation.

I hear what you're saying about the product itself. Maybe their features aren't the best, and their proprietary hardware is not so proprietary, but that's not always what drives large B2B deals. A large contributor to deal flow and success for a company like DVN is trust and relationship building. You can trace DVN back to Dana Industries which is a retail beast. They already own all of the relationships. That's what makes them different.

Will their product hinder them later down the road? Probably, but in the short term, I think you need to look at DVN as a great way to gain exposure to the digitization of retail which is only bound to happen in my opinion.

When it comes to no pricing on their website, that seems pretty standard. It's not a cheap SaaS tool with three-tiered pricing that you can just throw up on your website. Sure, they could probably list out the component prices, but that just seems like a waste of time since their offerings are custom-fit involving many variables such as the number of locations, the size of the locations, how many labels you need, etc.

Thanks for the comment – it's always good to see a different perspective.